Tampa Commercial Real Estate Wrap-Up – June 2020

Moffitt Cancer Center. Image courtesy of Moffitt Cancer Center

At the start of June, the pandemic took its toll on the Tampa Bay area as COVID-19 cases spiked well above previous highs, both at the local and state level. The impacts of the health-care crisis on the metro’s commercial real estate began to come into sharper focus: Investments slowed to a trickle and, highlighting the future impacts on the region’s tourism, Tampa International hit the brakes on much of its $906 million expansion plan. Even as some activity slowed, however, plenty moved forward, as a cancer center expansion broke ground and a major investment manager opened its first East Coast hub in the metro. Here’s our June selection of Tampa must-reads.

1. DEVELOPMENT – Moffitt Cancer Center starts $400 million expansion.

The health-care development will add a 498,000-square-foot inpatient surgical hospital, a 26,000-square-foot central utility plant and a three-level parking garage. The project’s 20-acre site is linked to the existing Richard M. Schulze Family Foundation Outpatient Center at 10920 McKinley Drive in Tampa. Hammes Co., Barr and Barr and Horus Construction Servces are collaborating on the expansion, which is slated for completion in 2023.

2. DEVELOPMENT – Tampa International Airport puts $906 million project on hold.

All new on-site construction will be either delayed or canceled over the next five years, according to Tampa Bay Times. This includes Airside D, a $690 million project envisioning 16 additional gates for domestic or international flights, initially slated to deliver by late 2024, now pushed back by four more years. Work will continue, however, on the airport’s ongoing projects that are part of its $2 billion, master-planned expansion, such as the 270,000-square-foot SkyCenter One office building which broke ground late last year.

3. LEASING – Industrious inks first coworking deal in downtown St. Petersburg.

The shared space operator will occupy 37,000 square feet across three floors at 200 Central Avenue, the tallest office building in Pinellas County. The 26-story, 295,000-square-foot tower is steps away from the city center with direct access to Interstate 275. In partnership with owner Third Lake Capital, Industrious will open its space in the second quarter of 2021, bringing its Tampa Bay footprint to more than 120,000 square feet.

4. DEVELOPMENT – Choice Hotels opens 125-key Cambria in Madeira Beach.

The Cambria Hotel St. Petersburg – Madeira Beach Marina was initially slated for a March opening, but coronavirus-related delays pushed completion out to early June, according to Tampa Bay Newspapers. The 18-month, $40 million waterfront project, just off Gulf Boulevard at 15015 Madeira Way, opened as the flag’s third Florida location, together with locations in Fort Lauderdale and near Miami International Airport.

5. LEASING – Fisher Investments opens major Tampa hub.

The company chose Highwoods Properties’ LakePointe One in Tampa Bay Park for its first East Coast office that will bring a total of 600 employees to the area. The investment manager already has 30 employees in place at 3109 W. Dr. Martin Luther King Jr. Blvd. in the Westshore business district, according to RIABiz. The firm employs 3,800 people, with most working out of its Camas, Wash., headquarters.