Water Street’s latest addition in its second phase has just been revealed, signaling a major departure from earlier plans. Announced last Friday, the newly unveiled project is a mixed-use parking garage that will take the place of a previously proposed office tower. Originally, the site was intended to host a Class A office building with thousands of square feet of build-to-suit workspaces. Instead, it will now feature a garage offering 675 parking spaces, retail space, and a rooftop area.
In a design review board application submitted amidst the press release, the project plans for “the construction of a 10-story mixed parking garage with +/- 19,000 SF of retail and +/- 5,000 SF of restaurant on the first floor and roof deck with +/- 8,500 SF of restaurant totaling +/- 317,885 gross square feet of developed area.” The team behind Water Street Tampa has further clarified these numbers, indicating the building will have 38,000 SF of retail in total and stand 124 FT tall.
Alongside the announcement were plans for a one-acre park designed to serve as a hub for concerts, community events, and retail markets. Although the exact location hasn’t been confirmed, it’s likely to be located at Water Street’s 400 Channelside lot, as earlier statements had suggested the area would feature an entertainment venue and community gathering space. Other possible locations include parcels north of E Cumberland Avenue.
Although the announcement may come as a surprise, discussions about addressing parking demand have been ongoing for several months. The Tampa Bay Business Journal previously reported that Brad Cooke, executive vice president of development, admitted that SPP “rose-colored glasses on parking” during phase one’s development.
Initial hopes for the district imagined a future centered around walkability, with a range of accessible transit options reducing the need for cars and making parking garages like the Cumberland garage unnecessary. However, with transit funding in Tampa now depleted, that vision has dimmed, and the team behind SPP has shifted to a more pragmatic approach.
Both the parking garage at 302 S Nebraska Ave and the community park have an anticipated completion in 2027. The design review board submission filed with the City of Tampa on Friday marks the first step toward making that vision a reality.