November 6, 2025 • 8 mins
Investors have just 30 days to submit redevelopment proposals for the Tropicana Field site, while Tampa’s Rocky Point project gains momentum and Tampa General Hospital explores a major new development in Ybor City. Tampa Bay Business Journal Editor At Large Ashley Kritzer joins us to break down the region’s biggest business and real estate stories.
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Episode Transcript
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Speaker 1 (00:00):
Let's go to the hotline and bring in Tampa Bay
Business Journal Editor at large Ashley Kreutzer. You can find
all of her reporting and obviously a ton more at
Tampa Bay Business Journal dot com. You can also follow
her on social media at Ashley Kreutzer and Ashley, I'm
excited to talk to you this morning about these new
funds that are being proposed that could let those right
(00:20):
here in the Tampa Bay area invest in a trafficcanna
field redevelopment project.
Speaker 2 (00:25):
Tell us about the players here and this latest proposal.
Speaker 3 (00:29):
Right so, two of the groups that have solicited an
it was an unsolicited bid that they submitted for the
Tropic Caanna Field property. You have Ellison Development, which is
a developer based here in Tampa. And then you have
Kathy Woods Ark invest obviously a nationally known, nationally recognize
investment group, and they have partnered together along with a
construction firm, to bid on redeveloping Tropic Canna Field.
Speaker 4 (00:51):
Now, we don't know if they're going to be successful.
Speaker 3 (00:53):
That their bid triggers an open bit process, other developers
will have the chance to submit their best proposals. But
in the meantime, ARC Invest is opening and a couple
innovation funds that will allow people to invest in this
for as low as five hundred dollars, which is interesting.
It's very much out of the playbook of what Kathy
Wood has done before. She's big on sort of this
(01:15):
democratizing investing and letting people get in for a much
lower minimum than you'd see otherwise.
Speaker 1 (01:21):
So what would that mean if someone were to put
five hundred bucks into this?
Speaker 2 (01:27):
What does that do for them?
Speaker 3 (01:30):
Well, it's an investment, right and there ideally will be
a return on that investment. They haven't really spout out
what those returns would look like, but it's a chance.
I mean we usually real estate investing is done with
you know, close closely held group is either institutions.
Speaker 4 (01:45):
Or it's family and friends, you know.
Speaker 3 (01:47):
Country club kind of money is what we and we
refer to it too. But this is more If you
have five hundred bucks, you can buy in. You don't
even have to know us.
Speaker 1 (01:56):
I also think it's interesting that this is coming at
a time where they made this proposal, like you said, unsolicited,
and the mayor opened up this very short thirty day
window for proposals. The combination of those two things and
the way ARC invest In Ellison Development are bringing the
(02:20):
community into their plan. Does that I mean, you've covered
lots of these stories. Give you a sense that maybe
they have a leg up here.
Speaker 3 (02:29):
No, it doesn't. I think that's maybe what they are
trying to do. I think that may be the perception
they are trying to create. And that's something that when
you do need the votes from Saint Pete's City Council,
that you can go and say, hey, we have all
this community buy in. This level of investment proves that
the community is bought in. But I think it's more
of hoping to generate that perception, especially when they need
(02:50):
those votes to get approval if a deal comes to fruition.
I mean, we still don't know what these other bids
are going to look like. You know, it is a
very short window the their plans to open. I think
it's going to be thirty days. It's difficult to at
a proposal of that magnitude together in thirty days. And
clearly Ellison and ARC are already you know, they've already
submitted their bid, They've already taken the time and put
(03:10):
that together. So I think it's more just about showing
interest and it's just part of the process.
Speaker 1 (03:15):
We're joined by Tampa Bay Business Journal Editor at large
Ashley Kreutzer. Real quick, going back to that thirty day window,
does that give bigger developers a bit of a leg
up in the sense that there are a lot of
moving parts that have to be done to get a
proposal of this magnitude finished And perhaps, you know, smaller
(03:41):
development firms, they might not have the resources to put
something like that together in that kind of timeframe.
Speaker 4 (03:48):
Well, I think it's.
