The Tampa Bay area landscape is changing. With supply in commercial real estate space dwindling, we are finally seeing the shift to development in the area. Below, we outline some of the major projects that are shaping the real estate industry in our area:
Water Street Tampa
Strategic Property Partners (SPP), a joint venture controlled by Jeff Vinik and Cascade Investment, LLC, is developing Water Street Tampa. The massive, downtown Tampa real estate development totals 50 acres and includes retail, office, multi-family units, hotels and education. Water Street Tampa will become the world’s first WELL-certified community under the WELL Community Standard, which focuses on health and wellness. SPP has spent the last few years redesigning the street grid in preparation for construction which started in 2018 and the first phase anticipated to be complete at the beginning of 2021.
The Bromley Cos. is developing Midtown Tampa, a 20-plus acre mixed-use community just north of Interstate I-275 between North Dale Mabry Highway and Himes Avenue. The project consists of 1.8 million square feet which includes 240,000 square feet of retail and entertainment space, 750,000 square feet of office space, 400 multi-family units and, a 225-key boutique hotel. It was recently announced that this $500 million project will be built in a single phase, beginning 2Q19 and completed by early 2021 before Tampa hosts the Super Bowl.
TPA Group will be partnering with SoHo Capital to construct the office portion of The Heights. Heights Union will consist of 300,000 square feet of office space and 42,000 square feet of retail space. There have already been two significant lease deals signed which included 75,000 square feet to AxoGen, Inc. and 50,000 square feet to WeWork.
Vision Properties was one of the first groups who took the risk of speculative construction post-recession. It paid off with AAA signing a lease deal to occupy the entire building, Renaissance Center 6, consisting of 150,000 square feet. This will be the new regional headquarters for AAA, allowing them to consolidate several offices throughout Tampa Bay under one roof. Since AAA moved in, Vision Properties has announced two more speculative buildings, Renaissance Center 7 and Renaissance Center 8.
Zons Development plans to break ground in 2020 with a mixed-use development in the Westshore area near the Social Security Building. This project was originally proposed in 2016, and after a few iterations, it will include 100,000 square feet of office space that will be built above a 138 room hotel. Pre-leasing has begun at this mixed-use property to be finalized in 2021.
Westshore Marina District
BTI Partners is spearheading the walkable urban neighborhood development along 51 acres on Gandy Waterfront. The mix-used Westshore Marina District will be home to more than 1,250 residential units including apartments, condominiums, and townhouses along with multiple retail concepts and a 150-slip full-service marina. The first tower is set to break ground this year (2019) and is already 50% presold.
Want to play a part in the growing Tampa Market? Contact Heather List, Business Development Manager at Ciminelli Real Estate Services of Florida, for information on how we can help you make that happen! Call (813) 906-0638 or email firstname.lastname@example.org.
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