February 19,2015 - Bay Pines redevelopment project nears completion
By: Lisa Hall
February 19, 2015
Kitson & Partners to construct final retail component of the mixed-use infill development in Pinellas County
Palm Beach Gardens – Palm Beach Gardens based developer Kitson & Partners today broke ground on the final retail component of the company’s large-scale mixed-use development project in Pinellas County, Florida. The 9,110 sf building now under construction brings total retail space at the site to a total of 216,000 sf.
Located within the city of Seminole at the core of one of Florida’s most densely populated counties, the 60-acre mixed-use development at Bay Pines has generated excitement and strong demand despite a lagging economy with a vibrant mix of commercial and residential uses.
“We have been fortunate to be able to work with the city of Seminole and Pinellas County on this unique opportunity to pursue large-scale mixed-use development in an urban environment,” said Tom Hoban, President and Chief Investment Officer of Kitson & Partners. “This building gives us, as the master developer, a stake in the project going forward and demonstrates our great confidence in its long-term success.”
Kitson & Partners purchased the property in 2010 and obtained the development agreement in 2013 which provided for a mix of commercial and residential uses that have proven to be in high demand. The residential component of the project, under development by KB Homes, is more than 70% sold out. On the commercial side, outparcels to a new Walmart Supercenter have attracted a Village Inn and a Texas Roadhouse restaurant, which is set to open for business on March 3rd.
Future tenants already under lease for the new Kitson & Partners building include Starbucks and Jimmy John’s. The company is in negotiations with other franchises for the remaining retail space. The only commercial opportunity approved for the site that is not yet under construction is a 130-bed hotel.
The location of Bay Pines is one of the project’s most important assets. The property is just 10 miles from downtown St. Petersburg, 12 miles from Downtown Clearwater, 25 miles from MacDill Air Force Base and 26 miles from Downtown Tampa. Located at the intersection of three high capacity roadways, Bay Pines can offer residents high-quality access to employment centers throughout the region – and homes that are just 1.5 miles from Madeira Beach.
In addition to serving existing and future residents, businesses locating in Bay Pines will benefit from their close proximity to the Bay Pines VA Healthcare System. The 297-acre medical complex, located across the street from the development property, serves 100,000 patients who make more than a million visits to the center each year.
Kitson & Partners is a private residential and commercial real estate investment and development company based in Palm Beach Gardens, Florida. Kitson & Partners’ portfolio includes 1.5 million square feet of retail shopping centers, 6.8 million square feet of commercial entitlements, and 21,500 entitled residential units. With a 22-year track record and long-term patient institutional capital, Kitson & Partners’ operational expertise and financial strength are unparalleled in the Florida real estate development business.