TAMPA, Fla. — The iconic Rivergate Tower — widely recognized as Tampa’s “beer can building” — is set for a new chapter following a change in ownership and plans for a multimillion-dollar renovation.
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Tampa-based Ally Capital Group announced Monday it is partnering with Miami-based Banyan Street Capital, the building’s current owner, to revamp the downtown office tower. Financial terms of the deal were not disclosed, and the transaction has yet to be recorded with the Hillsborough County clerk of courts.
The 31-story limestone structure, located at 400 N. Ashley Drive, has long stood as a defining feature of Tampa’s skyline. Built in 1988, the cylindrical tower earned its nickname due to its distinctive shape and rises approximately 454 feet.
The partnership plans to invest $8 million into upgrading the property, with a focus on modernizing interior spaces and enhancing tenant appeal. Planned improvements include move-in-ready office suites, as well as upgrades to corridors, restrooms and the parking garage.
Ownership also intends to capitalize on the tower’s prime downtown location, which sits near Tampa’s Riverwalk and Kiley Gardens — key amenities that have become increasingly important in attracting tenants in a competitive office market.
The building last changed hands in 2015, when Banyan Street Capital acquired it for $70 million from Mount Kellett Capital Management LP and Morning Calm Management LLC, according to property records.
The renovation reflects a broader trend in urban office markets, where investors are repositioning existing assets to meet evolving tenant expectations. Rather than pursuing ground-up construction, many firms are focusing on upgrading well-located properties with strong architectural identity.
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“It’s architectural significance, strong tenancy, and irreplaceable location make it a rare opportunity,” Devin Tiffany, asset manager at Ally Capital Group said in a statement. ”We’re excited to work alongside Banyan Street to unlock additional value and ensure the property continues to serve as a cornerstone of Tampa’s thriving downtown.”
The investment underscores continued confidence in Tampa’s central business district, where population growth and business expansion have supported steady demand for office space despite broader national shifts in workplace trends.
With its prominent design and location, Rivergate Tower is expected to remain a key asset in the city’s commercial real estate landscape as the upgrades are completed.
Originally reported by Rebecca Liebson, Times Staff in Tampa Bay.
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