Third Lake Buys WestShore Plaza for $135 Million
Third Lake Buys WestShore Plaza for $135 Million
Ybor City's Third Lake Partners has acquired Tampa's 54-acre WestShore Plaza for $135 million, teaming with St. Petersburg's Echelon to pursue a sweeping mixed-use redevelopment.
Ybor City's Third Lake Partners has acquired Tampa's 54-acre WestShore Plaza for $135 million, teaming with St. Petersburg's Echelon to pursue a sweeping mixed-use redevelopment.
Ybor City-based Third Lake Partners has purchased WestShore Plaza, the roughly 54-acre mall property in Tampa's Westshore district, for $135 million, according to court records first reported by Ashley Kritzer of the Tampa Bay Business Journal. The deal closed after a previous buyer walked away, clearing the way for one of the region's most anticipated redevelopment projects to move forward.
The firm plans to advance the project alongside St. Petersburg-based Echelon, a longtime development partner. The two have collaborated on several high-profile St. Petersburg projects, including Echelon City Center, the master-planned community in the Carillon Office Park, where Third Lake co-developed the 15-story Waterview tower.
Third Lake and Echelon are also behind the redevelopment of the former United Property and Casualty (UPC) headquarters in downtown St. Petersburg, where a joint venture has proposed two 31-story apartment towers carrying a combined total of roughly 824 units. That project has been estimated at around $225 million. The partners recently topped out another downtown St. Petersburg tower, the 33-story 3rd & 3rd, further establishing a shared pipeline that now extends across the bay to Tampa.
The path to redevelopment was cleared before Third Lake entered the picture. The prior owner, Ohio-based Washington Prime Group, secured final approval from Tampa City Council in early 2024, along with more than 8.1 million square feet of entitlements. Those city-approved plans allow WestShore Plaza to be partially or fully redeveloped with a broad mix of uses, including residential, hotel, office, medical, entertainment, retail, dining, wellness, and service components. Third Lake now inherits that entitlement package, giving it a rare head start toward vertical development on a site of this scale.
WestShore Plaza has anchored Tampa's Westshore business district for more than five decades, but declining foot traffic and store closures have accelerated its shift away from traditional retail. The redevelopment could transform one of Tampa's most prominent shopping properties into a dense, walkable mixed-use district serving a corridor already home to the region's largest concentration of office space and its international airport. The scope of the transformation, positioned at the crossroads of Kennedy Boulevard and Interstate 275, positions the project as a potential catalyst for continued growth across the Westshore area.
Ybor City-based Third Lake Partners has purchased WestShore Plaza, the roughly 54-acre mall property in Tampa's Westshore district, for $135 million, according to court records first reported by Ashley Kritzer of the Tampa Bay Business Journal. The deal closed after a previous buyer walked away, clearing the way for one of the region's most anticipated redevelopment projects to move forward.
The firm plans to advance the project alongside St. Petersburg-based Echelon, a longtime development partner. The two have collaborated on several high-profile St. Petersburg projects, including Echelon City Center, the master-planned community in the Carillon Office Park, where Third Lake co-developed the 15-story Waterview tower.
Third Lake and Echelon are also behind the redevelopment of the former United Property and Casualty (UPC) headquarters in downtown St. Petersburg, where a joint venture has proposed two 31-story apartment towers carrying a combined total of roughly 824 units. That project has been estimated at around $225 million. The partners recently topped out another downtown St. Petersburg tower, the 33-story 3rd & 3rd, further establishing a shared pipeline that now extends across the bay to Tampa.
The path to redevelopment was cleared before Third Lake entered the picture. The prior owner, Ohio-based Washington Prime Group, secured final approval from Tampa City Council in early 2024, along with more than 8.1 million square feet of entitlements. Those city-approved plans allow WestShore Plaza to be partially or fully redeveloped with a broad mix of uses, including residential, hotel, office, medical, entertainment, retail, dining, wellness, and service components. Third Lake now inherits that entitlement package, giving it a rare head start toward vertical development on a site of this scale.
WestShore Plaza has anchored Tampa's Westshore business district for more than five decades, but declining foot traffic and store closures have accelerated its shift away from traditional retail. The redevelopment could transform one of Tampa's most prominent shopping properties into a dense, walkable mixed-use district serving a corridor already home to the region's largest concentration of office space and its international airport. The scope of the transformation, positioned at the crossroads of Kennedy Boulevard and Interstate 275, positions the project as a potential catalyst for continued growth across the Westshore area.
