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BUYER: The Tampa Theatre Inc. (principals: Arthur Keeble, Charlie Britton, John Bell), Tampa
SELLER: Tampa Theatre Building Partnership
PROPERTY: 711 N. Franklin St., Tampa
PRICE: $2 million
LAW FIRM ON DEED: Trenam Kemker, Tampa
PLANS, DESCRIPTION: The Tampa Theatre purchased the theater's lobby, a storefront housing a flower shop and an office as condominium units — a total of 7,500 square feet — in a 10-story historic building for $2 million. The purchase price equated to $267 per square foot of building space.
The City of Tampa previously was leasing the lobby from the private owners of the building, and its lease was scheduled to expire in 2023.
“There were no options for renewal, so the city saw we might have a historic landmark slip through out fingers,” says John Bell, Tampa Theatre president and CEO. “We had a very good relationship with the building owners so they was no immediate worry. But if the lease runs its course, bad things could happen.”
The city gave the Tampa Theatre Foundation a city grant to buy the units, and in turn the theatre plans to grant the units back to the city and then to sign a lease operating agreement with the city.
The Tampa Theatre Foundation also plans to sell its 50% interest in the auditorium building land next door to the city. The city already owns the auditorium and has a ground lease for the property.
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