Tampa Downtown Developmentby Michael Cliggitt, MAI, MRICS on 01/16/16
Vinik’s Downtown Tampa Development
40 acres of Downtown Tampa owned and/or controlled by Tampa Lighting owner Jeff Vinik is planned for a massive redevelopment that would become the City’s new entertainment district. The plans include a downtown medical school, corporate headquarters, condos, hotels, meeting space, numerous shops and restaurants. In all the development was unveiled in 2014 has a total planned cost of approximately $1 Billion and a total of 3 million square feet of new space once completed. Projected space plans include over a million square feet of office space, 600,000+ SF of residential space, 575,000 SF of hotel/meeting space, 330,000 SF medical Campus, 250,000 SF of retails, 50,000 SF energy/cooling plant, along with 5,000 new parking spaces.
Information Source: Tampa Bay Times - Jamal Thalji
Plan Grows for Downtown Tampa Redevelopment District
Vinik’s downtown development plan has grown to a projected $2 Billion investment planned for two phases. After working with renowned planners (Jeff Speck and David Dixon) over the last year the project which was originally projected to cost $1 Billion has grown in size and total investment and economic impact for the Downtown Tampa market. This redevelopment will be the first entire neighborhood in the world to be WELL Certified. (WELL Certification is based on quality standards for air, water, nourishment, light, fitness, comfort, and mind). Phase 1 of the project includes 1,000 residential units, an office building, 200,000 square feet of retail / restaurant / entertainment space. Additionally USF Morsani College of Medicine will be part of Phase 1 as well as the necessary infrastructure work and community space planned for the redevelopment.
Information Source: Tampa Bay Business Journal – Ashley Gurbal Kritzer
For more information regarding the Tampa Office Market or for analysis and valuation services contact:
Mike Cliggitt, MAI, MRICS
813-405-1705 Direct Line