Friday, May 25, 2018
Business

Centro Ybor no longer for sale

YBOR CITY — After more than seven months on the market, Centro Ybor is not for sale anymore.

Owner CMJ Centro Ybor, an affiliate of M&J Wilkow Ltd. of Chicago, announced Monday that the retail, restaurant and office complex is no longer for sale.

"We were pleased with how the sale process was going, but as things moved along, we decided we want to continue our ownership," said David Harvey, senior vice president of sales and acquisitions for M&J Wilkow. "Interest from prospective tenants has increased, and we feel that the value of the property will continue to grow."

Michael Milano, the listing agent for Colliers International Tampa Bay, said there were six offers to buy it, but none of them was for a sufficient price. Colliers started marketing the property in July but did not set a price.

''I think a lot of investors thought that the owner was doing a good job and questioned why they were bringing this to the market," he said. "It was to achieve a certain price point, which they did not get."

M&J Wilkow bought the 216,315-square-foot center along Seventh Avenue in 2006 with plans to add more office space to the mix of restaurants, entertainment venues and retail. The center is 89 percent occupied and includes a 20-screen Muvico movie theater, which takes up 37 percent of the space. The rest is split among restaurants (18 percent), offices (15 percent), other entertainment (14 percent) and retail (5 percent).

The vacancy rate may have influenced the bids, which came in the fourth quarter of last year, Milano said. Without disclosing the bid amounts, he said two were from local groups, two were from South Florida and two were from out of state.

"A lot of people who looked at it bought into the concept but thought the property needed to finish its transition," he said. "We're very content to hold on to the asset and finish what we started."

Centro Ybor, the signature project of former Tampa Mayor Dick Greco, opened in 2000 as the spark for Ybor's revitalization but was slow to take off. In 2004, the city was forced to take over the developer's payments on a $9 million federal loan, which grew to more than $16 million with interest. That loan costs the city $500,000 a year and lasts through 2018.

The complex opened as an entertainment hub but has evolved into a mixed-use complex. Tenants include Game Time, the Improv comedy club, Carne Chophouse, Tampa Digital Studios and the advertising and marketing firm ChappellRoberts.

Susan Thurston can be reached at [email protected] or (813) 225-3110.

Comments
Five members of 69ers motorcycle gang indicted on federal charges

Five members of 69ers motorcycle gang indicted on federal charges

Last year three members of the 69ers Motorcycle Club gang were implicated in the execution of a rival gang leader in the middle of rush hour traffic in Pasco County.Now those three and two other 69ers members have been indicted on federal charges tha...
Updated: 6 hours ago
With makeover, ZooTampa at Lowry Park takes a page from the theme parks

With makeover, ZooTampa at Lowry Park takes a page from the theme parks

TAMPA — Behind the construction walls near the carousel at ZooTampa at Lowry Park, hammers, saws and power drills made a racket in the blazing Friday heat. A raft full of 100-pound water jugs took test trips on the new Roaring Springs ride set ...
Updated: 7 hours ago
U.S. news outlets block European readers over new privacy rules

U.S. news outlets block European readers over new privacy rules

LONDON ó U.S. news outlets including The Chicago Tribune, The Los Angeles Times, The Orlando Sentinel and The Arizona Daily Star abruptly blocked access to their websites from Europe on Friday, choosing to black out readers rather than comply with a ...
Updated: 10 hours ago
Tampa Electric appeals OSHA findings for October accident

Tampa Electric appeals OSHA findings for October accident

TAMPA ó Tampa Electric Co. is appealing a recent citation by federal regulators. The Occupational Safety and Health Administration hit the utility with a $76,050 fine and a "serious" violation in April following its investigation into an accident in ...
Updated: 11 hours ago
Fiat Chrysler recalls 4.8 million cars, warning owners: Donít use the cruise control

Fiat Chrysler recalls 4.8 million cars, warning owners: Donít use the cruise control

Associated PressDETROIT ó Fiat Chrysler is recalling 4.8 million vehicles in the U.S. because in rare but terrifying circumstances, drivers may not be able to turn off the cruise control. The company is warning owners not to use cruise control until...
Published: 05/25/18
Federal Reserve chairman warns his agency must be free from political pressure

Federal Reserve chairman warns his agency must be free from political pressure

Associated PressFederal Reserve Chairman Jerome Powell warned Friday that the Fedís independence from political pressure must be respected if it is to succeed in controlling inflation, maximizing employment and regulating the financial system. His re...
Published: 05/25/18
Restaurants like Ford’s Garage use the experience to get you in the door

Restaurants like Ford’s Garage use the experience to get you in the door

Tim Butler’s first car was a Ford Model A pick-up truck — a pearl fawn and cherry red pick-up he got his senior year in high school from his dad, who renovates antique cars. That’s why as Butler waited for a table at the Ford’...
Published: 05/25/18
St. Petersburg man fined $507,513 in penny stock scheme

St. Petersburg man fined $507,513 in penny stock scheme

TAMPA ó A St. Petersburg man was fined $507,513 and permanently barred from participating in the offering of a penny stock in a case involving a scheme to manipulate the price of Aureus, a penny stock company incorporated in Nevada, officials said Fr...
Published: 05/25/18
Broadcomís CEO tops highest-paid list with a $103 million payout

Broadcomís CEO tops highest-paid list with a $103 million payout

Times staff and wiresNEW YORK ó Chief executives at the biggest public companies got an 8.5 percent raise last year, bringing the median pay package for CEOs to $11.7 million. Across the S&P 500, compensation for CEOs is often hundreds of times highe...
Published: 05/25/18
Denis Phillips, hurricane season guru, talks his signature beer, suspenders and Rule #7

Denis Phillips, hurricane season guru, talks his signature beer, suspenders and Rule #7

SAFETY HARBOR ó Denis Phillips cracks a pop-top and pulls a can that looks a lot like him to his lips."Itís got that citrusy feel to it," he says. "Which is a Florida thing. Thatís not bad." Indeed, thereís a grapefruit finish to Rule #7 Hurricane Sa...
Published: 05/25/18