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One Thrives, The Other Doesn't

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By LAURA KINSLER

The Tampa Tribune

Published: May 28, 2008

TAMPA PALMS - The Pointe at Tampa Palms and The Walk at Highwoods Preserve could be mirror images.

The two strip centers were built in 2003 as part of larger retail developments a mile apart. Neither has frontage on Bruce B. Downs Boulevard. Each has been sold twice, raised its rents and lost tenants.

But The Walk, just north of the Interstate 75 interchange, is fully occupied, while its neighbor just south of the interchange is languishing, with more than half of its storefronts empty.

Could it be so simple?

After all, most of New Tampa's home construction is taking place north of the interchange. Conventional wisdom would suggest that all of those new homes translate into higher traffic counts in the northern half of New Tampa, compared with Tampa Palms, which is largely built out.

"You have much more traffic driving north to Pasco County," real estate broker Brad Monroe said. "In Tampa Palms, you're just getting the internal traffic and the people going to" the University of South Florida.

Monroe closed his Coldwell Banker office in Tampa Palms' City Plaza earlier this year. The company opted to keep its office in New Tampa Center, which is fully occupied.

"The company decided that because we had an office at West Meadows, they didn't need two offices in New Tampa," he said.

Frank Margarella, a commercial real estate agent and president of the New Tampa Community Council, said New Tampa's commercial sector has grown northward largely because of the belief that there was a larger population and a higher traffic count closer to Pasco County.

But it's not quite so clear. Hillsborough County's Transportation Department says the traffic counts are higher south of the interchange. In August 2007, the segment between Bearss Avenue and I-75 carried 56,000 trips per day, compared with 53,800 daily trips on the segment between the interchange and Cross Creek Boulevard.

"If people think the traffic counts are higher north of the interstate, that's not showing up in the numbers," said Bill McCall, senior transportation engineer for Hillsborough County. "It feels more congested north of the interstate because the traffic moves slower."

Tampa posted traffic counts in 2008 that show nearly 65,000 trips per day on Bruce B. Downs between the interchange and Hunter's Green Drive, while the segment from the interchange to Tampa Palms Boulevard drops to 40,000 vehicle trips per day.

"I'd go with the city's counts," said Wally Blain, transportation planner for the Metropolitan Planning Organization.

Still, perception can be reality. So while The Pointe and The Walk lost tenants over the past year, The Walk gained a new massage shop and a Jenny Craig franchise. When Namaste Yoga leaves in October, it will be more likely to fill that space.

"The true commercial numbers are north," Margarella said. "It's newer. It's sexier. The access is just as good."

And those shopping centers are more likely to attract national chain businesses.

When the shopping centers were developed, owners kept the rents relatively low to fill them up quickly. It generated a mix of small-business owners and national chains, Margarella said. As they matured, they raised the rents and common area maintenance fees and essentially squeezed out independents such as yoga studio owner Adrienne Reed.

"The biggest problem with retail in our corridor is that the owners still want to deal with corporate people with deep pockets," he said.

The slow economy hasn't helped the small business. Market Square developer Warren Kinsler has filled his new shopping center with big-box retailers, such as Ross and Bed Bath & Beyond. He also set aside smaller retail spaces for "mom and pops."

But Kinsler has postponed leasing those spaces until the market improves, he said.

Some of Tampa Palms' older shopping centers, such as City Plaza and Oak Ramble, have multiple vacancies. City Plaza's eastern wing has struggled since Gold's Gym pulled out in 2003. A children's furniture store took over the 13,000-square-foot anchor spot but closed after eight months.

Oak Ramble's large, centrally located restaurant space has hosted a succession of failed eateries but has been mostly vacant since Savino's closed in December 2005. A Chinese restaurant lasted two months. Meanwhile, a carpet store, meal preparation business and bakery also closed this year. A nail salon took over the space formerly occupied by Super Suppers, and Acropolis has been a hit, taking over the Tampa Brickyard space.

"That shopping center is so close to USF, they need to find restaurants that attract the college crowd," Margarella said.

Shoppes of Amberly, however, appears to have bucked the trend. It is fully occupied, and most of its tenants are locally owned small businesses.

Reporter Laura Kinsler can be reached at (813) 865-4844 or lkinsler@tampatrib.com.

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