Speaker 3 (03:49):
Unusual you are to even see a smaller developer bid
on something of this magnitude. Elison Development is local to Tampa,
but they are backed by sid Pogative Patti, who is
a vent for capitalists, serial entrepreneur, a big time philanthropists
in the Tampa Bay region. I mean, with SITS backing,
they are a very deep pocketed developer. You don't see
(04:09):
small shops going after an eighty six acre mixed use
project because in any case, you're most likely going to
end up being the master developer of that project. Where Okay,
we're going to plan what we want, but we need
to bring in someone who really knows retail and just
with someone who really knows multifamily. You know, you usually
typically partner with other developers that have strengths in their
respective asset classes. So this isn't something that you would
(04:32):
really see small shops bidding on anyway, because you have
to have the financial wherewithal and just the breadth of
knowledge to take on something like this. But as far
as putting together a proposal, I mean, that's a big undertaking,
even for like the biggest institutional firms, because it's rarely
just them. They're going to have to go find an architect,
They're going to have to go find engineers, and then
try to get all those teams on the same page,
(04:55):
which is difficult in the best of circumstances, let alone
with the holiday coming up.
Speaker 2 (04:58):
And I don't know, have you I've seen any clarity?
Speaker 1 (05:01):
I mean, is their requirement that these proposals include potential
raise ballpark, not include potential raise ballpark.
Speaker 2 (05:08):
I mean, it's kind of a big part of this.
Speaker 3 (05:11):
I think right now, it's not even really an RFP
from my understanding, it's just that we're going to be
open to taking bids. So if there were an RFP,
like a request for proposals that would outline requirements for
whether or not you have to have a ballpark. That
certainly is how Ken would Ken Welch played his hand
in the last round, right, he said you couldn't submit
proposals without a ballpark because he bet everything on the
(05:34):
Tampa Bay Rays staying on that site. And now it
doesn't look likely that they will stay there past their
least exploration, but stranger things have happened, so maybe they
do ultimately end up there. And you know, to be clear,
Ark invests and Allison have said we absolutely have the
flexibility to include a stadium if the Rays are interested.
Speaker 1 (05:50):
We're joined by Tampa Bay Business Journal Editor at large,
Ashley Krist so you can find all of her reporting
at Tampa Bay Business Journal dot com. While we're on
the topic of redevelopment project, let's talk about this one
at Tampa's Rocky Point.
Speaker 4 (06:05):
So this is a really interesting redevelopment.
Speaker 3 (06:07):
I did not realize that the Godfree Hotel in Cabanas
had been closed since Helene in September twenty twenty four,
but I guess it just was irreparably damaged by Helene,
as a lot of properties were. And now an Indianapolis
based developer wants to rezone it and build. It would
replace the number of hotels. It would be the same
number of hotel rooms that the Godfrey had two hundred
(06:28):
and fifteen hotel keys. But it would also add nearly
five hundred apartments in related amenities to that site. So
it would be two fourteen story towers.
Speaker 2 (06:35):
So what would the next steps be for that project?
Speaker 3 (06:38):
So basically the status of that is that they are
seeking rezoning approval, So moving toward that, Tampa City Council
will get the chance to weigh in and vote on
that project. They did just unanimously approve a project on
Rocky Point a few months ago. It was the redevelopment
of the Rusty Pelican. That's also the luxury apartment tower.
(06:58):
So there seems to be an appetite for development on
Rocky Point.
Speaker 2 (07:01):
Right, last story I want to touch on.
Speaker 1 (07:03):
We've talked a lot about redevelopment in and around Ebor
City and now Tampa General Hospital wants to get in
on that.
Speaker 2 (07:11):
What'd you find out about that potential project?
Speaker 4 (07:14):
This is really interesting.
Speaker 3 (07:15):
So Tampa General Hospital is targeting ten acres right around
East Second Avenue in Ebor and this came up Darryl Shaw,
who's a big developer in Ebor. He owns basically all
of Ebor at this point, was presenting Tampa City Council
last week talking about plans for an adjacent project and said, oh,
by the way, Tampa General is interested in building a
hospital here, clinical offices, primary care, urgent care services. And
(07:39):
what makes that so exciting for Ebor is that it
would bring daytime traffic, regular traffic. It's the type of
anchor that Ebor just doesn't have despite all the efforts
in the last couple of years. I mean, that's the
kind of thing that would really be a solid anchor
for Ebor City.
