Big things are happening in Tampa, and Water Street Tampa, The Westshore Marina District, Midtown Tampa, and The Heights are now known as the Big 4. The four major mixed-use districts under way in Tampa are frequently in the news, whether it's a construction update or a deal with a retailer or restaurant that's new to Tampa Bay.
Look beyond the headlines, though, and what's apparent is the magnitude of having four large-scale projects under construction at the same time, all within six miles of each other. If those districts were laid out next to each other, they would span 130 football fields. They would cover a land area 20 percent larger than Disney's Magic Kingdom. And they will bring millions of square feet of new commercial and residential space to a city that finally feels ready for the type of high-end developments that have long been the standard in peer cities like Austin, Nashville and Charlotte.
Tampa Mayor Jane Castor frequently points out that the city will "change more in the next 10 years than it has in my entire lifetime." The four districts, she said, are critical to attracting the new business and industries that diversify the city's economy.
Westshore Marina District The Westshore Marina District is transforming a long-vacant, seemingly forgotten piece of Tampa Bay's waterfront. Fort Lauderdale-based BTI Partners, the master developer, took title to the property in 2014 and started selling parcels to builders in 2017. Construction is underway on one of BTI's three condo towers on The Pointe within the district, and the developer has landed several retailers and restaurants — key to its goal of creating a walkable, urban community. The construction on this site is driving interest in the surrounding neighborhoods, pulling the vibrancy of South Tampa past its unofficial southern border of Gandy Boulevard.
Midtown Midtown, at the intersection of Interstate 275 and North Dale Mabry Highway, has been in the works for more than 20 years; master developer Bromley Cos., based in New York, began assembling the land in the late 1990s. It is smack-dab in the middle of two of the city's most bustling districts — Westshore and downtown Tampa — and will add a sense of place and identity to the swath of land in between. The Midtown moniker is already catching on, with businesses in the area surrounding the district embracing the Midtown label.
Water Street Water Street may be best known for its two major backers — Tampa Bay Lightning owner Jeff Vinik and Cascade Investment LLC, the investment fund controlled by Microsoft co-founder Bill Gates — but it is already changing the vibe of downtown Tampa. Apartment tower 815 Water Street— which is actually towers perched atop a parking deck and GreenWise Market — is rising quickly near the entrance to the Tampa Riverwalk, and the 26-story JW Marriott is expected to open in late 2020. The University of South Florida's Morsani College of Medicine is officially open on Water Street on an acre of land that Vinik donated to USF. With a major focus on growing Tampa's corporate base, the ripple effects of Water Street will reach well beyond its boundaries.
The Heights You may refer to the entire 50 acres of The Heights as Armature Works — and while Armature Works is an anchor, there's so much more to The Heights. The mixed-use Armature Works — a historic trolley barn now home to two sit-down restaurants, a rooftop bar, food hall, and coworking and events space — is surrounded by new development. Heights Union, a 342,000-square-foot office building, will open in mid-2020. It's already signed deals with WeWork and AxoGen, a medical technology company. A new 25-story tower, which will include apartments and the city's first Moxy hotel, will begin construction this year. The developers, Tampa's SoHo Capital, also appear to be targeting a grocer for the district, based on filings with the city. Only a fraction of the overall Heights is up and running, but it has already revitalized the surrounding neighborhoods, increasing home prices and interest in Tampa Heights and Riverside Heights.
WHAT'S HAPPENING THIS MONTH: CLICK EVENT FOR DETAILS
The neighborhood dessert shop has moved from South Tampa to Seminole Heights. Reopened next to Ichicoro Ramen earlier this month, Chocolate Pi founder and pastry chef Kim Yelvington and her daughter Jade carry cakes and pies by the slice, French-style macarons and ice creams in flavors such as Thai tea. Look forward to a lineup of specialty coffee and house-made soda on the beverage side. 5207 N Florida Ave., Tampa. sweetchocolatepi.com.
Twisted Turtle Bar & Grill
This Carrollwood spot formally debuted on Valentine’s Day where Cayman Cove closed last year. Billed as a beach-themed bar and grill, Twisted Turtle does chicken and duck wings and several kinds of burgers, plus sandwiches, bowls, tacos, flatbreads and additional laid-back bites. Craft beer and a list of rum cocktails complement the food. 11742 N Dale Mabry Highway, Tampa. (813) 443-8258.
