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Old April 17th, 2015, 11:09 PM   #1
TampaMike
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DOWNTOWN TAMPA | Manor Riverwalk | 8 stories | 400 units | U/C

Related Tribune
8 stories
400 units
10,000 sq. ft. retail
site demo
Related Group



-------------------------------------------------------------

Quote:
Ashley Gurbal Kritzer
Tampa Bay Business Journal
Friday, April 17, 2015, 4:34pm EDT

The Tampa Tribune’s building in downtown Tampa is said to be under contract to a developer who plans to redevelop the property.

The Tribune’s building at 202 S. Parker St. will be sold to a developer who is planning a residential project there that could possibly include commercial uses, according to multiple sources who asked not to be named because of the sensitivity of the deal.

Under contract is the 4.4-acre riverfront site that is home to a nearly 60,000-square-foot building occupied by the Tribune and its printing presses. (See map below.) The sales price is believed to be $19 million — close to the $18 million Tampa Bay Lightning owner Jeff Vinik paid for the 4-acre Southgate site in downtown Tampa in December.

A request for comment from Tribune Publisher Brian Burns was pending return.
The Tribune was sold to a private equity group in 2012 for $9.5 million. The company that sold it, Media General Inc., retained ownership of WFLA Channel 8. Its building, at 200 Parker St., is not part of the redevelopment play.

The developer rumored to be pursuing the project is The Related Group, a South Florida residential developer that has been active in Tampa in recent years. Related is planning a tower on Harbour Island and built and sold off the Pierhouse in the Channel district.

The Tribune is not the only daily newspaper in the Bay region to put its real estate on the market. The Tampa Bay Times' flagship office building in downtown St. Petersburg is for sale, as is the Sarasota Herald-Tribune's building in downtown Sarasota.
http://m.bizjournals.com/tampabay/ne...mpa-under.html
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Old April 17th, 2015, 11:13 PM   #2
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There is too much potential for this site for the city boy to be involved! Height definitely needs to be on the tall end. City need to get involved so the developer develops a tower that can interacts with a potential Riverwalk on that side of the river. We don't want to have issues that Sheraton and aLoft plague us with a wall to the Riverwalk.
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Old April 17th, 2015, 11:36 PM   #3
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That's a pretty big chunk of land. Sure hope that doesn't mean they plan to do a short, spread-out apartment complex, a la Post. Would love to see a tall tower.
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Old April 18th, 2015, 12:27 AM   #4
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If anybody has checked out related group's SFLA projects, im confident they have ambitious plans.
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Old April 18th, 2015, 12:33 AM   #5
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Would be way cool for Tampa if they do a tower similar to their South Florida projects. But they also did Pierhouse in Channelside...gawd I'd hate to see a repeat of that one.
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Old April 18th, 2015, 12:55 AM   #6
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If it's another Pierhouse, I will scratch my nails on the chalkboard.
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Old April 18th, 2015, 02:16 AM   #7
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Lot of interesting things going on with this lot that will determine what kind of building we get:

Article mentions that the WFLA building on the north part of the same lot isn't part of the deal. That kind of limits what can be done with the site since there's only street frontage on two sides of the project.

Kind of goes without saying this going to be high end similar to Crescent Westshore. Two blocks from Publix, waterfront, etc.

Parking: Currently the Tribune building uses the lot/garage immediately to the west that the WFLA buiding also uses. However this is going to be high end, and I can't really see high end having detached parking across the street. So, we're likely to have some sort of parking added to the actual Tribune lot. Parking access would almost have to be on Parker St. and not Broein. Plus there's already a driveway into the lot there anyway.

They could put some serious height on this lot if they wanted but they won't be pushing it with this project.

My guess: a ~20 story apartment building on a larger pedestal that features built in parking on the Parker Street side and facing the WFLA building, apartments on the river side of the pedestal facing the river and on the Broein. I could see some modest retail on the corners of the building.
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Old April 18th, 2015, 02:17 AM   #8
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Quote:
Originally Posted by Del Mayberry View Post
If it's another Pierhouse, I will scratch my nails on the chalkboard.
It won't be that short. They have million dollar views to sell here.

I could see it lacking retail like Pierhouse though.
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Old April 18th, 2015, 02:21 AM   #9
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Quote:
Originally Posted by TampaMike View Post
...City need to get involved so the developer develops a tower that can interacts with a potential Riverwalk on that side of the river...
That was my first thought, this stretch between the Kennedy bridge and the Crosstown is prime for a Riverwalk and/or river side retail. Especially if it was connected to Bayshore. I kind of just don't see the city taking that kind of initiative or paying for it though.
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Old April 18th, 2015, 02:34 AM   #10
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Whoa! I wasn't expecting this.
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Old April 18th, 2015, 06:15 AM   #11
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This is huge! I always envisioned a tall tower on this side and a tall tower at the trump site forming a grand entrance to to downtown tampa via the river. Hopefully they don't blow it. I looked at their site as well and they do have some impressive towers on their resume but we haven't seen them build anything on that scale here. Does anyone know what the max height allowed is?
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Old April 18th, 2015, 06:34 AM   #12
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Quote:
Originally Posted by FloridaFuture View Post
That was my first thought, this stretch between the Kennedy bridge and the Crosstown is prime for a Riverwalk and/or river side retail. Especially if it was connected to Bayshore. I kind of just don't see the city taking that kind of initiative or paying for it though.
A lot of the recent maps on the Riverwalk include the whole west bank of the river highlighted with a dotted line for "future Riverwalk". So the interest is there from the city. And unlike any true area of the Riverwalk, this is the first time to get a developer to fund construction. University of Tampa will clearly fund their portion. Tampa would only have to develop a connector under Kennedy and Brorein and possibly between Kennedy and this area, if Channel 8 doesn't want to contribute.

