TAMPA, Fla. (WTSP) – The $3 billion mixed-use development slated to change the core of downtown over the next 10 years is now officially being called “Water Street Tampa.”

Strategic Property Partners made the announcement early Tuesday morning, adding that construction on the first major building will begin in the fall of 2017.

SPP CEO James Nozar said the development pays homage to historic Water Street in downtown Tampa, which will be the heart of the project that focuses on bringing housing, retail, entertainment and office space together for a new, modern experience in urban living.

“[Think] along the lines of Broadway in New York, Bourbon Street in New Orleans, Newbury in Boston. We want to be that core and that heart, that memorable place in downtown Tampa,” Nozar said.

The 50-acre project located on the Garrison Channel and the Hillsborough Bay will also bring Tampa’s first five-star hotel, and is slated to add 3,500 residential units to the area.

Nozar said the housing stock will range from affordable to luxury to attract a variety of new residents.

“We’re designing a rental product that will be some of the most affordable to be found in downtown Tampa today,” Nozar said. “So, we’re looking at a whole spectrum of housing all the way to some of the most luxury condominiums over the top of our new five-star hotel to be part of the project.”

It’s unclear how many units will be on the lower-end of the spectrum and how much they will go for, but renters in Tampa Bay are already having a hard time covering rent.

According to a new Harvard study, more than half of all renters are cost burdened. It means 50 percent or more of their income goes to rent. Further research shows more than 26 percent of renters are severely cost burdened, with rent taking up more than half of their income.

The study also points out that as more affluent populations are interested in urban living, centers of poverty are trickling out to the suburbs and city edges. Questions remain on how the SPP development will affect how the population shifts based on their income.

Crews expect to complete the project in 2026.

Emerald Morrow is a reporter with 10News WTSP. Like her on Facebook and follow her on Instagram and Twitter. You can also email her at emorrow@wtsp.com.