A wave of Tampa commercial real estate deals is pushing several long-standing properties toward major redevelopment, as owners move to convert aging retail sites into mixed-use districts combining housing, offices and retail.
Third Lake Partners, a company based in Ybor City, purchased the 57-year-old Westshore Plaza for $135 million after an earlier prospective buyer backed out of the deal, according to the Tampa Bay Business Journal. The deed was filed Thursday, court records show.
The sale follows a Tampa City Council vote last year approving mixed-use redevelopment plans for the site under the previous developer. Tampa realtor Vincent Arcuri, who keeps an office in the mall, said tenants are already vacating the property, with stores closing at roughly a five-to-one ratio compared with new openings.
Foot traffic at Westshore Plaza has dropped significantly in recent months, according to Arcuri.
South of Westshore Plaza on Dale Mabry Highway, tenants are also moving out of the 30-acre Britton Plaza shopping center ahead of planned changes.
Separately, Stetson University 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 near Water Works Park. University officials said the Second District Court of Appeals previously leased space at the site before relocating, opening the door for the new project. Ben Barros, dean of the Stetson University College of Law, said the school intends to remain at the location and reinvest in a new facility as part of the mixed-use redevelopment.
Bromley Companies previously developed the nearby Midtown Tampa project, and that model is being considered for both the Westshore and Tampa Heights sites.
Officials have not announced timelines for demolition or new construction at any of the three properties. Third Lake Partners did not immediately respond to requests for comment on its development plans for Westshore Plaza, and it remains unclear how many current tenants will relocate or how long remaining stores will stay open.
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