$1B Midtown Tampa developer adds Palm Beach investor for retail growth

The Bromley Cos., the developer behind Midtown Tampa, is bringing in an investor to help grow the retail portion of its $1 billion mixed-use development.

Bromley has formed a joint partnership with Ram Realty Advisors aimed at ensuring that the retail component continues to evolve along with the office, hotel and residential components of the project.

The companies, which announced the agreement Wednesday morning, did not disclose how much Ram would invest in the development.

Midtown Tampa is a 1.8 million-square-foot development on North Dale Mabry Highway, just off Interstate 275. Among its current tenants are REI Co-op, Whole Foods, TECO Energy, Booz Allen Hamilton and the Tampa-based technology staffing company Kforce. The property also includes a Marriott branded Aloft and Element Hotel as well as NOVEL Midtown, a 390-unit luxury apartment complex.

Bromley opened the development in 2021.

In a statement announcing the investment and joint venture, the companies say the plan “will emphasize enhancing long-term performance and positioning through a targeted merchandising strategy thoughtful tenant curation, and continued refinement of the consumer experience.”

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A spokesperson says in a Wednesday morning email “the investment will be used to enhance placemaking in common areas, elevate the overall guest experience and support new tenant buildouts. This will help strengthen the physical environment while creating added value for both visitors and tenants.”

Ram is a Palm Beach based real estate investment management firm specializing in multifamily, mixed-use and grocery-anchored retail centers. The company says on its website that it has bought, developed and redeveloped $4.8 billion worth of real estate since 1996. That includes nearly 14,000 apartments and more than 10 million square feet of commercial space.

Ram has offices in Tampa, Nashville and North Carolina.