TAMPA — A sudden boomlet in premium office space is getting boomier as developers detail their plans for the first of three office buildings planned at Midtown Tampa, a $500 million mixed-use development near Interstate 275 and N Dale Mabry Highway.
Midtown One is planned to rise seven stories, grounded at the base by first-floor retail and topped by a curved, sail-like facade. Construction is expected to begin in early 2019, with completion expected in late 2020.
"There couldn't be a more ideally located mixed-use development," Midtown Tampa partner Jim Meyer, who has overseen the creation of 4 million square feet of office and mixed-use development, including Atlantic Station in Atlanta, said in an announcement of the design.
The project's cost is still being calculated, and developers plan to start Midtown One on spec — that is, without having it fully leased up before construction begins.
Spec construction also is the plan for the first office tower at Water Street Tampa, which was announced less than two weeks ago as downtown Tampa's first such "trophy" office space in more than a quarter-century. Construction on that 20-story tower is scheduled to start in the spring with an opening projected for the second quarter of 2021.
Meanwhile, at Riverwalk Place, a planned tower overlooking the Hillsborough River with 50-plus stories, 10 of them earmarked for offices, developers said last week that construction is projected to start next year. There, however, the timing will depend on pre-sales of condominiums priced at $600,000 to more than $1 million.
At Midtown One, an 1,850-square-foot roof deck will offer views of downtown Tampa and St. Petersburg, Tampa Bay, plus an on-site 3-acre pond with a landscaped running and walking trail. A 100-foot pedestrian bridge will connect the second floor of Midtown One to adjacent parking. Its 140,000 square feet of Class A space will be part of 750,000 square feet planned for Midtown Tampa's three Class A buildings.
"The openness of the office space brings in a lot of great natural light and uninterrupted views of Tampa, " tvsdesign principal Rob O'Keefe said. "This virtually column-free space and flexible design will create a customizable occupant experience."
Tenant amenities like valet parking and a full-service concierge are designed to "transform the office tenant and employee experience," even when compared with Tampa's best Class A buildings, said Nicholas Haines, CEO of The Bromley Companies, which is developing the 22-acre site.
"We're creating a new, full-service experience at Midtown Tampa to deliver a complete suite of amenities like no other project in Tampa," Haines said. That will include the largest Whole Foods Market in the Tampa Bay area next to Midtown One.
Expect rents in Midtown One to be in the low to mid $40s per square foot.
"The full-service asking rental rate will start with a 4," said Robin Bishop, who is leading Cushman & Wakefield's leasing team for Midtown Tampa. Class A office rents in Tampa and Hillsborough County averaged about $30 per square foot during the second quarter of this year, though Cushman & Wakefield projects rents in Tampa could rise to $33 to $35 per square foot over the next eight to 12 months.
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At build-out, Midtown Tampa will include 1.8 million square feet of development, including the three office buildings, plus a 390-unit Crescent Communities apartment complex, restaurants, stores, hospitality and entertainment.
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