Midtown Tampa
Picking up the first parcel 25 years ago of what would become a 23 acre, 1.8 million square foot mixed-use development, Bromley went about the painstaking work of acquiring over 28 different parcels over a 15-year period. Bromley then rezoned the entire assemblage as PD, and privatized existing city streets within to create a flexible development. Bromley also made significant infrastructure improvements, including relocating major TECO energy lines, as well as structuring the first of its kind public-private partnership to incorporate a state-owned retention pond into the project as a public park, all to set the stage for development.
After considering multiple development plans, including a single user office campus, a baseball stadium for the Tampa Rays and a vertical big box retail center, Bromley saw the opportunity to plan for a large mixed-use development. With a vision in mind, Bromley cultivated a master plan that would create a first in the market, walkable development, combining all four major real estate asset classes, Office (550,000 SF), Retail (200,000 SF), Hotel (225 rooms) and Residential (700 units), into an integrated, urban pedestrian plan, that would forge a new Midtown District in Tampa. Bromley hired Gensler, WDG, and TVS Architects to design the complex project, which would ultimately consist of 13 buildings, over 4,000 parking spaces, 4 acres of public spaces, 2.5 miles of walking paths, 8 commissioned public art pieces and significant offsite work, including 2 new traffic lights.
In order to deliver the development in one phase and enhance the planning and quality of the individual assets, Bromley negotiated and entered into a series of joint venture agreements with “best-in-class” co-developers, where Bromley still retained a significant ownership stake in the entire development. Prior to construction, the Bromley team procured two key, and also “best-in-class”, anchor retail tenants – Whole Foods and REI. With the project finally taking shape after a long, nuanced 25 year process, in May of 2019, Bromley simultaneously closed development agreements and financing for $350 million, which included 7 financial institutions, 11 law firms and dozens of professionals representing the many interests involved in the project and the construction of Midtown Tampa commenced.
Bromley successfully oversaw the construction of all 13 buildings during the COVID pandemic, working with partners, 4 general contractors and over 1,000 construction workers. The project was completed on budget, and the dual branded Aloft-Element Hotel opened on time to welcome guests for the 2021 Super Bowl in Tampa. At opening, the retail was 95% pre-leased, with 50,000 SF of new leases executed during the pandemic, consisting of category leaders like Sephora, Shake Shack and True Foods Kitchen. The residential apartments continue to command some of the highest rents in Tampa and the office has attracted several key regional headquarter tenant leases.