Pete’s Poke & Sushi
Slightly hidden behind a 7-Eleven, Pete’s Poke & Sushi focuses on exactly what its name suggests. The restaurant serves sashimi, nigiri and a variety of rolls like American Maki (barbecued eel, cucumber and cream cheese topped with more barbecued eel, roe and eel sauce) alongside build-your-own poke bowls in relaxed, cozy digs. Sit in the dining room or at the sushi bar. 14995 Gulf Blvd., Unit J, Madeira Beach. (727) 800-9228.
Tarpon Springs Distillery
Here’s a neat place to try artisanal spirits “accented with a Florida flair,” according to the Tarpon Springs Distillery website. Owned by husband-and-wife team Barry and Lisa Butler, the craft distillery commemorated its grand opening in the former Stephen Katzaras Sponge Company warehouse on Jan. 17. This newcomer produces three core brands on site at the moment: Gramling Woods High Rye Moonshine, Papou’s Ouzo and Anclote Very Small Batch Gin. You’re invited to sample, purchase and learn the process behind each spirit Thursday through Sunday, when the distillery offers hourly tours and tastings. 605 N Pinellas Ave., Tarpon Springs. (727) 940-2045. tarponspringsdistillery.net.
The Tampa Heights neighborhood is developing into a prime area for people wanting to experience the local urban lifestyle and as the place where businesses want to set up shop. A sure sign of that is construction of new housing to meet the demand of those looking to relocate.
In October, a 15-unit Victorian townhome project was approved by the City of Tampa's Architectural Review Commission in a vote of 4-0. Clearwater-based design firm, Stylistic Design Developers, initially proposed a plan with no direct walk-up entrance. The firm returned with a redesign featuring the walk-up entrance, which helped sway the unanimous vote. The consultant on the project is Invision Design & Development.
At a January rezoning hearing, the project got the green light to move forward. The property, at 302 E. 7th Ave. (northeast corner of 7th Avenue and Morgan Street), is a vacant lot where the historic Tampa Heights Hospital once stood.
The land was purchased last spring, and the hurdles that come with construction had to be cleared. According to Shane Ragiel, president of the Tampa Heights Civic Association, there now needs to be a buy-in from the city before anything else can be done with that plot of land.
Ragiel says the developer has made itself available to attend general meetings and address any of the association’s concerns. “[The developer] has been great about talking us through everything and showing us his vision.”
The association wants certain assurances, including that the developers are going to keep green space. “These are old historic tree-lined roads with great sightlines and great green space,” Ragiel says. “We wanted to make sure the developer cared about the neighborhood; that they weren’t going to slap some homes down, make some money, and dip out.”
Ragiel shares that residents have good things to say about the townhomes. “A lot of people are excited to see development in areas that are vacant right now.” Ragiel says there has been a big residential influx recently and points to people who are moving from inside Tampa wanting to be close to the urban core.
“Tampa Heights has always been a historic neighborhood; it’s seen every story that Tampa has had to tell,” he says. “There are a lot of first-time homebuyers, people just getting out of college, starting their careers, wanting to start families moving to the neighborhood.”
There are also many residents who have been in the neighborhood for decades. “Those are also the same types of neighbors that we make sure we’re valuing; they stuck it out when it wasn’t easy to stick it out. We like the diversity.”
Ragiel is excited about the growth that Tampa Heights is experiencing. “It’s great to see a revival,” he says. “Because of the ebb and flow of the neighborhood, it became a forgotten area.”
Ragiel and his husband relocated to Tampa Heights three years ago from Carrollwood. They sought to move to a historic community within the urban core where they could be involved with the neighborhood, and everybody knew everyone else.
While there are still many homes and buildings that go back to its roots, the area is rapidly growing with additions like the restaurant Ulele, King State coffee roasters, Shuffle neighborhood bar, Armature Works food hall, and the Tampa Riverwalk extension. New businesses and public spaces make it easy to see why the developers chose Tampa Heights for the townhomes.
