Third Lake Partners announced plans to redevelop the WestShore Plaza site into a vibrant mixed-use district that will redefine one of Tampa's most prominent commercial corridors. The redevelopment will create a dynamic live-work-play environment featuring residential, retail, dining, medical office, entertainment and lifestyle-oriented amenities designed to serve both residents and the surrounding community. The redevelopment will be co-developed by Third Lake Partners and Echelon, a St. Petersburg based developer. The two firms are also partnering on the redevelopment of the former UPC office site in downtown St. Petersburg into a mixed-use development as well as Echelon CityCenter, a $1 billion mixed-use development in St. Petersburg. These projects underscore the partners' shared vision and proven ability to deliver transformative, high-quality, community-focused developments that enhance the Tampa Bay region.
Strategically located within Tampa's highly sought-afterWestshore submarket, the redevelopment will transform the underutilizedshopping center into a modern, walkable destination that reflects the evolvingneeds of the area's growing population and workforce.
The mixed-use district is envisioned as a community gathering place where people can live, work, shop, dine and connect. Plans include thoughtfully designed residential offerings, curated retail experiences, diverse dining options, medical office space, pedestrian-friendly streetscapes, outdoor gathering areas and lifestyle amenities that promote convenience, wellness and connectivity.
"WestShore Plaza represents a unique opportunity to reimagine a well-known property into a destination that reflects how people want to live today," said Robert Forsythe, Founder and Senior Managing Partner of Third Lake Partners. "We are creating a vibrant mixed-use environment that will serve as a catalyst for continued growth in the Westshore district while delivering long-term value for our investors, residents and the broader Tampa community."
The project reflects broader trends in urban development, where traditional retail properties are being reimagined as mixed-use destinations that integrate residential, commercial and recreational uses into a cohesive community experience.
"Tampa continues to be one of the most compelling growth markets in the country, driven by strong population growth, job creation and business investment," said Luke Thomas, Managing Partner and Head of Real Estate of Third Lake Partners. "We believe the future of real estate lies in creating thoughtfully designed places that bring together housing, employment, services and entertainment, and WestShore Plaza provides an exceptional opportunity to deliver that vision in one of the region's most desirable locations."
Located minutes from Tampa International Airport, Downtown Tampa and major employment centers, the redevelopment is positioned to capitalize on the continued growth of the Tampa Bay region. The project is expected to contribute to economic development through new housing opportunities, job creation and expanded commercial activity, further strengthening Westshore's position as one of Tampa's premier business and lifestyle destinations.
The development team does not anticipate making significant changes to the mixed-use redevelopment plan that received approvals in 2024. The team remains committed to delivering the vision that was established through the public planning process while thoughtfully advancing the project's design and implementation. Additional details regarding project timing, design and future phases will be announced as planning progresses.
About Third Lake Partners, LLC
Third Lake Partners, LLC (“Third Lake Partners”), is a Tampa-based investment advisory firm focused on real estate, private equity, private credit and venture capital investments. Through strategic partnerships and disciplined execution, the firm seeks to create long-term value for investors. Third Lake Partners has invested in more than $7 billion of real estate projects in over 20 markets across the United States.