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PO Box 1212 Tampa, FL 33601 Pinellas Updated November 2024
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RETURN TO NEWS INDEX Former Trump site in downtown Tampa sold A joint venture of Feldman Equities LLC and Tower Realty Partners paid $12.05 million for the 1.47-acre site at the intersection of South Ashley Drive and Brorein Street and the adjacent CapTrust office building, the partners told the Tampa Bay Business Journal on Sunday.
It is the last remaining undeveloped parcel of waterfront land in downtown Tampa.
Closing on a site brings additional credibility to development plans; it means the developer is moving forward and construction is likely to begin in the coming months. The group said Sunday the tower is slated to break ground in the latter half of 2016 and be completed in 2018.
Gensler, which designed some of the partnership's renovated office spaces in Tampa and St. Petersburg, is the architect on the project.
Here's a breakdown of the official plans for Riverwalk Tower:
The office portion represents the first new multi-tenant space in downtown Tampa since 1992. The mixed-use nature of the tower makes it a pioneering development for Tampa, as there's no precedent of success for such a project. But Feldman Equities CEO Larry Feldman and his partners at Tower Realty have a track record of gambling on the Tampa office market - and winning.
This group has made millions buying troubled Tampa Bay area office buildings, renovating them, leasing them up and selling them. Among those flips is downtown Tampa's Wells Fargo Center, which they bought for $44.8 million in 2012 and sold for $78 million in 2014. Feldman reacquired an ownership stake in the tower in early 2015.
The partners have been doing deals together for decades: Feldman was CEO of Tower Realty Trust, a publicly traded New York real estate investment trust, until it merged with another public REIT in 2000.
After the merger, Feldman and fellow former Tower executives Cliff Stein and Reid Berman acquired their former company's Florida and Arizona properties. Feldman operates under his family company, Feldman Equities Inc., founded in 1985. Stein and Berman formed Tower Realty Partners.
In 2005, Donald Trump licensed his name to Simdag/Robel LLC to build a 52-story condominium tower on the site, but those plans never came to fruition and Simdag/Robel filed for bankruptcy in 2008.
The seller, Brownstone Tampa Partners LLC, a company controlled by Forge Capital Partners LLC, paid $5 million for the land and office building in 2011.
Ashley Gurbal Kritzer is a reporter for the Tampa Bay Business Journal. |
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