News
AVION PARK HOPES TO BUILD OPTIMISM
BY TED JACKOVICS, THE TAMPA TRIBUNEApril 18, 2008
TAMPA - Despite the wobbly economy, more than 70 commercial brokers turned out this week to tour Avion Park Westshore, the massive new hotel, restaurant, retail and office complex taking shape near Tampa International Airport.
The construction site tour was intended to update brokers who are recruiting tenants and buyers on progress of the $150 million project by Tampa-based McKibbon Hotel Management.
Company chief executive John McKibbon told those touring the project that although the overall economy may be sour, a close look at job creation and unemployment in the Tampa area shows a relatively stable picture. That bodes well for office and retail leasing prospects in the West Shore area, including Avion, McKibbon said.
Recent Hillsborough County employment data show that 1,069 more people were employed in February than in the same month a year ago - or a total of 582,720.
The county unemployment rate increased to 4.5 percent in February from 3.5 percent in the same month last year in part because the county work force, the number of people who are working or filing for unemployment, grew by 7,542 to 610,328.
With the area job picture looking strong, McKibbon said, his company is focusing on a key selling point for Avion Park: It is a mixed-use project adjacent to TIA in the heart of the West Shore Business District, the largest and most active office market in the Tampa Bay area.
Although commercial brokerage Colliers Arnold reported that the West Shore office vacancy rate rose from 7.2 percent in 2006 to 10 percent in 2007, there were also more than six plans filed last year for new commercial projects in the West Shore Business District. They eventually could bring 8,000 workers to the area.
It is estimated that Avion Park will draw at least 2,000 people daily.
"I am especially pleased we took 19 acres that essentially was a car lot next to the airport and are turning it into a very pedestrian-friendly mixed-use project," McKibbon said.
He said Avion Park would emphasize novel services to office and retail users. For example, offices would employ a concierge to greet guests and assist in making arrangements for business events and leisure activities, rather than attendants that serve as greeters or guards.
The first business to open at Avion Park will be a Marriott TownePlace Suites hotel with 122 rooms. The opening is scheduled for June 22, hotel general manager Abel Bohorquez said. A 171-room Hilton Garden Inn is expected to open in August. That will be followed by a 144-suite Homewood Suites by Hilton in December, also an extended-stay hotel.
Retail space of about 21,000 square feet will be ready for occupancy by July.
Groundbreaking for an office condo called Avion Tower, with 136,000 square feet of space for sale, could take place by December. About 20,000 square feet of office space has been sold, with an additional 7,000 square feet close to contract, McKibbon spokeswoman Paula MacDonald said.
The Highwoods Plaza at Avion Park will offer 318,000 square feet of office space for lease.
Negotiations are under way with retailers, but retailers have been the most cautious of prospective occupants because of the poor economy, said Tim Knight, of TriVest Real Estate LLC of Atlanta, which is working with McKibbon to lease and sell retail sites. The shopping outlets will be upscale specialty shops, Knight said. There is space for three restaurants at Avion Park.
Reporter Ted Jackovics can be reached at tjackovics@tampatrib.com or (813) 259-7817.
__________________________________________________
For additional information, please contact:
Paula MacDonald
Public Relations Director
McKibbon Hotel Management, Inc.paula@mckibbonhotels.com
(813) 241-2399 x 7390
(813) 241-2389 f