Page 31 - FDI Alliance International Magazine | September 2018 1

Tampa’s downtown core doubles in size

with the ground-breaking of Water Street

PAUL

WILLIES

cool even in summer, shaded by a canopy of trees underway – reconfiguring the street grid connecting
and accented by water features. downtown with the Channelside district to the east of
the project, installing new underground water and
Digital integration and engagement have been part sewer lines and major utilities. The money paid from
of the vision of Water Street Tampa since day one. downtown Tampa’s Community Redevelopment
App-based parking on demand, neighborhood-wide Area funds. CRAs have a state designation that
WiFi, digital services, including dynamic wayfinding, allows them to use locally generated money to fund
intelligent buildings, a digital concierge for fans, hotel projects within the CRA. The city would reimburse half
guests, residents, and visitors will enhance the experi- the costs from its share of the CRA; the other half is
ence throughout Water Street Tampa and downtown expected to come from Hillsborough County’s share
of the CRA revenue.
The project is the vision of Jeffery Vinik, the 57-year old
By Paul Willies
Senior Commercial Real Estate Appraiser transplant from Boston who swooped into Tampa Today, Jeff Vinik and his team at Strategic Property
Appraisal Development International seven years ago snapping up the National Hockey Partners looks out over their new creation with pride
League (NHL) Tampa Bay Lightening for a reported and anticipation.
Tampa, FL – Tampa’s long anticipated $3 Billion $110 million dollars.
makeover – has been branded with the name Water Vinik, acquired his wealth as a mutual fund manag- Water Street is but one of five major developments
Street – and its coming out of the ground on er in Boston at the helm of Fidelity Magellan in the that have recently completed, or are under way –
53+ acres sandwiched between downtown and 1990s, the largest fund anywhere in the world at the including the $20 million renovation at Tampa In-
Channelside District on the city’s waterfront covering time. Later, moving down the street from Fidelity to ternational Airport (TIA), the opening of the historic
1 million square feet of mixed-use development in start his own big, widely followed hedge fund – Vinik Armature Works building as a new chic food hall
18 distinct buildings. One of the single largest urban Asset Management. and meeting space on the banks of the Hillsborough
projects underway in the United States at this time. River in Tampa Heights, and the massive 120+ acre
Over the past seven years – Vinik through his com- redevelopment of the West River district incorporat-
The entire project is being designed in an eco-friend- pany Strategic Property Partners (partially funded by ing the 25-acre Julian B. Lane Riverfront Park on the
ly way – the project labeled the first WELL-Certified Cascade Investments LLC – a property company west bank, and the 22-acre Midtown Tampa – a
district in the world, meaning it will meet a new, controlled by Bill Gates) has quietly bought up the mixed-use development located at the intersection
evolving standard that prioritizes design for health land surrounding the Lightening’s Amelia Arena. Be- of I-275 and S Dale Mabry Hwy – with much more
and well-being, and elements like daylighting, out- sides the raw land, Vinik’s enterprise also bought the to come!
door access, and air-quality. A new development Tampa Marriott Waterside Hotel & Marina, next to
wide cooling system will save energy and allow roof- the arena, for $150 million. He also bid more than For more information on Water Street visit
tops to trade AC units of green roofs and gardens. $7 million in a bankruptcy auction to take over the www.waterstreettampa.com
An active pedestrian experience is at the heart of the troubled Channelside Bay Plaza – which is now un-
design. Water Street Tampa will add 1 million square der renovation and has been re-branded as Spark- Paul Willies is a regular contributor to FDI Alli-
feet of new retail, cultural, educational, and enter- man Wharf. ance, a commercial real estate appraiser based
tainment space at the street-level, as well as 12.9 in Tampa, Florida, and the owner of Appraisal
acres of new and enhanced park and public spaces. The City of Tampa and Hillsborough County has Development International, - Inc (www.apprais-
To make the Water Street Tampa neighborhood truly adopted, and to date is scheduled to invest up to $34 aldevelopment.com) and can be reached at
paul@appraisaldevelopment.com
walkable, streets have been specially designed to be million for the infrastructure of the area which is well

FDI ALLIANCE | SEPTEMBER ISSUE 2018 31