TAMPA, FL — New restaurants, retail shops, office space along with a fresh, new look are in store for a group of circa 1975 office buildings in the Westshore Business District.
In December, Ally Capital Group, the new owners of the Austin Center, unveiled plans for more than $10 million in improvements for the five office buildings that sit on a 10.4 acre lot and total 300,000 square feet.
Located at 1111, 1211, 1311, 1401 and 1411 N. Westshore Blvd., adjacent to International Plaza, the Austin Center will be rebranded the Westshore City Center.
At the time the Ally Capital Group purchased the office buildings a year ago, the property was only 40 percent occupied and the buildings were in need of a face lift.
Under the management of Franklin Street, which has relocated to the campus, occupying 22,000 square feet, the building exteriors have been repainted, windows modernized and aesthetic details added.
Going forward, Franklin Street plans to introduce new restaurants and retail to the project along with office spaces ranging from 1,000 to 80,000 square feet. Site plan improvements include creating a connected, walkable campus with elevated pedestrian walkways, outdoor seating areas and courtyard spaces.
Additionally, the main entrance will be redesigned for more impact, visual enhancements will be added including landscaping, lighting, murals and art displays, the lobbies and other common areas will be remodeled using a color palette of sea foam blue, dark teal and golden yellows, and the parking lot will be reconfigured for better traffic flow.
Tampa-based real estate investment firm Ally Capital Group acquired the property from RS Westshore LLC, an affiliate of Redstone. This is the second time the property has changed hands.
Ben Miller and Casey Siggins of Franklin Street Capital Advisors arranged financing through Valley Bank’s Tampa location.
“This acquisition presented us with a rare opportunity to acquire a prime property located in Tampa’s premier office submarket,” said Matt Chadwick, director of ACG. “We plan to make significant capital improvements in the first two years and reposition Westshore City Center’s profile as a prime workplace address in the heart of the Westshore District.”
“We are thrilled that Ally Capital Group has made this investment in one of the most prominent properties in the Westshore District,” said Ann Kulig, director of the nonprofit Westshore Alliance. “Ally Capital Group’s planned improvements and the commitment by Franklin Street to locate their headquarters are testaments to the continued strength of the Westshore market.”