Transactions - JUNE 29, 2017

Strategic Property Partners plans $3b Tampa waterfront project

by Andrea Waitrovich

Strategic Property Partners has plans to develop the $3 billion Water Street project in Tampa.

Strategic Property Partners is a real estate investment joint venture between Cascade Investment LLC and billionaire Jeff Vinik, owner of the Tampa Bay Lightning NHL team.

The 57-acre mixed-use waterfront community will comprise more than 9 million square feet: 2 million square feet of office space; 1 million square feet of retail, cultural, educational and entertainment space; 3,500 new rental and for-sale residences; and two new hotels totaling more than 650 rooms, including the city’s first five-star hotel. In addition, the University of South Florida Morsani College of Medicine and Heart Institute will be built in downtown Tampa, as will an adjacent office building to house health-related businesses.

The expected high-rise building will be the first in Tampa in nearly 25 years. There will be 30 new buildings after the project is complete.

Strategic Property Partners estimates 23,000 people will live, work and visit Water Street Tampa every day.

The first phase of construction for Water Street Tampa will begin this year, with more than 4 million square feet scheduled for completion in 2020. The first phase will include the USF College of Medicine, a new hotel and improvements to Water Street and Channelside Drive.

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