Boat-up restaurant could be first tenant in New Port Tampa on Gandy waterfront
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Oct 6, 2015

The South Florida developers pursuing a massive, mixed-use project on the Gandy waterfront have shared additional details about the project.

BTI Partners, based in Fort Lauderdale, have filed plans with the city of Tampa for residential, retail and office space on the 51-acre site that's just south of Gandy Boulevard, at Gandy and Bridge Street, near the intersection of Gandy and Westshore boulevards.

BTI intends to be the master developer, said Beck Daniel, vice president of acquisitions for BTI. It will retain control of the master plan and design plan. The first phase could break ground next year.

Some of the more than 1,400 residential units planned will be condominium units, Beck said, depending on the market.

"The initial pieces might be rental, but based off things happening in market, we ultimately want to bring waterfront condos and boater-friendly living to Tampa," Daniel said. "We see it as a big opportunity, and the market's getting close to a tipping point [to justify condo construction]. We think a special location like this will be a good place for a condo project."

The group is already in talks with local groups for a waterfront restaurant, which could be one of the first components to break ground, on the site just west of Bridge Road.

Typically, restaurants and retail follow residential development, but Daniel said his research indicates that a boat-up restaurant in that area could draw from the surrounding neighborhoods.

"That could work standing alone," he said. "That doesn't need the rest of the project to be a great opportunity. The internal retail space and future restaurants are likely going to want more things happening [before they sign a lease]."

The first phase will also include a waterfront trail that connects to Tyson Avenue.

Full buildout is likely a six-year process, Daniel said, but the first phase should be open and operating within two-and-a-half to three years of ground breaking. Some experts say the region's real estate market - especially multifamily - is already trending toward peak, but Daniel said BTI has no concerns about a potential bust in Tampa.

"We think the Tampa market, the job numbers in the Tampa market and the progress and transition of Tampa's metrics are great for continued growth and more sustainability if there are problems," he said.

Westshore and Gandy is already one of the most heavily trafficked intersections in the Bay region, but Daniel said the road configuration within the development could help alleviate that, because Bridge Street will connect to West Tyson Avenue. That should create an alternative route to South of Gandy neighborhoods, Daniel said, and pull some traffic off of Gandy Boulevard.

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