How does a nine million square foot new urban district in downtown Tampa sound? That's the goal of Strategic Property Partner's (SPP) new development, Water Street Tampa. Set to be completed by 2027, Water Street aims to connect the best of Tampa and make unique additions its to hospitality, commercial, residential, and cultural pillars.
What Does Water Street Add to the Channelside Corridor?
Tampa Bay Lightning owner Jeff Vinik announced plans for the then-nameless Water Street development back in 2014 after purchasing SPP, but only recently did they reveal more in detail about the project.
Breaking ground this fall, Water Street Tampa's first project will be the University of South Florida's Morsani College of Medicine which will include a heart health center and a cooling facility, allowing for rooftop restaurants and a park.
Although total completion is not anticipated until 2027, the exciting first phase of development is projected to be finished by 2020. When done, Phase One will include eighteen buildings and represent four million square feet of new residential and retail space in Downtown Tampa.
SPP is also allocating a large chunk of the project's three billion dollar budget to improve Tampa's hospitality business with a $40 million dollar revamping of Tampa Marriott Waterside Hotel & Marina as well as two new hotels planned for Channelside.
Using the Marriott renovations SPP will connect Water Street with the Tampa Riverwalk. With more than fifty acres of the total development designated as public space with an estimated 23,000 residents and visitors occupying the district on any given day this is a huge advantage for Tampa as we attempt to land future events like the Olympics, and major brands looking for a business home.
So what makes Water Street special? Strategic Property Partner's CEO James Nozar told the Tampa Bay Business Journal that "the goal of Water Street is to make it a really memorable street" that will hopefully "evolve and become a real heart of downtown Tampa." It is the company's hope that Water Street will become a true landmark in Tampa, similar to New York's Broadway.
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