Hotel ORA + Private Residences

The structural outlier in Tampa Bay's pipeline: 658 units with zero rental restrictions. Airbnb, VRBO, Booking.com — day one. Phase 1 sold out in 40 days at $84M to yield-driven capital treating condos as income vehicles, not residences. At $1,466/SF average on 29 active listings, ORA is pricing above most traditional condos — and the market is paying it, because no other building in the pipeline offers unrestricted short-term rental rights. This is the income play.