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Tampa retail shakeup
Several major Tampa commercial properties are moving closer to dramatic transformations after a flurry of real estate transactions and redevelopment rollouts. FOX 13's Briona Arradondo reports.
TAMPA, Fla. - Several major Tampa commercial properties are moving closer to dramatic transformations after a flurry of real estate transactions and redevelopment rollouts. Westshore Plaza, Britton Plaza and Stetson University are all undergoing major changes as developers look to replicate modern mixed-use concepts.
Tampa real estate expansion
What we know:
Third Lake Partners in Ybor bought the 57-year-old Westshore Plaza for $135 million after a previous buyer walked away from the deal, according to the Tampa Bay Business Journal.
The deed was filed Thursday, according to court records.
The sale follows a Tampa City Council vote last year that approved mixed-use redevelopment plans for the property under the previous developer. Tampa realtor Vincent Arcuri has an office in the mall, and he said tenants are already leaving the mall as stores close at a ratio of about five to one.
Farther south on Dale Mabry Highway, tenants are also moving out of the 30-acre Britton Plaza shopping center. Meanwhile, Stetson University just announced it is partnering with Bromley Companies to build a new law center, hotel, office space, retail shops and residential units at its Tampa Heights campus by Water Works Park.
Unanswered project details
What we don't know:
Officials have not yet confirmed the exact timeline for when demolition or new construction will begin at Westshore Plaza, Britton Plaza or the Stetson University campus. Third Lake Partners did not immediately return requests for comment regarding their specific development phases or layout plans for Westshore Plaza. It remains unclear how many current tenants will successfully relocate to new venues or how long the remaining stores at Westshore Plaza will stay open.
Commercial property transformations
The backstory:
Westshore Plaza has served as a retail hub for 57 years, but foot traffic has dropped significantly in recent months. The shifting retail landscape mirrors a broader push across the city to turn aging plazas into dense, walkable commercial districts. Bromley Companies previously developed the nearby Midtown Tampa project, and that concept is being eyed to duplicate at the Westshore and Tampa Heights locations.
Business community perspective
What they're saying:
"Well, I will tell you that in the last six months, it's really, I mean, escalated quickly when you see the stores closing at a ratio of about five to one, five closing, one opening," Tampa realtor Vincent Arcuri said. Arcuri, who keeps an office inside the mall, said he noted his business does not depend on foot traffic but said he feels bad for vendors who must find a new place.
Stetson University representatives said the Second District Court of Appeals used to be their tenant at the Tampa Heights property before moving. After they moved, it gave the university an opportunity to rethink its footprint in the community.
"We're staying, we're reinvesting, we're not going anywhere, but we're going to have a really exciting new facility that's going to be centered in a mixed-use redevelopment," said Ben Barros, dean of the Stetson University College of Law.
The Source: The information in this story was gathered by FOX 13’s Briona Arradondo from an interview with a Tampa realtor, a report from the Tampa Bay Business Journal and statements issued by Stetson University.