Developer resurrects Gandy project on Tampa Bay
By Yvette C. Hammett | Tribune Staff
Tampa Tribune
Published: Oct 29, 2014

TAMPA - A grand development vision for more than 50 acres on Tampa Bay, like so many other land projects, flat-lined as the Great Recession put a strangle-hold on Florida real estate.

BTI Partners, a Fort Lauderdale development firm, now plans to resuscitate the former New Port Tampa Bay project, tweak it and incorporate some of its original elements in a new mixed-use design.

Ed Oelschlaeger had originally planned to build about 1,000 condominiums, a marina, retail, office space and a hotel on the property at Westshore and Gandy boulevards when he launched New Port Tampa Bay in 2006. But a faltering economy derailed his plan.

BTI Partners will likely use some of those same concepts as it designs its own project "enabling users to work, live and play alongside Tampa Bay,” said Beck Daniel, vice president of acquisitions and development.

Daniel said BTI has owned bond debt on the original project since 2012, after it had already become distressed. "Over the next year we acquired the remaining bond debt and through the associated liens we were able to take possession of the project in late 2013 without a traditional sale.”

What BTI determined early on, he said, was that the site is a rare treasure "unmatched in the Tampa/St. Petersburg area. When we coupled the site dynamics with those of the metro area, including proximity to the upscale neighborhoods of South Tampa, the region's growing employment, increasing population and the under-supply of new projects, we quickly determined that this was an opportunity that we wanted to be part of,” Daniel said.

Tampa Development Director Bob McDonaugh said BTI has not yet submitted any plans to the city for the development, but some of its staff has met with city zoning officials to determine what development rights exist on the land.

Tampa Mayor Bob Buckhorn said he is very excited about the project. "I've been waiting a long time to hear someone was able to pick the pieces up and put this together.”

Buckhorn said he has "a great deal of affection for the property” because he used to dock his 17-foot fishing boat on the bay there back when the property was known as The Imperial Yacht Basin. He was also on the city council when the original owner, Mike Hughey, came in to rezone the property.

"Everyone, even 15 years ago, recognized the potential on that site,” Buckhorn said. "That's a gateway into Tampa and the view corridors are spectacular. It's a waterfront-oriented community and I think with the appropriate mix of residential, retail and marina activities, it really could be a signature project.”

Daniel said his company, working with international investment bank Houlihan Lokey, will take the next few months to consider options. "But, there has already been a lot of demand from high-end multifamily rental, retail and even for-sale condo and single family developers.” Local and national developers have expressed interest in buying portions of the site "or the project in its entirety,” he said.

"In this recovering real estate environment, we look forward to being a part of something that will not only be successful for our company and partners, but also a celebrated new destination for the community, as well,” Daniel said.

yhammett@tampatrib.com
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