Investors buy Citrus Park's Sears Real Estate with Plans for Potential Redevelopment
The former Sears at Westfield Citrus Park has a new owner — one that has an eye for potentially redeveloping the vacant property. A Miami-based corporation acquired Sears' real estate on Dec. 9 for $5.5 million in what appears to be a cash transaction, according to Hillsborough County property records. The corporation is registered to Brickell law firm Simply Legal.
Sears closed its Citrus Park store in August 2018, leaving behind a 128,000- square-foot box on just over 8 acres. ESL Investments, the hedge fund controlled by former Sears CEO Eddie Lampert, acquired the property in early 2019 for $5.3 million, property records show.
David Goldfarb, owner of Fort Lauderdale-based PrimeTime Amusements, confirmed his involvement in a potential redevelopment of the property to the Tampa Bay Business Journal. PrimeTime, founded in 1992, operates, sells and rents out video arcade games and simulators.
Goldfarb said there are a lot of "moving parts" to the redevelopment, which will require a rezoning approval to move forward. He is a partner in a 200,000-square-foot indoor entertainment facility in Fort Lauderdale that includes everything from go-kart racing to a trampoline park — a separate venture from PrimeTime Amusements. He declined to offer specifics on the plan for the Citrus Park property and said his role in the project is through PrimeTime, of which he is the sole owner. "We're trying to bring something nice to that area," he said.
Westfield Citrus Park is long overdue for a large-scale redevelopment. The mall occupies prime real estate, just off the Gunn Highway exit of the Veterans Memorial Expressway. It was built in 1999, and like most middle-market enclosed malls in the U.S., has struggled to stay relevant as more retailers shutter their physical storefronts and consumers shift more of their shopping online.
Entertainment concepts have emerged as one of the fastest-growing uses for retail real estate. A redevelopment that incorporates an entertainment facility could bring new life to Westfield Citrus Park, drawing more people the property on a regular basis. Such projects are common at malls; in Tampa, luxury shopping mall International Plaza will add space for Pinstripes, a bowling/bocce/bistro concept, as well as CMX Cinemas, a movie theater.
Craig’s Take: Here is another example of Amazon and other online retailers reshaping retail real estate and development. This now marks the third mall in Tampa that is redeveloping and repurposing the space. This is excited for people who live in the Citrus Park. They will now have new entertainment options to enjoy right in their own backyard.
Whatever happened to these Tampa Bay Projects?
Since Tampa Bay’s real estate market emerged from the Great Recession, a multitude of mega developments have been announced. Some are well underway — the $3 billion Water Street, the $550-million Midtown and the $500-million Westshore Marina District, all in Tampa. Across the bay, the $250-million ONE St. Peterburg condo tower and adjacent Hyatt Place hotel already are finished. But little has been heard about several other big developments in months, even years. We decided to find out what’s going on.
JW Marriott hotel and residences, Clearwater Unveiled in early 2017, this $100-million project was to include Tampa Bay’s first five-star hotel — a 166-room JW Marriott, a top luxury brand — and 36 residences on the site of a Clearwater hotel owned by entrepreneur Uday Lele. About a dozen units were reserved at prices up to $1.325 million. The whole thing was supposed to have been finished by now.
Last fall, though, Lele’s stake in the project was bought out by Dr. Kiran Patel, who had developed the $175 million Wyndham Grand Resort Clearwater Beach. Patel said he expected construction on the JW Marriott to start by this past January. Now it’s September, the old hotel is still there and the only JW Marriott under construction is a 519-room behemoth that’s part of Tampa’s Water Street. But the Clearwater project is still a go, said Patel’s daughter, Dr. Sheetal Patel, who is on the development team.
Patel said plans call for demolishing the existing hotel in about 30 days and starting construction early next year regardless of how many residences have been reserved. "The team is fully engaged with Marriott and making sure everybody is on board with the new concept so it’s all in progress,'' she said.
Aquatica, Tampa Two condo towers — the 15-story, 32-unit Aquatica and the 41-story, 253-unit ONE St. Petersburg — started construction at about the same time in 2016. People having been living in ONE St. Petersburg for months. No one has yet moved into the much smaller Aquatica, although it appears finished on the outside.
