Case Studies: Advisory Services
Tampa Park of Commerce (TPOC)
After years of being zoned for commercial/industrial development rights, continuous land assemblage, master planning and significant ownership costs, the 200-acre TAMPA PARK OF COMMERCE (TPOC) was ready to announce itself to the marketplace with its prime railroad frontage for industrial users. However, we subsequently learned that the Director of the Hillsborough County Planning and Zoning had filed a Land Use Master Plan to down zone the entire property, which would drastically reduce the land value.
We advised our client of the County’s intentions to devalue TPOC significantly and, to protect their investment, outlined the options available to them for serious immediate action.
The investor’s consensus opinion was to hire the best lawyers in Tampa to oppose the County’s down zoning and request the zoning remain commercial/industrial as it had been for many years. We advised them that the process would require years and millions of dollars with no guarantee of success.
Instead, Allen Morris recommended another course of action which was to quietly seek a buyer, close a sale with a commercial/industrial user on the northern-most parcel of TPOC and submit for permit the construction plans to build the facility. The idea was to go forward with this action while the County’s Master Plan Amendment was under consideration by the City of Tampa.
We found a buyer and negotiated a contract of the northern-most parcel. Georgia-Pacific purchased the 20± acre site for their 200,000 square foot distribution center before the down-zoning amendment was even scheduled to be heard on at the Commission level.
Bottom Line: All the commercial/industrial development rights were preserved for all 200 acres of TPOC. The balance of the sites were sold at favorable prices to end users. Instead of a return of $500,000 to our client, our client enjoyed a payout of $13,500,000 cash in the short term while preserving 20 acres of environmentally sensitive wetlands.
Today, TPOC is a thriving built-out Commerce Park, and our clients are thriving too!