- Mike Cliggitt, CCIM, MAI
Tampa, FL - Water Street Phase One Development is coming to a close
Phase one of Downtown Tampa’s Water Street is nearing its closing period – with a soft opening of The Tampa EDITION coming next week. Back in 2014 the vision for Water Street Tampa was 40 acres with a cost of just over $1 billion, now years later phase one has reached of 70 acres of development with over 9 million square feet of space being under development with an overall cost of $3.5 billion.
Strategic Property Partners (SPP), a partnership between Tampa Bay Lightning owner Jeff Vinik, and Cascade Investments (controlled by Bill Gates) has completely transformed the life of Downtown Tampa. 4 new residences have been introduced to Water Street during phase one. These are Heron, Asher, Cora, and The Residences at the Tampa Edition. Over 900 apartments/condos have been added to the downtown area thanks to these developments. Prices for these residences start in the lower $2,000’s. Along with these residences, we have also seen around 800 hotel rooms become newly available or renovated during phase one. Most notably, The Tampa Edition will be the first 5-star hotel to come to the Tampa Bay area and will include luxury hotel rooms, fine-dining options, as well as 37 private condominium residences for sale starting at $2 million.
With the migration of many companies moving their headquarters to the Tampa Bay area, as well the influx of startup tech companies in the Tampa area, office space is another key part of Water Street development. The Offices at Sparkman Wharf have added 180,000+ SF of office space. This waterfront office property surrounds its tenants with restaurants and retail options just outside the office doors. 1001 Water Street has given Tampa Bay its first office tower in 25 years. It is 20 stories and adds 375,000+ SF of office space,12,000 SF which is used for retail purposes as well. 400 Channelside Drive is across the street from Amalie Arena and gives 500,000+ SF of office space in 19 stories.
**Photograph taken from Water Street Tampa website