Tampa is becoming a prime target of national commercial real estate investors!
There are lots of reasons why TAMPA is suddenly bursting with huge commercial real estate projects. With an abundance of talented work force, affordable cost of living, innovative city government, easy access to world-renowned Gulf beaches, amenities-filled master-planned communities, Port of Tampa, McDill Air Force Base, University of South Florida, start-up support networks, it’s easy to see why an increasing number of big and well-funded real estate developers have been looking and buying Tampa Bay properties for their development projects.
Here are some of the biggest mixed-use projects in the Tampa Bay area:
1. Channelside Project by Tampa Bay Lightning owner Jeff Vinik
There’s no doubt that the single development vision that sparked recent projects in Tampa Bay was the more than $2 billion 50-acre Channelside waterfront multi-use project announced by Tampa Bay Lightning owner Jeff Vinik. People have already seen how Vinik revived the Lightning franchise and how he continues to seek ways to help the Tampa Bay community so his real estate vision for the Channelside district was fully embraced and has inspired other big projects.
The association of Bill Gates in the project through his investment company, Cascade Investment LLC, has also added gravitas to the vision. The project’s developer Strategic Property Partners is a joint venture between Jeff Vinik and Cascade Investment.
The project will be the world’s first WELL certified district, a development that promotes wellness through a sustainable, walkable, healthy environment for all. When completed, the project will be a nine-million square feet of commercial, residential, educational, medical, cultural, entertainment, sports and retail spaces.
The area is already a vibrant destination with these popular facilities: Amalie Arena, Florida Aquarium, Port Tampa Bay, Tampa Riverwalk, Tampa Convention Center, Tampa History Center, Marriot Waterside Hotel and Marina, and the Channelside Bay Plaza.
The University of South Florida has already dedicated the site of its new Morsani College of Medicine and USF Health Heart Institute in the Channelside district.
2. Heights Market Project by SoHo Capital LLC
SoHo Capital will transform the 68,0000-square-foot historic brick Armature Works building into the heart of the Heights district. It will be a multi-use destination that will include an in-house market, co-work space, two restaurants and event hall space. The in-house market will be the most unique feature of the project. An area of 22,000 square feet will be turned into an open market hall that will offer different restaurants and boutiques in vendor-like food-hall-concept stalls operated by local chefs and entrepreneurs like Ichicoro Ramen.
3. Tampa International Airport Expansion
This expansion project consists of three phases, aimed at serving 35 million passengers per year. The first phase is already being completed, and it includes the expansion of the main terminal, the construction of a 1.4-mile automated people mover and a 2.6-million-square-foot consolidated rental-car center near the airport’s entrance.
The existing area of the main terminal’s third floor is equivalent to 4.5 football fields. An additional 55,000 square feet of space will be added to the main terminal. The airport’s elevators and escalators are also being replaced or renovated.
4. Port Tampa Bay’s 45-acre Channel District Vision Plan
Being both located in the Channel District, Port Tampa Bay’s plan complements the vision of Tampa Bay Lightning owner Jeff Vinik to redevelop 40 acres of land near the Amalie Arena.
The $1.5-billion plan is to turn port-owned land along Channelside Drive and the Ybor Channel into a vibrant community where people come to live, work and play. It will develop more than 9 million square feet of mixed-use space that will feature residential, office, retail and hotel spaces, a central park, a marina and a multipurpose cruise ship terminal. It will also include wide sidewalks, bike lanes, landscaping, stores, restaurants, and an elevated walkway where residents and tourists can view the port and cruise ships.
Port Tampa Bay’s 45-acre Channel District vision is part of an overall plan for the 5,000-acre port over the next 20 years.
5. Lafayette Place residential, office, hotel and retail project near the Kennedy Boulevard Bridge
This mixed-use complex will feature three structures on more than six acres of land by long-time Tampa-based developer Hillsborough River Realty Co., led by John Avlon. One structure, called Lafayette Tower, will front the Hillsborough River and will offer office, hotel and retail spaces. The two other structures, Lafayette Parkview and Lafayette Central, will have high-end residential homes, retail and parking spaces.
The project, which will be on the western side of the Hillsborough River, is envisioned to extend The Tampa Riverwalk to the western side of the river. The name Lafayette was chosen to honor the 1889-completed Lafayette Street Bridge, which was renamed Kennedy Boulevard Bridge in 1963.
The project’s application for mixed-use development rezoning of the location is pending.
6. Crescent Riverwalk apartment complex near the Tampa Riverwalk by Crescent Communities
The developer will build a five-story 400-unit complex on a five-acre vacant property north of the Straz Center for the Performing Arts.
7. University of South Florida’s The Village Student Housing Project
USF has started construction on the first phase of its $134-million housing village in partnership with Capstone-Harrison Street LLC. It will feature 5 residential buildings, called Beacon, Summit, Endeavor, Pinnacle and Horizon. There will also be a dining hall, a wellness facility, an outdoor pool and a retail plaza. When completed, it will accommodate around 2,000 students.
8. Arts and Entertainment Residences (AER)
The 34-story 350-unit AER, which was proposed in 2013 and which has been delayed by a lawsuit and city approvals, could break ground before the year is over. It will be located on a nearly one acre of land along the Hillsborough River, adjacent to the Straz Performing Arts Center and the Tampa Museum of Arts. It’s a partnership between American Land Ventures and Framework Group of Tampa.
9. Nine15 Apartment Building on North Franklin Street
This 23-story 362-unit apartment building on 915 Franklin North St. is being developed by Carter of Atlanta. It will have 8,000 square feet of retail space, a unique public art and a rooftop pool.
10. The Channel Club apartment tower with a Publix store in Channel District
This long-delayed 21-story 323-unit apartment building project along Meridian Avenue in the Channel district is a much anticipated project because it’s where a 37,600-square-foot Publix store will be located.
11. Mixed-use tower on city-owned 405 E. Kennedy by HRI
HRI will build a 21-story mixed-use tower that will include a 225-unit residential complex, a 223-room Hyatt Centric Hotel, a 7,000-square-foot commercial and retail facility, and a 408-car garage.