Developer pays $3 million for prime redevelopment site in South Tampa
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Mar 6, 2015

The redevelopment of a prime South Tampa corner that's home to Palma Ceia Liquors and other assorted small retailers appears to be moving forward.

WPG Inc. has closed on assemblage of parcels at the corner of South Dale Mabry Highway and West Estrella Street, paying $3 million for 1.4 acres, according to Hillsborough County property records.

Wagner has also secured a $2 million mortgage from U.S. AmeriBank.

WPG in December filed plans with the city to demolish the existing structures and build a new 14,760-square-foot retail and restaurant building on the site.

A representative from WPG did not return a request for comment Friday.

Typically, closing on the land would signal that a developer has signed tenants for the project. But there's enough demand for quality retail space in South Tampa that a developer could be confident enough to move forward on a speculative basis, without tenants in place.

The tightness of the South Tampa market has kept a number of new concepts from expanding in this region, as the demographics there make it highly desirable for restaurants and retailers, many of whom want South Tampa to be home to their first location in the Bay region.

Ashley Gurbal Kritzer is a reporter for the Tampa Bay Business Journal.