Speaker 1 (07:53):
All right, again, check out that story and everything else
we've discussed, plus a whole lot more at Tampa Bay
Business Journal dot com. Tampa Bay Business Journal Editor at
large Ashley Kretzer with us. You can also follow her
on social media at Ashley Kretzer. Ashley always appreciate time
and insight. Thanks so much, thanks for having me
Let's go to the hotline and bring in Tampa Bay
Business Journal Editor at large Ashley Kreutzer. You can find
all of her reporting and obviously a ton more at
Tampa Bay Business Journal dot com. You can also follow
her on social media at Ashley Kreutzer and Ashley, I'm
excited to talk to you this morning about these new
funds that are being proposed that could let those right
(00:20):
here in the Tampa Bay area invest in a trafficcanna
field redevelopment project.
Speaker 2 (00:25):
Tell us about the players here and this latest proposal.
Speaker 3 (00:29):
Right so, two of the groups that have solicited an
it was an unsolicited bid that they submitted for the
Tropic Caanna Field property. You have Ellison Development, which is
a developer based here in Tampa. And then you have
Kathy Woods Ark invest obviously a nationally known, nationally recognize
investment group, and they have partnered together along with a
construction firm, to bid on redeveloping Tropic Canna Field.
Speaker 4 (00:51):
Now, we don't know if they're going to be successful.
Speaker 3 (00:53):
That their bid triggers an open bit process, other developers
will have the chance to submit their best proposals. But
in the meantime, ARC Invest is opening and a couple
innovation funds that will allow people to invest in this
for as low as five hundred dollars, which is interesting.
It's very much out of the playbook of what Kathy
Wood has done before. She's big on sort of this
(01:15):
democratizing investing and letting people get in for a much
lower minimum than you'd see otherwise.
Speaker 1 (01:21):
So what would that mean if someone were to put
five hundred bucks into this?
Speaker 2 (01:27):
What does that do for them?
Speaker 3 (01:30):
Well, it's an investment, right and there ideally will be
a return on that investment. They haven't really spout out
what those returns would look like, but it's a chance.
I mean we usually real estate investing is done with
you know, close closely held group is either institutions.
Speaker 4 (01:45):
Or it's family and friends, you know.
Speaker 3 (01:47):
Country club kind of money is what we and we
refer to it too. But this is more If you
have five hundred bucks, you can buy in. You don't
even have to know us.
Speaker 1 (01:56):
I also think it's interesting that this is coming at
a time where they made this proposal, like you said, unsolicited,
and the mayor opened up this very short thirty day
window for proposals. The combination of those two things and
the way ARC invest In Ellison Development are bringing the
(02:20):
community into their plan. Does that I mean, you've covered
lots of these stories. Give you a sense that maybe
they have a leg up here.
Speaker 3 (02:29):
No, it doesn't. I think that's maybe what they are
trying to do. I think that may be the perception
they are trying to create. And that's something that when
you do need the votes from Saint Pete's City Council,
that you can go and say, hey, we have all
this community buy in. This level of investment proves that
the community is bought in. But I think it's more
of hoping to generate that perception, especially when they need
(02:50):
those votes to get approval if a deal comes to fruition.
I mean, we still don't know what these other bids
are going to look like. You know, it is a
very short window the their plans to open. I think
it's going to be thirty days. It's difficult to at
a proposal of that magnitude together in thirty days. And
clearly Ellison and ARC are already you know, they've already
submitted their bid, They've already taken the time and put
(03:10):
that together. So I think it's more just about showing
interest and it's just part of the process.
Speaker 1 (03:15):
We're joined by Tampa Bay Business Journal Editor at large
Ashley Kreutzer. Real quick, going back to that thirty day window,
does that give bigger developers a bit of a leg
up in the sense that there are a lot of
moving parts that have to be done to get a
proposal of this magnitude finished And perhaps, you know, smaller
(03:41):
development firms, they might not have the resources to put
something like that together in that kind of timeframe.
Speaker 4 (03:48):
Well, I think it's.