"Staff has received a few calls from potential owners inquiring on the status of the building,'' Thomas R.P. Snelling, Tampa’s director of planning and development, said in an email. "Most are concerned with the progress. The pace of the construction has nothing to do with the City.'' Designed by New York architect Joseph Galea, Aquatica, at 3001 Bayshore Boulevard, has a striking curved glass facade meant to evoke the waves of the bay. It was developed by William Robinson, who also did the nearby Stovall on Bayshore condominium. His wife, interior designer Shilah Robinson, said painting and other finishing work is underway and that the delay in occupancy is mainly due to "some original buyers who haven’t picked their kitchens or floors.'' Realtor Toni Everett, whose firm handled sales for Aquatica, said the city has been slow in permitting.
All 32 units have been sold at prices up to $2.15 million, and Shilah Robinson who designed the lobby and the fourth floor amenities space promises that residents and guests alike will be wowed by the decor. “The hallways are in a herringbone pattern with black and gray marble,'' she said.
Isles of Old Tampa Bay, Tampa Near the intersection of Gandy and Westshore boulevards in South Tampa, two prime waterfront parcels went into foreclosure more than a decade ago. One is now the 52-acre Westshore Marina District, the site of hundreds of new apartments and townhomes with a market district due to open soon and presales underway for high-end condos.
Meanwhile, an area three times that size sets fenced off and overgrown. Where the old Georgetown apartments once stood on Westshore, there is nothing today except signs for Everett’s realty firm and what would have been a development called the Isles of Old Tampa Bay — "a unique, planned seaside community,'' a dormant web site said.
It’s not clear whether the property is still for sale: "We don’t make comments to the press,'' Marvin Shapiro, Avanti’s CEO, said in an email. About the only activity has been on paper, with the owners modifying a $30 million mortgage in 2017 and getting a permit for a stormwater management system last year. One problem hindering redevelopment of the property: It is low-lying. “FEMA (the Federal Emergency Management Agency) is raising all the flood elevations and nobody can do anything there” until base flood elevation levels are set and the seawall is raised, Everett said.
Bezu/Blue Lotus, St. Petersburg Few projects in St. Petersburg have sparked more controversy than Bezu, a proposed condo tower that critics said was utterly out of keeping with other residences along Fourth Avenue N near Beach Drive. After six hearings, a scaled down version finally was approved in April but preservationists and residents of the historic Flori De Leon apartments next door sued. Nothing has happened in the case for months.
Despite the pending litigation, what is now called Blue Lotus "is moving ahead,'' said Lisa Brock, who handles public relations for the developer, the Driven Ziggy. Applications for site and foundation permits are "in process,'' Elizabeth Abernethy, the city’s director of planning and development, said in an email though "there is no building permit submittal package as yet.''
Tampa Bay Featured JUST SOLD Luxury Listing
Another football coach is moving into the sprawling Tampa estate that former Tampa Bay Buccaneers head coach Lovie Smith once called home.
The University of South Florida's new head football coach, Jeff Scott, and his wife, Sara, have purchased the home at 4901 Turnbury Wood Drive in Tampa Palms, according to Hillsborough County property records. The home sold for $2.5 million on Jan. 24.
USF named Scott their head coach on Dec. 9, just over a week after firing former head coach Charlie Strong. Scott signed a five-year, $12.5 million deal with USF.
The Scotts took out a $1.99 million mortgage from Synovus Bank, according to property records. The property spans 13 acres; including the outdoor areas, the home is more than 10,000 square feet with six bedrooms, six full bathrooms and two half bathrooms.
Smith and his wife, Maryanne, originally listed the home for sale in 2017 for $4.8 million. Smith joined the Buccaneers in 2014 and was let go in 2016. The Smiths paid $3.475 million in 2014, according to property records.
Craig’s Take: This property took more than 2 years to sell and its final sales price was $2.3 million less than its original list price of $4.8 million. You may be wondering how a home sells for 48% less than its original asking price when inventory is low and interest rates are at near historic lows. There are many factors that come in to play. If you take a closer look at the luxury market in 33647, also known as New Tampa, there haven’t been any other home sales above $2 million during the 810 days the Turnbury Estate had been on the market. There were 2 other estates listed for sale and both left the market failing to sell. To find a home sale above $2 million in 33647 you must go all the way back to January 4, 2017. The estate next door 4902 Turnbury Wood Dr sold for $3.1 million. This home was 3,000 sqft smaller and sets on a lot only half the size of Coach Smith’s estate. The data supporting the luxury market in New Tampa has seen a significant decline over the past 3 years.
