The useful life of 100,000 square feet of Grade B- office space located on 10 +/- prime acres in the West Shore business district in Tampa, Florida had expired. Two anchor tenants were not expected to extend their leases beyond their expiration dates.
Christian Tyler Properties (“CTP”) sought out the owners of the property (Clear Channel), and being diligent for well over a 2 year period, finally entered into a contract to purchase the office project. CTP, after undertaking significant due diligence efforts, determined that the highest and best use of the land was to raze the existing project and create a Class A office project. CTP then entered into a joint venture (“JV”) with Rubenstein Partners, a preeminent Class A office developer from Philadelphia, PA. The JV’s development plan has proceeded according to plan and has obtained all development entitlements required to build a 580,000 square foot Class A waterfront office space.
The property will become one of the premier business addresses in the Tampa Bay area. West View Corporate Center is a notable example of CTP’s ability to see the potential of distressed property and harness its potential. West View has great potential for success with (i) approximately 130,000 vehicles per day passing directly by the property on I-275, (ii) excellent visibility, (iii) above average access to the site, through the $204.5 million Tampa Airport Interchanges construction project, and (iv) incredible water views of Old Tampa Bay from most offices in the development. The remainder of the offices will have fantastic views of Tampa’s central business district and Raymond James Stadium, home of the NFL Tampa Bay Buccaneers, and the City of Tampa’s award-winning Tampa International Airport.
After the construction of the project is complete, the challenge for the partnership will be to create the optimal tenant mix. The long term strategic focus and hard work of our ongoing redevelopment of the West View Financial Center, together with the ongoing construction management and leasing teams in converting the functionally obsolescent Class B office project into one of Tampa’s premier Class A waterfront office projects in the West Shore Business District of Tampa, Florida, is another example of the vision of Kirk Eicholtz in creating additional value that others could not see.