The former Trump Tower site in downtown Tampa has been sold for $5 million.
Recently acquired by investment partnership Brownstone Tampa Partners, LLC, the site is the only undeveloped land in the downtown area located along the Hillsborough River. Previously slated as a 52-story luxury condominium complex, the sale of the site also included the adjacent 15,000-square-foot CapTrust office building.
BB&T previously bought the site through a merger with Colonial Bank and recently sold the well-known piece of land to the investment partnership of management company O,R&L Facility Services; Owens Realty Network, LLC, O,R&L's sister real estate brokerage company; and Community Reinvestment Partners II, LP, a joint venture investment fund of Forge Capital Partners, LLC and DeBartolo Development, LLC. Brownstone Tampa Partners plans to build a mixed-use complex including retail and offices, as well as a hotel or condominium complex.
"We will spend the next six months evaluating the land and researching its potential," says O,R&L President Bob Owens. "This property provides the opportunity to move forward with the vision of what commercial development along Tampa's riverfront should be while contributing to the region's economic recovery."
Immediate plans for the site include completion of the Tampa Riverwalk.
"The nature of this project affords us the opportunity to let the market come to us," says Owens, who acted as one of the lead investors involved in the purchase. "We hope our respective expertise will enhance the value of the office building and maximize the site's future potential."
The purchase of the site acts as O,R&L's entry into the Tampa real estate market and was chosen because of its riverfront location.
Writer: Alexis Quinn Chamberlain
Source: Bob Owens, O,R&L Facility Services