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Call it a magnet for capitalism

Stung by the WorldCom bust in 2003, Highwoods Preserve has sprung back in a big way, and sooner than many predicted.

By EMILY NIPPS
Published April 7, 2006

The $100-million complex was bound to recover. But even the most optimistic Highwoods property managers could not have predicted the park's three-year turnaround from riches to rags, then back to riches.

Not only is the park now fully occupied by about 3,000 new workers, but there are plans to add 115,000 square feet and 400 to 500 employees. The additional office space will put the park at more than 1-million square feet.

"It's a great story," said Mark Huey, Tampa's economic development manager. "To all of a sudden go from having nothing to having thousands of employees in proximity to the area's retail, commercial and residential markets will make a remarkable impact on New Tampa."

Highwoods Preserve began filling up its property in New Tampa when Depository Trust & Clearing Corp. brought 400 jobs from New York, followed by a T-Mobile customer service center, Syniverse Technologies and MetLife. A tenant, to be announced this month, is on the way, said Highwoods vice president Steve Meyers. Construction on a new building will start next week.

With the additional square footage, Highwoods Preserve will become one of the Tampa Bay region's largest business parks, along with Sabal Park, Carillon in St. Petersburg and the ICOT Center in Clearwater.

"To be honest, we kind of set how long we thought it would take before the park filled up again," Meyers said. "It just happened about six months to a year earlier than we thought.

"We knew Highwoods Preserve is a premier project that would attract a lot of companies. To have a quality facility so close to (Interstate 75), and all of the restaurants and the movie theater within walking distance, that's what makes it unique."

The park's new tenants are also expected to have an impact on New Tampa real estate and retail markets, with many of the employees moving to the area.

Many of the added jobs pay considerably well. At DTCC, the average salary is $72,000 a year.

"From the city's standpoint, it certainly helps our tax base," Huey said. "And their buying power contributes to the marketplace."

Highwoods Preserve workers will also add to Bruce B. Downs Boulevard's infamous traffic, which already carries tens of thousands of cars over capacity each day. But it's a small price to pay for the economical benefits of having a thriving business center in the area, said commercial real estate broker and Hunter's Green resident Frank Margarella.

"If we get all of the upcoming traffic improvements we're supposed to get, such as the widening of Bruce B. Downs and the I-75 flyover ramp, it shouldn't be that much of a problem," said Margarella, who also heads the New North Transportation Alliance.

The bustling Highwoods Preserve center is a welcome sight to many who live and own businesses. And it's a rare success story for a bunch of empty buildings that once appeared to be a waste of space.

"While it was disappointing to see the whole WorldCom situation happen, it became a huge marketing opportunity," Huey said. "That activity reflects the strength of our economy and the benefit of having available space."

Times staff writer James Thorner contributed to this report. Emily Nipps can be reached at (813) 269-5313 or nipps@sptimes.com.

[Last modified April 7, 2006, 07:54:17]