Highwoods Properties, a publicly-traded real estate investment trust and a member of the S&P MidCap 400 Index, and The Bromley Companies have formed a joint venture to develop office building, Midtown One, located in the mixed-use Midtown Tampa project in Tampa’s Westshore submarket.
Highwoods owns an 80% interest in the joint venture. Midtown One has an anticipated total investment of $72 million.
Midtown Tampa is a new mixed-use project on 22 acres with a total projected investment of more than $500 million that will encompass 1.8 million square feet of overall development. The project is planned for 750,000 square feet of office, 220,000 square feet of retail and entertainment, 390 multi-family units and 225 hotel rooms.
Construction of Midtown One is projected to begin in the fourth quarter of 2019 with a scheduled completion date in the first quarter of 2021, and a pro forma stabilization date in the fourth quarter of 2022. Midtown One is the first of three planned office buildings for Midtown Tampa. Highwoods and Bromley will be marketing the remaining planned office space, comprising two buildings and approximately 600,000 square feet.
“We’re excited to participate in this mixed-use development and partner with Bromley as we start Midtown One. Midtown Tampa’s fully integrated mixed-use aspect, especially at this scale, is a first for the overall Tampa market and represents an excellent longterm opportunity for Highwoods. Having the retail, multi family, hotel and office partners all on board, fully financed and commencing construction gives us increased confidence in the successful outlook for Midtown Tampa. Further, with limited spec office development underway in Tampa and healthy demand, we believe this is an opportune time to commence construction of Midtown One,” said Ed Fritsch,CEO.