WestShore Plaza sold for $135 million as redevelopment plans emerge

WestShore Plaza has been sold for $135 million to Tampa-based developer Third Lake Partners, which plans to demolish the aging mall and pursue a mixed-use redevelopment of the 54-acre property.

The sale changes the direction of one of Tampa’s major commercial sites. Instead of renovating the existing regional mall, the buyer intends to replace it with a development that could combine uses beyond traditional retail.

A major Westshore property changes hands

The property is located on West Shore Boulevard in Tampa’s Westshore business district. The deed was filed with the Hillsborough County Clerk’s office, according to the approved reporting on the transaction.

Third Lake Partners is associated with the project and has described the replacement as a mixed-use development. The Tampa Bay Business Journal reported July 15 that the firm had purchased WestShore Plaza and intended to pursue that type of redevelopment. The Tampa Bay Times reported July 29 that the property sold for $135 million and covers approximately 54 acres.

Axios Tampa Bay also reported that Third Lake Partners paid more than $130 million for the mall and planned to transform the site into a mixed-use development. The reported purchase price in the transaction coverage is $135 million.

What is known—and what is not

The buyer’s plan is still a proposal, not approved construction. The available reporting does not establish how many homes, offices or retail spaces could be built. It also does not provide a construction timetable.

Specific zoning approvals and site plans remain to be confirmed through Tampa and Hillsborough County records. That means the eventual design, mix of uses and schedule could not be determined from the approved sources.

For now, the confirmed change is ownership and the stated intention to remove the current mall. The redevelopment would transform a major Westshore commercial site rather than simply update the existing shopping center.

Why the sale matters in Tampa

WestShore Plaza sits in a commercial district with a large concentration of business activity. A redevelopment of its 54 acres could reshape how that part of Tampa is used and how the property contributes to the surrounding retail and business environment.

The project’s significance comes from the scale of the site and the shift away from a traditional regional mall format. A mixed-use plan could bring a broader combination of activities to the property, but the sources do not yet support claims about the number of jobs, homes or businesses that might result.

The sale also puts future land-use decisions in focus. Before the project can be treated as a finalized development, the buyer will need to advance plans through the applicable city and county processes. The approved sources do not identify a deadline for those steps.

Next steps

The next known step is further planning and review of the proposed redevelopment. Tampa and Hillsborough County records will be needed to establish the project’s specific plans, zoning status and construction timeline.

Until those details are filed or approved, the central fact is straightforward: Third Lake Partners now owns WestShore Plaza and intends to demolish the aging mall for a proposed mixed-use redevelopment on the Tampa site.

Sources

• Goodbye WestShore Plaza: New owner will demolish the aging Tampa mall, Tampa Bay Times
• WestShore Plaza sold to Tampa firm, Tampa Bay Business Journal
• What’s going up in Tampa: 3-D printed homes, mixed-use galore, Axios Tampa Bay

Look for updates to this story

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