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FLORIDA 74 • SHOPPING CENTER BUSINESS • August 2016 ment is coming to the heart of down- town Tampa. Strategic Property Partners, a joint venture between Cascade Invest- ment LLC and Tampa Bay Lightning own- er Jeff Vinik, is developing over 40 acres in Tampa's downtown as a mixed-use, waterfront project. According to Strategic Property Part- ners, the new development will include a new 400- to 500-room luxury hotel, a 650,000-square-foot trophy office tow- er, over 300,000 square feet of retail and restaurant spaces, the University of South Florida Morsani College of Medi- cine and Heart Institute and an adjoining office building for health industry-related businesses. These projects are in the plan- ning phases with vertical construction set to begin in 2017. When the project is completed, the development will include more than 6 million square feet of commercial, medi- cal, residential, hospitality, entertainment and retail space with a total investment ex- ceeding $2 billion. Tampa-based Kimmins Contracting Corp. is currently underway on infrastructure improvements and road- way configuration for the project. ORLANDO IS GETTING CREATIVE Similar to the Tam- pa development, downtown Orlan- do will have its own transformative mixed- use destinations in the near future with Cre- ative Village and the Orlando Magic's $200 million Sports Enter- tainment District. Creative Village is a public-private partner- ship between the city of Orlando and mas- ter developer Creative Village Development LLC that will trans- form 70 acres of infill space adjacent to Or- lando's central busi- ness district (CBD). "The big story for Orlando is the emer- gence of Creative Vil- lage. The project in- cludes the University of Central Florida and Valencia College," says Thomas Chatmon Jr., executive di- rector of the Downtown Development Board at city of Orlando. "Day 1 brings 7,700 students into downtown Orlando, but within a few years that number is like- ly to double. That additional density will have an enormous impact on Orlando's retail market." According to Chatmon, Creative Vil- lage is a 10- to 15-year project that will bring 1 million square feet of office space, 500,000 square feet of retail and restaurants and 2,000 residential units. Creative Village Development LLC is a joint venture between Banc of America Community Development Corp. and a local team led by Craig Ustler with devel- opment partners Tim Baker and Brooke Myers. The Orlando Magic will develop its own mixed-use development on an 8.5- acre site adjacent to the Amway Center, where the NBA team plays its home games. The team is demolishing a park- ing garage to make way for the new devel- opment. According to Chatmon, Phase I brings 64,000 square feet of ground-floor retail space, 100,000 square feet of office space, 250 residential units and a hotel. These projects aren't the only mixed- use developments in the pipeline for downtown Orlando. The submarket will The 350,000-square-foot Butler Town Center in Gainesville will target upscale retailers, such as Whole Foods Market, which will open its 365 by Whole Foods store at the development. Shopping Center Management n Leasing n Redevelopment Bruce Strumpf, Inc. 2120 Drew Street, Clearwater, FL 33765 727-449-2020 • Fax 727-449-2212 email: johnstoner@brucestrumpf.com www.brucestrumpf.com Jill Strumpf, CSM President John F. Stoner, CCIM Director of Leasing MEMBER T u r n Y o u r P r o p e r t y O v e r T o T h e E x p e r t s S e r v i n g F l o r i d a f o r o v e r 3 5 y e a r s w i t h o v e r 3 . 8 5 m i l l i o n s q u a r e f e e t MEET US AT BOOTH #2448!