Opportunity:
Glendale Federal Savings and Loan had merged with Barnett Bank of Florida. The old Glendale Federal Savings and Loan Building located in the Central Business District (“CBD”) of Tampa, Florida sat vacant, a victim of the merger and the fact that Barnett’s corporate offices were also located in the CBD of Tampa. The owners, a parking lot operator from Canada, had acquired a demolition permit to knock down the 6-story, 30,000 square foot historic structure to make room for additional surface parking in downtown Tampa. The owners planned to demolish the building within thirty (30) days.
Action:
CTP uncovered the fact that a historic building located in the CBD of Tampa was granted a demolition permit. CTP contacted the previous owners and, through an ability to have a “quick close” on the property, was able to acquire the building and the half city block on which it resided.
Result:
CTP, through relationships with principals of Northern Trust Bank, entered into a long term lease with Northern Trust for the first three full floors of the facility. A significant renovation of the building, including a full asbestos abatement, was undertaken. The final three floors of the facility were leased to a prominent local law firm. As noted by the pictures below, it is quite evident that the City of Tampa, as well as CTP, are proud of CTP’s redevelopment efforts and the results thereto in preserving a historic landmark in the City of Tampa. For 10 years, the Northern Trust Bank Building was the corporate home to the operations of Christian Tyler Properties, LLC.