Hillsborough County has committed up to $50 million toward construction and design costs connected to the downtown redevelopment project planned by Tampa Bay Lightning owner Jeff Vinik.
Source: www.tbo.com
Hillsborough County has committed up to $50 million toward construction and design costs connected to the downtown redevelopment project planned by Tampa Bay Lightning owner Jeff Vinik. The agreement calls for the two local governments to contribute matching amounts toward design, permitting and development of public infrastructure, such as streets, drainage and utilities.
The money will come from the increase in property values in the Downtown Community Redevelopment Area. That increase, or increment, is expected to grow as Vinik’s development progresses.
Vinik, through his company Strategic Property Partners, plans to convert about 40 acres of mostly empty parcels and parking lots around Amalie Arena into an entertainment district with hotels, residential towers, stores and restaurants.
Vertica Partners exclusively represented Vinik and his group on the acquisition and assemblage of the vacant land making the project possible.