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Heritage Square is top choice for armory site

By RICK GERSHMAN
Published March 13, 2007

TAMPA - Planners of a $98-million hotel, spa and marketplace will get the first shot at redeveloping the Fort Homer Hesterly Armory.

Saturday, a military affairs board ranked Heritage Square as its top choice among three finalists bidding to occupy the historic site.

A city official was quick to point out Monday that the ranking does not eliminate two competing proposals: a film, video and sound studio and an ice rink.

But the others will have to wait to see if Heritage Square can make it through the milestones required before a sale goes through, said Cynthia Miller, the city's business and housing development manager.

Those requirements, which include purchasing a new property to relocate remaining National Guard operations, must be completed within 90 days. The purchaser also will have to spend at least $4.7-million on buildings for the Guard's new site.

If Heritage Square is unable to meet the requirements, the opportunity would pass on to the studio planners.

That approximately $64-million project - developed by the Armory Partners Group, which includes Tampa Digital Studios and DeBartolo Development - would center on creative arts but also have residential and retail components.

Finally, the ice rink proposal, which also would include residential and retail use, would be next in line to try. "The Community at Fort Hesterly," budgeted at $65-million, is headed by Reliant Development LLC.

Heritage Square's proposal includes a 300-room, Spanish-themed luxury hotel, a cultural arts center and a 10,000-square-foot open air farmer's market. The developer is Heritage Square LLC, led by Coast Dental founder Terek Diasti.

Project spokeswoman Chris Duffy-Waldman said the developers were "extremely excited" to be named the top pick.

Rick Gershman can be reached at rgershman@sptimes.com or 226-3431.

[Last modified March 13, 2007, 06:33:49]