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Business Observer Wednesday, Oct. 13, 2021 5 days ago

Office and retail space comes to market in prime downtown development

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Grand Central at Kennedy development has thousands of square feet available for lease in Tampa's Channel District
by: Louis Llovio Commercial Real Estate Editor

TAMPA — More than 115,000 square feet of ground-floor retail and office space has become available in the Tampa Channel District.

Colliers, which is listing the space, says 862 parking spaces divided over two garages comes with the property.

The available space is in Grand Central at Kennedy, a mixed-used development about a half-mile from Water Street and the planned Gas Worx development. The property, at 1120 and 1208 E. Kennedy Blvd., is currently 99% occupied with 14 tenants, according to Colliers’ announcement. Of the 115,899 square feet available, 60,239 square feet is retail and 55,570 square feet is office.

“Given the lack of available land in the Channel District, it’s unlikely that a project of this scale, with a similar level of functionality and synergy between residential, office and retail, can be replicated,” Mike Milano, executive managing director of retail investment services for Colliers, says in the announcement.

The first phase of Grand Central at Kennedy was delivered in 2007 in a part of town that long ago was dotted with tattoo parlors, low-rent bars and industrial buildings. Today, there are 1,650 apartment units nearby, including three luxury complexes, as well as 392 condominiums within the development itself, according to Colliers.

The property’s owners completed a $1.7 million renovation of the courtyard last year. Among Grand Central's current tenants are, CVS, Crunch Fitness, The Kraft Heinz Co. and Quality Carriers, a division of CSX Corp. There are several bars and restaurants as well.

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