The CEO of Strategic Property Partners will provide an update on redevelopment plans for Channelside Bay Plaza next week.
A presentation by James Nozar, CEO of SPP, is scheduled during Port Tampa Bay’s monthly board meeting on Tuesday. Nozar said previously the presentation would include an update on the beleaguered waterfront mall.
SPP, which is controlled by Tampa Bay Lightning owner Jeff Vinik and Cascade Investment LLC, acquired the ground lease to the plaza in 2014. Port Tampa Bay owns the land underneath the mall.
A Port Tampa Bay board member told Nozar at the April meeting that tenants have been ” crying out” for action at the property.
While the mall has struggled since it opened in the early 2000s, it’s a key part of SPP’s $2 billion, mixed-use development between the Channel district waterfront and downtown Tampa. A redevelopment could mean anything from a scrape-and-rebuild scenario to demolishing a portion of the property, which an SPP executive mentioned publicly in 2015.
Another idea for the property that’s been floated includes using it as an incubator for retail and restaurant tenants that eventually want to open in the new construction component of SPP’s district. Creating the street-level experience through a mix of restaurants, retail, entertainment and cultural concepts is a top priority for SPP.
Since acquiring the ground lease, SPP has spent millions on cosmetic improvements to the property. SPP has also retained Franklin Street to manage the plaza and plan events there, in an effort to boost foot traffic. In recent months, SPP has launched a VIP card for the plaza, which provides discounts to those living in the neighborhoods surrounding the property.
This summer, SPP moved its offices into Channelside Bay Plaza from Amalie Arena. One reason for that move, Nozar previously told the port authority, was to make the group more visible and accessible to tenants in the mall.
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