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Trinity Mall Project Pushed To Year's End

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By ERIC HORCHY The Suncoast News

The Tampa Tribune

Published: June 21, 2008

TRINITY - Originally anticipating a full opening in August, the multiuse Trinity Town Center is now scheduled for a Dec. 31 completion date.

According to an e-mailed response from Paul Aiello, vice president of real estate development with South Capital Construction, the project remains on budget - in excess of $50 million - though there have been additional "enhancements" added on that were not part of original financing.

Such augmentations include a signature clock tower, band shell and fountain that will "greatly enhance the overall 'Town Center Experience,'" he wrote.

The complex will be opened in three phases, with the first already in operation. That is the financial center at the corner of Little Road and Trinity Boulevard, which houses Old Harbor Bank. The Trinity office of Raymond James Financial is scheduled to open its doors July 15, next to Old Harbor Bank.

The Cherry Tree Gift Gallery has also been designated with a specific opening date of Aug. 1, Aiello said.

William Calary, a senior associate at CB Richard Ellis Group, the project's main leasing agent, said the second phase consists of many of the incoming restaurants and other occupants of the town center's free standing buildings.

Calary said the last buildings completed will be the boutiques at the front of the town center on Little Road.

Leasing has slowed slightly, Calary said, primarily with prospective high-end retail tenants who are feeling more ill effects from the current economic downturn.

The roughly 200,000-sqaure-foot complex is more than 75 percent leased for buildings under construction and more than 50 percent leased overall, Aiello said.

While he said the project would certainly open without all buildings full to capacity, "it would be hard to imagine not being 100 percent leased" with their current activity.

Both Aiello and Calary said they expect an uptick in leasing activity once more buildings, offices and shops are phased in.

As more tenant openings near, Calary said he is increasingly optimistic about the town center's potential for the area.

Greg Crockett, vice president of the center's lone existing tenant, Old Harbor Bank, echoed that sentiment.

"We're excited about being the first tenant and look forward to working with the other businesses coming on board," Crockett said. "It's a huge opportunity for us."

"All you have to do is go up there and look at it and you get upbeat," Calary said of the site's potential. "It's an exciting project. I think the whole community is excited about it."

According to past news releases from South Capital Construction, Trinity Town Center is envisioned to become the community's "Main Street" and a destination for residents rather than simply a place to eat or shop. It is in similar "lifestyle center" format as Wesley Chapel's planned Cypress Creek Town Center and West Park Village in Westchase.

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