May be a dumb question, but would Channel 8 and their satellites be any issue for a tall tower at this location?
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Old April 18th, 2015, 09:03 AM   #13
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Quote:
Originally Posted by tampaizzy View Post
This is huge! I always envisioned a tall tower on this side and a tall tower at the trump site forming a grand entrance to to downtown tampa via the river. Hopefully they don't blow it. I looked at their site as well and they do have some impressive towers on their resume but we haven't seen them build anything on that scale here. Does anyone know what the max height allowed is?
The block north of the WFLA building is where the Hillsborough River Tower was approved for 600 feet.
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Old April 18th, 2015, 10:55 AM   #14
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If I recall, the HRT site was approved for 42 floors at 625ft to be precise (I think they asked for 630ft?). Design was later changed to be 37 floors at 600ft.

TTT site was approved for 591ft.


Biz Journals counterpart article...
http://www.bizjournals.com/tampabay/...f&t=1429304026



Blast from the past.... Ooold article about the HRT project, which reminds us that the riverwalk along the west bank is an old plan too.
http://www.bizjournals.com/tampabay/....html?page=all
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Old April 18th, 2015, 03:51 PM   #15
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Another thing to remember is that the HCAA has been less vocal about heights on certain developments. I don't think we will see the same issues we saw with Trump or the HRT of something in the height ball range is planned for this site.
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Old April 19th, 2015, 06:54 PM   #16
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Quote:
Tribune fields offers for downtown property

JAY CONNER/STAFF
By Richard Mullins | Tribune Staff
Published: April 17, 2015 | Updated: April 17, 2015 at 06:39 PM

TAMPA — Owners of The Tampa Tribune confirmed Friday they are exploring a sale of the newspaper’s downtown headquarters on the Hillsborough River.

Any potential deal would come with conditions, however.

“There has been a lot of interest in the building from the day we bought it up until now, and there has been more interest as of late,” said Robert Loring, founder and managing partner of Revolution Capital Group, which acquired the paper and its assets in 2012 from Media General Inc. “Any deal that we would do would have a provision for a long-term sale leaseback arrangement that would make financial sense for the paper to free up cash.”

Such leaseback transactions are common in the real estate market, and typically involve a property owner selling an asset to a financial institution or a strategic buyer, and then paying rent to continue operating on the site.

In January the Tampa Bay Times confirmed plans to market its headquarters in downtown St. Petersburg to free up cash and pay debts.

Commercial real estate broker Bruce K. Erhardt of Cushman & Wakefield said he heard the sale price for the 4.4-acre Tribune property could be between $16 million and $19 million. That may have seemed high in past years. Not anymore, he said, particularly when compared with prices that downtown developers including Tampa Bay Lightning owner Jeff Vinik and others have paid for downtown land.

Plus, he said, the financial success of residential properties like the Crescent building nearby on Bayshore Boulevard have lifted asking prices for land throughout downtown. The Tribune property has other appealing features, he said.

“Being on the water is great,” he said. “The location near the downtown Publix is fantastic. When you talk about downtown properties, this is walkable.”

[email protected]

(813) 259-7919
http://tbo.com/news/business/tribune...erty-20150417/
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Old April 20th, 2015, 12:17 AM   #17
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I wish they could tear down and build on the Channel 8 site too then move Both the Trib and Channel 8 into a new larger building that could also be residential. The views for the TV station would be awesome, plus I'm sure having a Taller antenna would be beneficial as well.
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Old April 20th, 2015, 12:38 AM   #18
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Well remember, Media General no longer owns the Trib. What really is the question is would Channel 8 move to let's say Egypt Lake-Leto? Because after MG bought Great 38, it was opted for now...to keep their studios off Waters. Idk if they'll eventually consolidate facilities.
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Old April 20th, 2015, 09:47 PM   #19
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Tribune's pending real estate deal signals confidence in downtown Tampa

Quote:
But the fact that a developer is willing to move on such an encumbered property — sources say it could be at least two years before the Tribune is able to vacate the site — signals long-term confidence in the Tampa market. It means that the developer is projecting a steady demand for downtown residential units that could last for years, possibly through multiple real estate cycles.
http://www.bizjournals.com/tampabay/...l-signals.html
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Old April 20th, 2015, 10:04 PM   #20
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My hope is that Related will do what they have done in other cities, and will assemble a larger site there over time*, and will develop a project on the general scale of Encore/The Heights/Vinikville a few years from now.

My guess is they will build something lower risk, that they can quickly flip for profit, as they have typically done here.


*If they assemble land from just two other owners, they can pretty much develop a new urban enclave between Plant Ave and the river, and between Brorien and Kennedy. The only other property owner is the Tampa Baptist senior center, and unless the building is nearing the end of its service life, it would probably be cost prohibitive to buy out.

Edit2: If Related bought the Tribune's land, Media General's land, and HRRT's land, that would be exactly 14 acres, with over 1,200ft of riverfront, directly across from UT, with access to the Selmon right there on one of the boundary roads. Tampa Baptist Manor is another 1.85 acres... With that amount of land in such a location, you can build all kinds of things.

Still blows my mind that Publix is merely rebuilding their store, and isn't doing a vertical redevelopment.
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Last edited by Jasonhouse; April 21st, 2015 at 09:30 PM.
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