TAMPA - A Philadelphia-based development firm is setting its sights on the West Shore business district.

Rubenstein Partners is planning to tear down the 100,000-square-foot Executive Square Office Park on Reo Street and build a 580,000-square-foot, three-building, campus-style complex called West View Corporate Center overlooking Old Tampa Bay.

The private equity firm purchased the 9-acre site in October for $8 million and expects to break ground this year, with hopes for a grand opening in spring of 2009, Vice President Michael O'Callaghan said.

West View Corporate Center is Rubenstein Partners' first foray into the Tampa Bay area and one of its first ventures outside of the mid-Atlantic states. The company recently changed its organizational structure and now is looking to expand its geographical reach to office markets in all of the Eastern Seaboard states except for New York.

'We really like the West View site. It's the last great waterfront site in West Shore,' he said. 'We think Tampa's a great, vibrant city that's really growing.'

'The Bull's-Eye Of The Market'

There's little doubt that the West Shore business district, one of Florida's biggest office markets, could do with a little more breathing room.

Vacancies for high-end office buildings with top-tier amenities, what's known in industry circles as Class A office space, have become increasingly hard to find during the past several years as demand has continued to grow but few buildings have been constructed.

'The market is very tight right now, and you can't continue to add jobs the way we've been adding jobs in the Tampa Bay area without adding office space,' said Patrick Duffy, president of Colliers Arnold Commercial Real Estate Services, based in Tampa.

Colliers Arnold reported an 8 percent vacancy rate for the West Shore office market at the end of June. In comparison, the vacancy rate was 13.1 percent for downtown Tampa and 11.6 percent along the Interstate 75 corridor.

Employers often seek space in the West Shore business district because they can draw workers from all over the Tampa Bay area, Duffy said.

'It's kind of the bull's-eye of the market,' he said.

Rubenstein Partners isn't the only developer drawing up designs for the West Shore area:

•Highwoods Properties nearly has completed Highwoods Bay Center I, a 207,966-square-foot, seven-story waterfront office building near I-275. A second building is planned.

•Crescent Resources LLC will begin construction soon on Corporate Center Four at International Plaza, a 247,000-square-foot, eight-story building facing Boy Scout Boulevard. The building is expected to open in October 2008.

•MetLife plans to replace its vacant two-story office complex on Boy Scout Boulevard with an office, hotel and retail center that would include three office buildings, each with 250,000 square feet of space.

Duffy doesn't think there's too much office space on the drawing board for the West Shore area.

It's unlikely that all of the new office space will be completed at the same time and compete for new tenants simultaneously, he said.

What's more, if tenants don't flock to the new buildings quickly - which is unlikely - the 14.3-million-square-foot West Shore office market is large enough to handle the additional vacancies without much suffering, he said.

Ron Ruffner, vice president at Crescent Resources, said he's confident there's room for several new office buildings in the West Shore area, but he's somewhat concerned about the slowdown in the housing market and what the accompanying chill in job growth might do to demand for office space.

However, Ruffner said low vacancy rates, high demand and escalating rents are reasons for enthusiasm in the West Shore area.

'We're going forward,' he said. 'I think we're in good shape.'

Green Spaces, Reflecting Pool

O'Callaghan acknowledges that Rubenstein Partners will compete for tenants in the West Shore area. He said West View Corporate Center plans to set itself apart by touting its waterfront views and campuslike layout. The three office buildings will be clustered around an outdoor common area and reflecting pool.

O'Callaghan said his firm hasn't decided whether it will construct all three buildings at once or in phases. The office park includes a 257,000-square-foot, eight-story building and two identical buildings that both have five stories and 157,000 square feet.

Rubenstein Partners has lined up a roster of local partners for West View Corporate Center: Tampa-based Christian Tyler Properties is the local development partner, the local office of CB Richard Ellis is the leasing representative, and Tampa-based Alfonso Architects will handle design and landscaping.

O'Callaghan said lease rates haven't been determined, and he couldn't discuss what West View Corporate Center would cost to build.

Reporter Dave Simanoff can be reached at dsimanoff@tampatrib.com or (813) 259-7762.