Straz Center raises $27.5 million and gets approval from CRA for project extension
By Henry Queen
Tampa Bay Business Journal
Published: Oct 12, 2023

The Straz Center for the Performing Arts has submitted a new construction timeline for its redevelopment project overlooking the Hillsborough River.

Tampa City Council members, acting as the Community Redevelopment Agency board, approved a one-year delay to the project on Thursday after having approved a two-month extension at a September meeting.

That will give the venue more time to identify better bridge loan rates and to finish the construction bidding process, Straz Center President and CEO Greg Holland said. Construction should break ground in November 2024, with a grand opening tentatively scheduled for January 2027.

"Thank you for doing the work for going back to the drawing board and redesigning instead of simply coming and asking for more money," Councilwoman Lynn Hurtak said. "That is the ethos the city is looking at right now: What can we do with the money we have?"

Tampa's CRA board agreed to give $25 million to the $80 million project in 2021. As part of the contribution, the Straz Center was initially tasked with raising at least $25 million by Oct. 1 this year. It has met that goal, Holland told council members on Thursday. The funding breaks down as follows:

Confirmed donations: $27.5 million

Verbal commitments: $4 million

Tampa CRA: $25 million

Now, the Straz needs about $23.5 million more to complete its $80 million goal for construction. It has also raised an additional $7.6 million for its endowment, which had a fundraising goal of $20 million.

The redevelopment project will add new hospitality and event spaces along the Tampa Riverwalk, among other upgrades. Holland said it will benefit the entire Tampa community while leveraging the venue's prime riverfront location and adding capacity to meet demand.

"This 'Boundless' effort will lift Tampa's cultural reputation, our region's economy, our children's educational access and our community's quality of life," Holland said.

Councilman Alan Clendenin, who motioned to extend the project's timeline, noted that the city-owned facility is showing its age but is a "crown jewel" that deserves investment.

Councilman Luis Viera was the sole dissenting vote on Thursday. The Straz must now meet its contractual obligations by Dec. 1, 2024. Final design of the project should be complete by next month, according to the updated timeline.

"Our commitment and your commitment to this transformative project, the project design and it's now realignment and private and public fundraising has never wavered," Holland said.