Vacant Plant Could Produce Housing, Retail in Tampa's McKinley Heights

Strategic Insights -

The Tampa City Council has begun clearing the way for a 28-acre vacant canning plant to be transformed into a mixed-use project, including 500 homes, offices, and retail space. The project, dubbed "McKinley Heights," will be developed by Raleigh, N.C., company Cherokee Investment Partners, led by Steve Cadwallader. The company has a history of redeveloping brownfields, such as abandoned warehouses and military bases, into upscale developments. The student apartment market is also being considered, with several new complexes opening in recent years.

Key Takeaways:

  • The Tampa City Council approved an amendment to the city's land use plan, allowing for more flexibility in redeveloping the 28-acre industrial park site.
  • The site, formerly home to a Reynolds Metal canning plant, is expected to be redeveloped into a mixed-use project with 500 homes, offices, and retail space.
  • The developer, Steve Cadwallader, previously served as managing director of Cherokee Investment Partners, which has a track record of redeveloping brownfields into upscale developments.
  • The Florida Department of Community Affairs initially objected to changing the land use, citing concerns about density, but dropped their objections when the developer and city agreed to coordinate with Hillsborough County schools.
  • The project, called "McKinley Heights," is expected to begin construction in the first quarter of 2006.
  • Cherokee Investment Partners is known for converting abandoned warehouses, military bases, and town dumps into golf courses, posh shopping centers, and trendy lofts.
  • Real estate broker Edward Miller said that student apartments are one of the concepts under consideration for the project.

Statistics:

  • The site could accommodate up to 977 apartment homes, if it were developed to the maximum density.
  • The project will include 500 homes, offices, and retail space on the 28-acre site.
  • The developer bought the 28-acre site for $3 million last year.
  • The Reynolds Metal canning plant, which served area breweries until it closed in 1999, has been vacant since then.
  • The new complexes that have opened in the student apartment market in recent years include those along 42nd, 50th, and 56th streets.

Sources:

  • "Vacant Plant Could Produce Housing, Retail" by Laura Kinsler, The Tampa Tribune, November 3, 2005.