The Westshore Plaza in Tampa is set to be transformed into a vast 3.5 million-square-foot open-air, mixed-use development, dubbed Westshore Tampa, having secured approval from the Tampa City Council. Managed by WPG, this expansive project will feature 90,000 square feet of retail space, a hotel, medical facilities, a bus station, and nearly 2,000 residential units across a 50-acre site.
The project team includes legal representatives Truett Gardner and Tyler Hudson of Gardner Brewer Hudson PA; arborist Dark Moss; civil engineer Kimley-Horn; architect Nelson Worldwide; and traffic engineer Randy Coen.
The project, which has been in consideration since the early redevelopment rumors of the Sears box in 2015, encountered various planning stages and revisions before this final approval. Notably, the redevelopment now includes the possibility of adding medical uses to the multi-faceted property. Despite Macy’s owning its department store on the premises and planning no immediate changes, the project is comparative in scale to major developments like Water Street Tampa and is more than twice the size of Midtown Tampa.
The redevelopment is expected to be a phased project due to its complexity, especially in navigating existing leases within the mall. WPG, emerging from bankruptcy in 2021 and shedding nearly $1 billion in debt, is anticipated to seek partnerships, possibly with significant entities like the Dallas-based Lincoln Property Co., which is hinted at in filed plans.
Despite the challenges posed by current high interest rates and material costs affecting the commercial real estate market, the prime location between Tampa and St. Petersburg and the strong local demand for retail make this project an appealing investment.
Real estate experts like Jim Michalak and Tyler McRae from SRS Real Estate Partners highlight the area's ongoing population and job growth, and the strong market demand, as key factors supporting the project's success. McRae also noted the potential for significant capital investment due to the abundance of funds from large institutions, indicating confidence in overcoming the current economic hurdles.
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