Trammell Crow Plans $250M Mixed-Use Project Downtown
- Aug 24, 2011
Trammell Crow Co. has big plans in store for downtown Tampa, as the developer is seeking approval for a $250 million mixed-use development dubbed Southgate, the Tampa Tribune reported. Consisting of a 450,000-square-foot office tower, a 350-key luxury hotel and a 1,200-space parking garage, the development would rise on a four-acre parcel is bordered by Whiting, Morgan and Brorein Streets and by Florida Avenue. Trammell Crow is under contract to buy the property and is currently looking for a hotel brand to partner with.
The 20-story office tower would not be as tall as other downtown office buildings, some of which reach 40 stories in height, but its 28,000-square-foot base would be somewhat larger than the footprints of most towers in the Downtown submarket, which are in the range of 18,000 to 20,000 square feet. Trammell Crow will also pursue LEED certification for the tower.
Trammell Crow had planned a similar office tower for Tampa’s Channel District prior to the recession, but the Southgate project offers an attractive location near the Tampa Convention Center and the city’s Downtown core.
According to the Tribune, the office tower would also be positioned to benefit from demand created by the University of South Florida’s Center for Advanced Medical Learning and Simulation, which is under construction nearby. The 90.000-square-foot medical training center is regarded a potential magnet for healthcare and medical tenants and is expected to draw as many as 60,000 healthcare professionals to downtown Tampa annually.