An office building described as Tampa’s first speculative project since the housing market plummeted and the economy crashed is under construction, and already half of its 75,000 square feet is leased, say partners in the $16 million project.
A ground-breaking ceremony was held Wednesday for the three-story Citrus Park Crossings building. The office complex is the initial phase of a mixed-use commercial development planned near the corner of Gunn Highway and the Veterans Expressway. Plans include the offices, a hotel and stores.
“This is the first spec project in Tampa since 2008,” said Doug Dieck, southeast region president of Ryan Companies, a 75-year-old family-owned developer, designer and capital investment consultant partner in the project. “It’s a good sign that we’ve turned the corner on the recession.”
About 40,000 square feet of the three-story building will be occupied by Invest Financial Corp., a Tampa-based financial services broker-dealer, and parent company Jackson National Life. Construction is scheduled to be completed by December.
“Citrus Park Crossings has been poised and waiting for the right opportunity to launch,” said Chris Daye of Citrus Park Developers, a partner in the project. The real estate investment company comprised of business and real estate veterans is led by Daye, president of Commercial Development Consultants, which he founded in 2000.
“We are excited to be moving forward with a long-term anchor tenant like Invest,” Daye said. “This is a truly unique project opportunity to deliver on the ideals of work-life balance through reduced commute times and adjacencies of commercial and recreational opportunities,” Daye said.
The 12802 Citrus Park Lane site is next to Westfield Citrus Park shopping mall, with access to the Veterans.