Boca Raton-based multifamily developer Mill Creek Residential has closed the purchase of Lot 8 in downtown Tampa’s Encore District for $8.6 million. The developer secured a $77 million mortgage from Pacific Life Insurance Co., according to Hillsborough County property records.

Tampa Bay Housing Authority sold the lot. The Encore District is a master-planned community that was developed in a partnership with Tampa Housing Authority and Banc of America Community Redevelopment Corporation. The district has both affordable and market-rate residential units. The district spans a total of 40 acres and is north of the Channel and Central Business Districts.

Lot 8, which the developer purchased, is 1.95 acres and Mill Creek is planning a 304 unit, eight-story apartment building with structured parking and amenities according to plans that were filed with the city. The multi-family development will be built under Mill Creek’s Modera banner and will be named Modera Encore. This sale is the latest of transactions in the Encore district and Leroy Moore, the COO of THA announced the remaining lots were all under contract back in late 2022. Moore expects that the district will be fully built by 2025.

Dr. Kiran Patel closed on Lots 5&12 in late January for $8.2 million. Patel filed plans for lot 5 back in 2022 for 213 micro condos and 19,000 square feet of retail space. Lot 12 is designated as future development in Encore Site plans filed with plans for Lot 5.

Miami-based L&D closed on 1101 E Harrison Street with plans to build a $200 million mixed-use project back in April. The 2 acres cost $10 million, and the developer had previously announced plans to build a luxury 28-story, 365-unit apartment building with 45,000 square feet of amenity space, a 178-key hotel, and 32,500 square feet of street level retail space as well as a 586-space parking podium