An enlivened industrial real estate market and an initiative to boost container traffic encourage Trammell Crow Co. to think big for Port Ybor.
By STEVE HUETTEL
Published December 17, 2003
TAMPA - A real estate project on 52 acres at Tampa's port is a calculated gamble, starting with the first building, says the project's developer.
Trammell Crow Co. is kicking off the Port Ybor development with construction of a warehouse with 6 acres of floor space, which the company calls the largest warehouse ever built in Hillsborough County without tenants committed.
But the industrial real estate market is showing signs of life after a prolonged slump, said Bob Abberger, head of Florida development for Trammell Crow. The widening of 20th Street at Port Ybor's entrance and a port initiative to boost container shipments should make the property attractive to potential tenants, he said.
"We're prepared to make a bet on the port and Tampa itself," Abberger said Tuesday at a ceremonial groundbreaking for Port Ybor. "The new road and container growth at the port says (to us), "Don't be shy. Make it big.' "
Trammell Crow will build three warehouses and two office buildings on public land at a cost of about $45-million over the next five years. The port authority plans to rebuild berths and construct a terminal for cruise ferries and specialized cargo ships.
The property was home to the port authority's headquarters until the agency built new offices on Channelside Drive, across Ybor Channel. Port director George Williamson then sought a developer to build the project on land leased from his agency.
"This area has a long history," Williamson said Tuesday. "Now, we're seeing a change for the entire community."
All but one business on the site near the old headquarters has moved or closed. Gulf Marine Repair Corp., a ship repair yard on a corner of the property, must move within 28 months when its lease with the port authority expires in 2006. The agency is looking for suitable property to relocate the yard, which employs more than 250 workers.