Speaker 3 (03:49):
Unusual you are to even see a smaller developer bid
on something of this magnitude. Elison Development is local to Tampa,
but they are backed by sid Pogative Patti, who is
a vent for capitalists, serial entrepreneur, a big time philanthropists
in the Tampa Bay region. I mean, with SITS backing,
they are a very deep pocketed developer. You don't see
(04:09):
small shops going after an eighty six acre mixed use
project because in any case, you're most likely going to
end up being the master developer of that project. Where Okay,
we're going to plan what we want, but we need
to bring in someone who really knows retail and just
with someone who really knows multifamily. You know, you usually
typically partner with other developers that have strengths in their
respective asset classes. So this isn't something that you would
(04:32):
really see small shops bidding on anyway, because you have
to have the financial wherewithal and just the breadth of
knowledge to take on something like this. But as far
as putting together a proposal, I mean, that's a big undertaking,
even for like the biggest institutional firms, because it's rarely
just them. They're going to have to go find an architect,
They're going to have to go find engineers, and then
try to get all those teams on the same page,
(04:55):
which is difficult in the best of circumstances, let alone
with the holiday coming up.
Speaker 2 (04:58):
And I don't know, have you I've seen any clarity?
Speaker 1 (05:01):
I mean, is their requirement that these proposals include potential
raise ballpark, not include potential raise ballpark.
Speaker 2 (05:08):
I mean, it's kind of a big part of this.
Speaker 3 (05:11):
I think right now, it's not even really an RFP
from my understanding, it's just that we're going to be
open to taking bids. So if there were an RFP,
like a request for proposals that would outline requirements for
whether or not you have to have a ballpark. That
certainly is how Ken would Ken Welch played his hand
in the last round, right, he said you couldn't submit
proposals without a ballpark because he bet everything on the
(05:34):
Tampa Bay Rays staying on that site. And now it
doesn't look likely that they will stay there past their
least exploration, but stranger things have happened, so maybe they
do ultimately end up there. And you know, to be clear,
Ark invests and Allison have said we absolutely have the
flexibility to include a stadium if the Rays are interested.
Speaker 1 (05:50):
We're joined by Tampa Bay Business Journal Editor at large,
Ashley Krist so you can find all of her reporting
at Tampa Bay Business Journal dot com. While we're on
the topic of redevelopment project, let's talk about this one
at Tampa's Rocky Point.
Speaker 4 (06:05):
So this is a really interesting redevelopment.
Speaker 3 (06:07):
I did not realize that the Godfree Hotel in Cabanas
had been closed since Helene in September twenty twenty four,
but I guess it just was irreparably damaged by Helene,
as a lot of properties were. And now an Indianapolis
based developer wants to rezone it and build. It would
replace the number of hotels. It would be the same
number of hotel rooms that the Godfrey had two hundred
(06:28):
and fifteen hotel keys. But it would also add nearly
five hundred apartments in related amenities to that site. So
it would be two fourteen story towers.
Speaker 2 (06:35):
So what would the next steps be for that project?
Speaker 3 (06:38):
So basically the status of that is that they are
seeking rezoning approval, So moving toward that, Tampa City Council
will get the chance to weigh in and vote on
that project. They did just unanimously approve a project on
Rocky Point a few months ago. It was the redevelopment
of the Rusty Pelican. That's also the luxury apartment tower.
(06:58):
So there seems to be an appetite for development on
Rocky Point.
Speaker 2 (07:01):
Right, last story I want to touch on.
Speaker 1 (07:03):
We've talked a lot about redevelopment in and around Ebor
City and now Tampa General Hospital wants to get in
on that.
Speaker 2 (07:11):
What'd you find out about that potential project?
Speaker 4 (07:14):
This is really interesting.
Speaker 3 (07:15):
So Tampa General Hospital is targeting ten acres right around
East Second Avenue in Ebor and this came up Darryl Shaw,
who's a big developer in Ebor. He owns basically all
of Ebor at this point, was presenting Tampa City Council
last week talking about plans for an adjacent project and said, oh,
by the way, Tampa General is interested in building a
hospital here, clinical offices, primary care, urgent care services. And
(07:39):
what makes that so exciting for Ebor is that it
would bring daytime traffic, regular traffic. It's the type of
anchor that Ebor just doesn't have despite all the efforts
in the last couple of years. I mean, that's the
kind of thing that would really be a solid anchor
for Ebor City.
Speaker 1 (07:53):
All right, again, check out that story and everything else
we've discussed, plus a whole lot more at Tampa Bay
Business Journal dot com. Tampa Bay Business Journal Editor at
large Ashley Kretzer with us. You can also follow her
on social media at Ashley Kretzer. Ashley always appreciate time
and insight. Thanks so much, thanks for having me
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