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Marina's future may be as hotel

The prime Tampa waterfront site is being marketed for its redevelopment potential.

By JEFF HARRINGTON
Published March 18, 2005

The Tampa Bay Marina Center, a prime waterfront site adjacent to Tampa's bustling Westshore business district, is being marketed to developers as a potential office, hotel or mixed-use project.

Ward J. Viator of the Viator Co. confirmed Thursday that his company has been hired to market the 15-acre parcel for redevelopment.

Owned by the LM Hughey Co., the marina includes 75 boat slips and about 90,000 square feet of office space in three buildings. About five of its 15 acres are submerged.

Located on Hoover Street, just south of Kennedy Boulevard, the marina is close to Interstate 275 and Tampa International Airport. It is flanked by the Beach Park neighborhood and Westshore offices.

"You're basically bordering the second-largest office market in the state of Florida and one of Tampa's finest residential neighborhoods," Viator said.

Developers of office, hotel and multifamily projects all have expressed interest, he said.

Under current zoning, both hotel and office are likely uses.

Viator did not disclose an asking price, but real estate observers said the property could fetch in the range of $1-million to $2-million per acre based on Westshore waterfront values closer to Gandy Boulevard.

Any office project would be in competition for tenants with the emerging Highwoods Bay Center just north of the marina. Highwoods Properties is expected to begin construction this year on a pair of office towers on the former Koger Center site.

Randy Smith of Advantis Real Estate speculated the more likely use for the site may be as a hotel. But any major development, he said, could raise concerns about traffic congestion from residents.

Jeff Harrington can be reached at harrington@sptimes.com or 813 226-3407.

[Last modified March 18, 2005, 00:42:17]