- November 28, 2024
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Trammell Crow Co. is getting another chance to develop a parcel in downtown Tampa near the University of South Florida. The Dallas-based developer has had its eyes on a four-block property on the southern end of Marion Street since 2007, but lost its chance when Collier Enterprises bought it for a residential development. Now, Collier Enterprises has agreed to sell the property to Trammell Crow, and the developer has started the rezoning process for a 20-story 450,000-square-foot office project, a 1,200-car parking garage and 350-room high-end hotel.
Bob Abberger, Florida senior managing director for Trammell Crow, says that first attempt is proving extremely valuable in speeding up the company's current efforts on the site.
“The office portion is materially designed,” he says “Having the building itself designed is a tremendous market advantage. We hope to be through zoning by yearend and then do a detailed site plan. We expect to be permit-ready by the middle of 2012.”
Abberger is working to have the entire development completed toward the end of 2013 or beginning of 2014.
No decision has yet been made on a flag for the new hotel, but Abberger says the company is working to set a new luxury standard for Tampa's Central Business District, similar to what it did with the Marriott Waterside hotel.
The extra four years gives the project one additional advantage; its location east of USF's new Center for Advanced Medical Learning & Simulation building. The $30 million 90,000-square-foot building, built to train medial professionals, is expected to be a huge draw for the area. The university estimates it will draw an additional 60,000 professionals and students to the area, generating some 10,000 additional hotel room stays every year.
Trammell Crow, a subsidiary of CB Richard Ellis Group Inc., has developed or acquired more than 525 million square feet of buildings with a value exceeding $55 billion.
As of June 30, Trammell Crow had more than $3.5 billion of projects in process, $1.4 billion in its pipeline and $1.4 billion in long term operating assets.