Let’s take a closer look at the numbers. The Smiths purchased the home for $3.475 million. Shortly after purchasing the home they did a significant amount of renovations. I do not know the exact total but let’s assume it was $250,000. That puts them into the home for $3.725 million. Shortly after the Bucs fired Coach Smith in 2017, he and his family relocated to Illinois. The home was setting vacant from 2017 to 2020. The annual property taxes for the estate run around $49,000. Monthly maintenance and utilities for an estate like, this based on my experience, likely runs between $4,000-$6,000. The Smith family did pay cash for the home back in 2014 so there was no mortgage payment. If we take the low-end range of the monthly maintenance cost of $3,000 and add the property taxes and HOA fees the total monthly holding cost would be nearly $9,000 per month. If you multiply by that by 30 month the time the property has not been occupied that is $270,000 in holding costs. Now let’s take a close look at the recent sale. It sold for $2.5 million, but the Smiths would’ve paid commissions and closing costs. The total cost likely totaled 6.5% of the sale price. So, the Smiths likely netted $2,337,500 from the sale. The total figures look like this. They paid $3.475 and sold it for a net price of $2,337,500. That’s a loss of $1,137,500. Now we must add to that loss the estimated cost of renovations which is $250,000 and the estimated holding costs of $270,000. That brings the total loss to $1,657,500. Regardless of your wealth position that kind of loss doesn’t feel good. There are strategies and precautions that can be taken to minimize these kinds of losses from happening in real estate. That topic is for another edition.
Over this same period other areas of Tampa have seen the luxury market going up to record highs. For example, we have seen stratospheric prices on Davis Island for land and luxury estates. The reason for this is the old real estate adage location, location, location. Understanding the global dynamics of the market and local dynamics is key when determining a pricing strategy
Tampa Bay Featured
Luxury Listing
This is your opportunity to purchase the palatial estate of Baseball Hall of Fame Legend, Roberto Alomar. Located in Avila, 901 Palacio De Avila, Tampa, FL 33613, Tampa Bay’s Premier Gated Country Club Community. This gated estate, with a palm lined driveway leading to the Porte-Chere entry, is situated within a resort style setting on nearly 3.4 acres and encompasses over 18,000 SF of beautifully designed space.
Boasting 8 en-suite bedrooms, 9 baths, 3 half-baths, grand foyer with 32’ ceiling, 2 kitchens, 5 fireplaces, 2 laundry rooms, indoor & outdoor pools, 8-car garage, separate staff quarters and state-of-the-art amenities; this estate will satisfy the taste of the most discriminating Buyer.
Craig’s Take: Let’s look at the history of this incredible estate. It was listed in 2005 during the peak of the real estate boom for an astounding $7.5 million. After being on the market for 391 days it was taken off. It was then relisted in 2007 for $5.85 million. Unfortunately, the seller’s timing was anything but impeccable. The luxury market had begun to slow at that point and shortly thereafter the crash was in full swing. The property was eventually foreclosed in 2009. It was relisted as a bank owned property and sold in 2009 $2,437,863. The property at that time had deferred maintenance and needed repair. Base Ball Hall of Fame Legend, Roberto Alomar is the new owner. After purchasing, Roberto completely and exquisitely remodeled given a more modern flare. It is hard for me to say how much money he spent in the remodel. I can tell you it was a significant project. Roberto then relisted the remodeled estate in 2014 for $6.5 million. It failed to sell and was taken off the market in 2016 with the last list price being $4.9 million. After taking a nearly 3-year break from the market and doing more updates Roberto decided to relist the home this past October for $4.599 million. In less than a month it went under contract and is scheduled to close within the next month. This estate is a showstopper and is the reason it sold so quickly. Roberto did an excellent job remodeling the home. His selections and design style are impeccable. When it is all said and done, Roberto should do well with this purchase. Who knows? Maybe he has a second career as a house flipper?
