Embarc, the Vinik-backed startup hub, buys its real estate from Water Street developer SPP
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Jul 12, 2022

Startup incubator Embarc Collective has purchased its downtown Tampa real estate from Water Street developer Strategic Property Partners.

Embarc paid $13.3 million for the 20,000-square-foot building it occupies in downtown Tampa, according to Hillsborough County property records. It secured a $12.7 million mortgage for the acquisition from the Vinik Family Foundation, property records show.

Jeff Vinik, the billionaire owner of the Tampa Bay Lightning, is a partner in SPP along with Cascade Investment LLC, the private investment fund controlled by Microsoft co-founder Bill Gates.

He is also the money behind Embarc, which is loosely modeled after technology and entrepreneur center 1871 Chicago.

Embarc CEO Lakshmi Shenoy said the acquisition is a testament to the hub's organizational stability.

"Embarc's roots have always been firmly planted in Tampa Bay," Shenoy said in a statement, "and this progress demonstrates that our novel model to support startup growth here and throughout Florida is working for those we serve today and will continue to provide critical support for the future as well as become a model for other communities."

SPP acquired the Embarc building in 2017 for $4.65 million, according to property records. Prior to SPP's ownership, the building operated as event venue District 3.

Initially, SPP planned to move its headquarters and marketing center to the East Whiting Street property and open Vinik's startup hub in Sparkman Wharf. In 2018, the developer switched plans and decided to open the startup hub in the East Whiting Street property and take some of the Sparkman Wharf office space for its headquarters and marketing center.

Embarc officially opened in early 2020.