Transformative Ybor project is going full throttle, despite headwinds

Darryl Shaw is undoubtedly a man about town. 

The first Ybor residents of his legacy project Gasworx moved in this year. He also brought women’s soccer to the Hillsborough River front in West Tampa. 

But also, he is actually about town, noting that in addition to attending Tampa Bay Sun FC games, he walks different sections of Tampa several times a week. “I walk the urban core, probably at least three times a week, four times a week, and walk all over and it's just been amazing,” Shaw says. 

It's some walkabout: He notes that he averages 12-15,000 steps per excursion.

This hobby tracks for someone so focused on developing and improving the urban living experience. As the first phase of Gasworx, a mixed-use development spanning six million square feet that, when complete, will include several districts — Encore, the Channel District and downtown — takes shape, Shaw continues to scan the horizon for the bigger picture. (Officials decline to disclose a total cost for the multiyear project.)

The former CEO of BluePearl Veterinary Partners and a longtime real estate investor, Shaw is used to looking out wide. He says 2024 was “a tough environment for both equity and debt” but that softer market conditions were anticipated and will improve once other projects taper off and demand begins to outpace supply again.

“It's so hard to make projects work right now, when you look at the high cost of construction, which we had hoped was going to come down, and now kind of post hurricane, not sure it will. The high cost of insurance, which we hope will come down, and then the higher interest rates, which we hope will come down,” Shaw counts off. “I think all three of those sort of trending downwards will materially help that industry.” 

Despite challenges, his vision remains undeterred. 

“I'd love to see the economy moving forward more strongly than it had been at macro level, but on the micro level, I think we've been executing really well. Tampa is continuing to grow and thrive. The urban core’s continuing to evolve,” he says. 

And there's more work to do. 

“I'd love to see transit become more of a reality and funding materialized for a trolley extension and then additional modes of transit. I think that's not just for Ybor, but for, you know, for the entire urban core, for the city of Tampa, for Hillsborough County. I think that that should be high on our wish list,” he says. 

Another wish list item is a dedicated stadium for the Tampa Bay Sun FC team. For now, the games are at Blake High School, which he calls "a really good experience" but "probably not a long term home."

"I don't know exactly what long term means, but yes," he says, "I would ultimately love to have a stadium in Ybor City.”

As for tangible developments to keep an eye on in 2025, a new development called Collaborative Werx was recently announced. The 54,000-square-foot facility will provide secure meeting space for government and defense contractors. A statement about the project notes the lack of secure spaces in Tampa Bay makes it difficult to fulfill Department of Defense contracts locally, so Collaborative Werx intends to close the gap. 

Although there have been some setbacks, the mood moving forward is ultimately one of optimism, especially as housing units like the 127-unit mutifamily housing community Casa Marti begin to fill in, which is up to 50% occupancy. 

“So you're just seeing this urban area boom, and it's so exciting because it's going to continue to make Tampa attractive to people who want to move into the area, to the region, and then that brings so much dynamics,” Shaw says. “Brings good restaurants, it brings good retail, which just further makes it appealing to folks. I'm really excited about that.”