Jeff Vinik exits Strategic Property Partners, Water Street Tampa development partnership
Jeff Vinik, owner of the Tampa Bay Lightning is selling his share of Strategic Property Partners, the development company that was behind Water Street Tampa. Vinik initiated the transaction, and has sold to Cascade Investment Fund, LLC the investment fund of Bull Gates and Vinik’s partner in SPP. Terms of the deal are not public.
Water Street Tampa is perhaps one of the most notable and significant development projects in Tampa Bay’s history. Vinik was the managing partner of SPP and transformed more than 50 acres that surround Amalie Arena. Vinik still remains controlling owner and governor of the Tampa Bay Lightning.
Vinik says he will remain an adviser to Cascade Investments, but he is now ready to spend his time elsewhere.
In an interview, Vinik has said he has chosen three concepts most important to him – family, community, and the Lightning to focus on. He also stated that he has not felt bored in 40 years, and he wants a taste of boredom. Vinik also stated there is no personal catalyst for selling his share, but being a new first-time grandfather, he wants to have a surplus of time with family.
Water Street’s first phase wrapped up recently, making it a good time to sell. Water Street phase 2 will still move on, and Vinik will remain to provide insight to the development. No plans have been publicly announced for phase 2, but infrastructure planning is said to be well underway.
Source: Tampa Bay Business Journal
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