Three Developments to Watch in 2012

Tampa Bay

The Center for Advanced Medical Learning and Simulation

It will be a bright year for Tampa Bay businesses and academic leaders if the University of South Florida Health's new location in downtown Tampa lives up to expectations.

The Center for Advanced Learning and Simulation, most often referred to as CAMLS, is set to open in February. The long-awaited debut of the 90,000-square-foot development is expected to generate $38 million in economic impact in its first year and create a hub for research in health science that will draw doctors in for years to come.

Steady tourism dollars from the center's visitors is only one aspect the public should be excited about, says Tampa Mayor Bob Buckhorn. CAMLS, which has been touted as the only project of its kind worldwide, is expected to attract interest from companies in the field of biomedical technology and robotics. In fact, Buckhorn recently took a trip to Israel to rouse interest from Israeli robotic firm Simbionix, which already works with USF.

But, John Armstrong, associate professor of surgery at USF, says CAMLS will do more than bring tourists and jobs here, it will keep graduates of area universities in place. “There is so much talent here,” he says, “and (CAMLS) will do more than just keep them here: it will bring others.”

John Ramil, chairman of the USF board of trustees and president and CEO of TECO Energy, says this will create a cycle of unprecedented economic growth for the region. “I'm not too excited about the name,” Ramil says, “but I'm sure excited about the concept.”

— Alex Mahadevan

Sarasota-Manatee

The Colony Beach & Tennis Resort

More than three years of heartache at The Colony, a landmark tennis-themed resort on Longboat Key, could give way to a year of hope in 2012.

The resort filed for Chapter 11 bankruptcy in fall 2009. The demise of the club, prominent in tennis and tourism circles, has been a dark period for Longboat Key and the Klauber family, which had run The Colony since the early 1970s.

Local entrepreneur Dr. Murray “Murf” Klauber founded the resort in 1972, and it became the first condominium-hotel, rental-partnership agreement in Florida. But a lengthy dispute between the Klaubers and Colony condo owners ultimately led to the bankruptcy.

The rebirth of The Colony will now fall to Broomfield, Colo.,-based Club Holdings Ventures LLC, which manages dozens of other luxury properties worldwide. The Colony Association board selected Club Holdings to redevelop and operate the resort in a September vote.

Plans are still being worked out for a new and improved Colony. But officials with the project say it's likely to include a new pool and restaurant and a revamped spa and fitness program.

There are some potential obstacles, however. Club Holdings executive Glenn Miller, for example, says the project could take up to two years and cost at least $84 million, according to The Longboat Observer, sister paper of the Business Review. Zoning battles and more legal fights also loom over the project.

— Mark Gordon

Lee-Collier

JetBlue Park at Fenway South

Another round of development in Fort Myers has firmly crossed the Interstate 75 dividing line, promising inland growth to communities hard hit by the real estate recession.

The latest example: JetBlue Park at Fenway South, the spring training stadium that Lee County is building for the Boston Red Sox baseball team on Daniels Parkway east of I-75. The taxpayer-funded $78 million stadium will seat more than 10,000 fans when it opens in a few months.

Several other projects are in the works for areas east of I-75. These include a new 120,000-square-foot building for information technology consulting firm Gartner on Daniels Parkway, with enough room for 800 employees. And further north, there are plans for a 1,500-room casino resort at the interstate's Colonial Boulevard exit.

The real estate and economic boom of the last decade saw a new terminal for Southwest Florida International Airport and additional buildings at Florida Gulf Coast University, both economic engines on the east side of I-75. Miromar Outlets and Gulf Coast Town Center sprouted along the east side of the highway, too.

But JetBlue Park signals a new round of inland development that could spark new construction after nearly five years of recession. The area east of I-75 that stretches from Colonial Boulevard to Bonita Beach Road is ripe for the economic rebound that will inevitably come. The ballpark is just the beginning.

— Jean Gruss