Commercial Development News - Appraisal Development International

Hyde Park Village for sale
By Mark Holan
Tampa Bay Business Journal
Published: May 13, 2013

Hyde Park Village is for sale.

The 264,0000-square-foot mixed-use development in one of Tampa's tonier neighborhoods is being listed by HFF's Miami office.

"This offering presents the rare opportunity to make an already successful project an even more vibrant and energetic destination through near and longer term value enhancement opportunities,â€ says a broker summary distributed late last week.

Owner MW Hyde Park LLC acquired the property for slightly more than $31 million in 2005. It sold for $47.2 million in 1998, according to Hillsborough County property records.

Hyde Park Village, which dates to the 1920s and underwent a major redevelopment in the late 1980s, has had its share of ups and downs over the years. 

It is currently 81 percent occupied, including temporary tenants, according to the flyer.

The development at West Snow and South Dakota avenues has 246,192 square feet of retail space and 18,080 square feet of office space. The largest tenant is LA Fitness at just under 35,000 square feet.

The offering comes as other Tampa Bay area mixed-use retail developments such as Channelside Bay Plaza and the Shops at St. Pete, formerly BayWalk, have struggled find and retain the right tenant mix.

Money-making opportunities at Hyde Park Village include "the lease-up of available retail space, development of entitled retail and highly sought-after residential units, integration of street parking and increased parking garage revenues,â€ according to the flyer.

Calls to HFF's Miami office were not immediately retuned.

Mark Holan's beats include commercial real estate and residential real estate.