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Retail Developers Edgy But Have Plans For Bay Area

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By MICHAEL SASSO

The Tampa Tribune

Published: August 21, 2008

TAMPA - Despite a slowdown in the shopping center business statwide, developers are planning a few local projects that could bring a Sam's Club to the Riverview area and a Kohl's to western Hillsborough County, among other stores.

This week, shopping center developers displayed some of their upcoming projects at the International Council of Shopping Centers convention in Kissimmee. The tone of the conference was glum, largely because financing for retail plazas has dried up and the slowdown in Florida's population growth has weakened demand for new retail centers.

However, some developers in the Bay area are trying to line up retail tenants for future projects, even if the projects are a few years from being built.

One of the most ambitious developers is Opus South Corp., an Atlanta affiliate of Minnetonka, Minn.-based Opus Corp. Opus South showed off three proposed Bay area projects at the Kissimmee convention.

It's possible that some projects on the drawing board will not be built, and others could be drastically changed. Dan Morris, a director of real estate for Opus South, noted that some of Opus' projects are conceptual. Projects displayed this week at the convention include:

Midtown Tampa Bay would be near West Cypress Street and Dale Mabry Highway in Tampa. Opus South's 600,000-square-foot retail project at this busy intersection would be just south of Interstate 275. Conceptual drawings show four multistory retail buildings with a seven-story parking garage.

This week, Morris said Opus South is in a partnership with the landowner. He didn't name the owner, but Hillsborough County property records show it is The Bromley Cos. of New York. Bromley had been planning a major office development on the site called Tampa Bay 1 for several years.

It wasn't clear this week whether Bromley had canceled plans for its office project. A Bromley representative did not respond to interview requests. Morris, the Opus South executive, could not be reached today for further information.

Jim Michalak, a retail real estate broker with Tampa-based Plaza Advisors, characterized the Midtown Tampa Bay site as an 11 on a scale of 1 to 10 in terms of development potential. The only problem might be whether the developer could build a retail or office project there and still charge affordable rent, given the high cost of land, impact fees and other expenses, Michalak said.

"You can't get a better location," he said.

Riverview Bell Plaza is a DeBartolo Development project that was unveiled three years ago, but new drawings at the Kissimmee convention this week showed some proposed new tenants, including a Sam's Club.

Riverview Bell Plaza is at Big Bend Road and U.S. 301 in the Riverview area.

Quenta Vettel, a senior manager of communications for Wal-Mart Stores, said Wal-Mart is planning a Sam's Club on the site but has no firm timetable for construction. A DeBartolo spokesman did not return calls this week.

Market at Double Branch is another Opus South project, a 170,000-square-foot "power center" -- a mix of big-box stores and a few smaller retailers -- on Hillsborough Avenue just east of Pinellas County. The Kohl's department store chain has signed a "letter of intent" for the site, Morris said. A letter of intent is less formal than a signed lease but shows strong interest in a location.

Elizabeth Deluca, a Kohl's public relations coordinator, said the company doesn't comment on prospective sites.

Downtown Brandon is yet another proposed Opus South project. It would be a mixed-use development with a mix of retail stores, multifamily housing and office buildings. Early plans show a potential fitness center and grocery.

Reporter Michael Sasso can be reached at (813) 259-7865 or msasso@tampatrib.com.

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