1. News
  2. /
  3. Business

Tampa port okays $4.7 million sale of Channel District land

The buyer, Streams Capital of Tampa, is looking at building a 33-story tower with a hotel, condominiums and retail.
Port Tampa Bay on Tuesday agreed to sell a half-acre it owns near the Florida Aquarium for $4.7 million to Streams Capital of Tampa, which is looking at building a 33-story condominium and hotel tower. [RICHARD DANIELSON | Times]
Port Tampa Bay on Tuesday agreed to sell a half-acre it owns near the Florida Aquarium for $4.7 million to Streams Capital of Tampa, which is looking at building a 33-story condominium and hotel tower. [RICHARD DANIELSON | Times]
Published Oct. 15, 2019
Updated Oct. 15, 2019

TAMPA — Port Tampa Bay’s board voted Tuesday to sell a half-acre it owns near the Florida Aquarium for $4.7 million to an investor looking at building a 33-story condominium and hotel tower.

“That’s something that would be in line with what’s going on in the Channel District and with Water Street,” Streams Capital managing director Andre Hampton said. And it would be comparable to the 35-story Elevé 61 condo tower planned immediately to the north at E Whiting Street and Channelside Drive.

RELATED: New 35-story condo tower to rise in Tampa’s Channelside area

“I appreciate being able to be part of the legacy and monumental history of Tampa,” Hampton told port board members before the vote. “It’s hard to ask for any better opportunity than (to make) an addition to our skyline.”

But it’s too soon, Hampton said, to discuss the project’s potential development partners, schedule or construction budget.

Streams has until the end of 2020 to complete its due diligence on the sale. Port officials expect a closing in early 2021. Under the terms of the agreement, Streams will need the port’s permission if it wants to assign a controlling interest in the property to anyone else.

Also, if the sale goes through, the deed will include a restriction prohibiting future condo owners from filing claims against the port over sights, sounds or smells from port operations.

The land consists of a 0.45-acre parking lot on the west side of Channelside Drive, just north of the port’s parking garages. Currently, the port uses the land to park recreational vehicles belonging to cruise ship passengers.

The proposed purchase price of $4.7 million works out to nearly $240 a square foot, or more than $10.4 million an acre.

This Port Tampa Bay map shows the outline of .45 acres that it is considering selling to StreamS Capital of Tampa. [Port Tampa Bay]

By comparison, a port analysis of sales in the immediate area since late 2015 found an average sales price of $73.72 per square foot, or about $3.2 million an acre.

That makes the price on the Streams Capital site about 325 percent higher than for other recent sales, port officials say.

But the port’s list of comparable sales did not include its own decision in March 2018 to sell 20,000 square feet — a little more than the 19,602 square feet being sold to Streams Capital — of the Garrison parking lot for $9.87 million.

The buyer, Water Street Tampa developer Strategic Property Partners, has talked about maybe building two towers with a total of 350 to 550 apartments or condominiums on the northern end of that lot, plus some stores and restaurants near the seawall next to the Garrison Channel.

The port’s analysis did not include the Garrison lot because that transaction included other parts along with the sale, port vice president of real estate Lane Ramsfield said. In addition, a Strategic subsidiary is paying to lease other port-owned acreage. And the port hired that same company to run two parking garages and two parking lots next to the port’s cruise ship terminals.

“It’s a completely different deal,” Ramsfield said. But he said, “believe me, when I negotiated (with Streams Capital), I used that (sale) as a topic of discussion.”

RELATED: Project vision begins to emerge as Port Tampa Bay okays selling parking lot to Jeff Vinik-Cascade Investment for $9.8 million

Contact Richard Danielson at Follow @Danielson_Times


  1. Erica Allums poses for a portrait behind the counter at Banyan Cafe in St. Petersburg while she was still the owner. Now, she's in the process of taking over the MLK spot once again. [Times (2018)] [Tampa Bay Times]
    The Central Avenue location will continue to operate as normal.
  2. A for sale sign is seen in front of a home in the Westchase area of Tampa. CHRIS URSO  |  Times (2013)
    And a spike in cash sales suggests investors were active in the market.
  3. Florida's unemployment rate hit a record low in December. (AP Photo/Lynne Sladky, File) [LYNNE SLADKY  |  AP]
    Nearly every major job sector posted gains from a year earlier.
  4. A proposed bill in the Legislature would set a statewide referendum on whether to amend Florida's constitution to add a year to the period when home buyers can transfer their accumulated benefits under the Save Our Homes cap on property assessments to a new home. Pinellas County Property Appraiser Mike Twitty says going from two years to three would reduce the possibility that construction delays in a booming real estate market would prevent some buyers from meeting the deadline, costing them potentially thousands 
 of dollars in property tax savings. [SUSAN TAYLOR MARTIN | Times (2019)]
    The bill, the idea of Pinellas County Property Appraiser Mike Twitty, would give buyers another year to transfer their tax savings under Florida’s Save Our Homes assessment cap to a home they’ve...
  5. The Tampa Bay Times' headquarters in downtown St. Petersburg. [CHRIS URSO  |  Times]
    No customer information was compromised. The Times is removing the malicious code.
  6. Concentrix has told the state of Florida that it plans to lay off as many as 174 employees from one of the programs it has at the Interstate Corporate Center east of Tampa. This is the same call center hit with 245 layoffs announced in November. (Google street view photo) [Google Street View]
    In November, Concentrix, the California multinational company that runs the center, announced the layoffs of 245 employees.
  7. Loreen Spencer (left) and Sue Watts, the two newest members of HCI Group's board of directors. [HCI Group]
    “I just wish I had thought of this earlier,” the chairman and CEO said.
  8. Tampa-based WellCare Health Plans will become the headquarters for Medicare and pharmacy operations now that it has been acquired in a $17 billion cash and stock deal by Centene Corp., base in St. Louis. (Times files)
    New owner Centene said it “expects to maintain strong operations in Tampa,” which is anticipated to be the headquarters for its Medicare and pharmacy operations.
  9. A Publix chicken tender sub sandwich. Pub Subs are now easier to order through Instacart grocery deliveries. [CHRIS URSO   |   Times]
    New Instacart Meal program to make Pub Sub orders a breeze, according to the grocery delivery app.
  10. Johanna Santiago, 50, of Riverview, hopes to start selling her Joba Sofrito early this year. Santiago developed the product, a savory Puerto Rican cooking sauce, with help from the nonprofit Enterprising Latinas in Wimauma. [MARTHA ASENCIO RHINE  |  Times]
    Selling food and crafts, three women are among the dozens who turned to the organization for training in 2019.