The Real Deal Miami

Office building planned at Tampa airport

The airport will select 1 of 3 finalists to develop the 270,000-square-foot building
February 18, 2018 02:30PM

Rendering of a planned office building with a landscaped terrace (right) at Tampa International Airport. (Credit: Business Observer)

The aviation authority that runs Tampa International Airport is selecting a developer to build a 270,000-square-foot office building at the airport.

The Hillsborough County Aviation Authority, which runs the airport, would occupy about 100,000 square feet in the planned 11-story office building, which could open by 2020.

Airport officials plan to select a developer for the office development, estimated to cost $122 million, from among three finalists: Lincoln Property Co. in Dallas, Jacksonville-based VanTrust Real Estate LLC and Orlando-based BTV Aviation Developers.

The office building at the airport would compete with others in Tampa’s nearby Westshore area.

Vacancy rates among Class A buildings in Westshore are around 5 percent, the lowest in a decade, according to Clay Witherspoon, a principal at the Tampa office of real estate brokerage firm Avison Young.

Witherspoon said the office development at the airport is among three in the Westshore area that would add 400,000 square feet of new space to the market.

The office project at Tampa International Airport is part of the second phase of the airport’s master plan for development, which also includes two hotels with as many as 350 rooms combined.  [Business Observer] – Mike Seemuth