Avison Young retained to sell ±30.9-acre mixed-use redevelopment opportunity with over a ½ mile of waterfront and unobstructed views of Tampa Bay from Rattlesnake Point
Tampa, FL — Avison Young has been retained as the exclusive real estate firm to market and sell a rare redevelopment opportunity located at 5411 Tyson Avenue on the western-most portion of the Rattlesnake Point peninsula. The portfolio includes two land parcels totaling ±30.9 acres, 137,705 square feet of industrial assets, over a half mile of direct water frontage with deep-water access and future dockage, and unobstructed westerly views of Old Tampa Bay.
A collaboration between Avison Young offices, Tampa’s Trey Carswell, Principal, and Lisa Ross, Senior Vice President, and South Florida’s capital market team led by Michael T Fay, Principal and Co-Managing Director of the firm’s Miami operations, and John K. Crotty, CCIM, Principal, are marketing this exceptional investment opportunity on behalf of its owner, Viper Ventures, LLC.
“Tampa Bay’s employment growth and subsequent multifamily rental rate growth, which is expected to continue to increase by 3.3 percent annually through 2018, has caught the attention of local, regional, and national investors and developers,” says Fay. “As peak land and construction prices in markets such as South Florida limit profitability on many mixed-use projects, Tampa has untapped opportunities such as this portfolio that offer waterfront locations at price-points that make redevelopment profitable and sustainable due to pent-up demand for residential options.”
The waterfront property, just south of the Gandy Bridge, is located steps from Westshore Boulevard in the prominent South Tampa submarket and mere minutes from downtown St. Petersburg’s vibrant revival. To its immediate east, developer interest has been significant over the past 24 months, with a 52-acre master-planned “Westshore Marina District” proposed by Fort Lauderdale-based BTI Partners and a 396-unit multi-family project announced on a land parcel recently purchased by Miami-based Related Group. The new development projects planned will complement Westshore Yacht Club, an established high-end waterfront development with a mixture of large single-family homes, townhouses, a condo tower, and marina.
“With in-place income from longstanding tenants and a substantial amount of acreage fronting the bay, The Rattlesnake Point portfolio provides an extraordinary opportunity for an investor with the vision of creating a landmark development in South Tampa that intertwines both residential, retail, restaurants, and a walkable waterfront esplanade,” said Carswell. “The future development has the potential to be divided into three phases or two parcels.”
Proposals for infrastructure and transportation improvements include a $3.3 billion plan to add express lanes on Interstates 4, 75, and 275, and a rebuild of the interstate bridge that connect Hillsborough and Pinellas Counties. The Rattlesnake Point portfolio sits within minutes of downtown Tampa, the Westshore Business District, Downtown St. Petersburg and Tampa International Airport. In addition to the express lanes on major interstates, the proposed Selmon Extension, a planned 1.6-mile elevated toll lane connecting Gandy Bridge with the Lee Roy Selmon Expressway (Crosstown Expressway), will have a direct impact on Rattlesnake Point by alleviating traffic at the Gandy Boulevard/Westshore Boulevard intersection.
Avison Young’s Florida operations provide best-in-class services to local, national and international clients while also networking with the firm’s other offices across the U.S. and Canada. For more information about Avison Young, please contact Mr. Fay at (305) 447-7842 or Mr. Carswell at (813) 444-0627, or visit www.avisonyoung.com.
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 2,400 real estate professionals in 79 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial and multi-family and hospitality properties.