Tom James settles on a site for art museum
By Margie Manning
Tampa Bay Business Journal
Published: Aug 18, 2015

The executive chairman of Raymond James Financial Inc. plans to buy part of an iconic downtown St. Petersburg building for a museum highlighting much of his personal collection of western and wildlife art.

Tom James has a contract to buy the first two floors of 100 Central Ave., according to a statement from the company. About 60 percent of the 133,600 square feet in the property will be used for the museum, which would house about 500 to 600 pieces from James' collection, as well as provide space for traveling art exhibits.

James, who's been recognized nationally for his leadership in the arts, has displayed much of his collection at Raymond James (NYSE: RJF) corporate headquarters in Carillon Park. The company will continue to showcase pieces not at the museum, the statement said.

James first disclosed plans for the museum while sharing the stage with Tampa Bay Lightning owner Jeff Vinik during a University of Tampa event in October. He told Tampa Bay Business Journal that the museum would serve as a cultural legacy for himself and his wife, Mary James, while also strengthening the economy of the area.

Terms of the purchase and other development details are not being disclosed, the statement said. James told TBBJ in October that he would spend about $50 million to $75 million on the project, including funding an endowment to cover operating shortfalls.

The purchase is expected to close in October and tentative plans call for the museum to open in 2017.

The building at 100 Central Ave. was home to Florida Power/Progress Energy from 1998 to 2007, and housed Universal Healthcare from 2008 to 2013, when Universal was put in receivership after a judge ruled two of its subsidiaries were insolvent. Convergent Capital bought the building last September.

There are six floors above the two that James is buying. They are used as parking by the city of St. Petersburg and One Progress Plaza.