TAMPA — The Bromley Companies and Highwoods Properties said Thursday they will co-develop Midtown One, a $72 million speculative office building at the $500 million Midtown Tampa project near West Shore.
Highwoods, a real estate investment trust headquartered in Raleigh N.C., will own an 80 percent interest in the 150,000-square-foot, LEED-certified office building.
"Midtown Tampa's fully integrated mixed-use aspect, especially at this scale ... represents an excellent long-term opportunity for Highwoods," the company's chief executive officer, Ed Fritsch, said in an announcement. "Having the retail, multi-family, hotel and office partners all on board, fully financed and commencing construction gives us increased confidence in the successful outlook for Midtown Tampa. Further, with limited spec office development underway in Tampa and healthy demand, we believe this is an opportune time to commence construction of Midtown One."
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Plans for Midtown Tampa call for 1.8 million square feet of development on 22 acres near Interstate 275 and N Dale Mabry Highway. The project will include 750,000 square feet of office, 220,000 square feet of retail and entertainment, 390 apartments and 225 hotel rooms in a dual-branded Aloft and Element hotel. About half the retail space has been pre-leased with the Tampa Bay area's largest Whole Foods Market, Burtons Grill & Bar, a new restaurant by chef Chris Ponte and a True Food Kitchen.
Midtown One will rise seven stories to a curved, sail-like facade, with retail on the first floor. Rents expected to start in the low to mid $40s per square foot will bring tenants amenities like valet parking and concierge service, plus access to an 1,850-square-foot roof deck with views of downtown Tampa and St. Petersburg and Tampa Bay. A 100-foot pedestrian bridge will connect the second floor of Midtown One to adjacent parking.
Developers are talking to prospective tenants who are looking for a total of more than 500,000 square feet of office space about going into Midtown One, Bromley chief executive officer Nick Haines said earlier this month.
"They are all attracted to Midtown's great access to talent, location close to airport and incredible transportation," he said.
Construction of Midtown One began recently. The building is expected to be complete in late 2020. Cushman & Wakefield will continue to market Midtown One for leasing. Midtown One is the first of three planned office buildings, and after Midtown One Highwoods and Bromley will market another 600,000 square feet office space in two more buildings.
Contact Richard Danielson at email@example.com or (813) 226-3403. Follow @Danielson_Times