Bob Abberger, managing director, Florida Development Services for Trammell Crow, calls the 33-acre undertaking within the Port of Tampa "the largest-ever speculative industrial project in the city of Tampa." The undertaking is also the first brownfield development of its type in Tampa and on completion "will represent the largest private investment in an enterprise zone" in the city, he says.

The industrial component will total 490,000 sf; the office sector, 130,000 sf. A two-story, $5-million, 30,100-sf office building is planned for delivery in 2005. The project is being developed after a successful public-private partnership was formed between Crow and the Port of Tampa.

Abberger couldn't provide GlobeSt.com with development costs for the balance of the project. But area industrial brokers and consultants familiar with construction prices at the Port of Tampa tell GlobeSt.com the estimated hard cost of the entire project will be at least $40 million. They base their estimate on the $36-per-sf cost for the first 281,600-sf bulk warehouse distribution warehouse and the $166-per-sf-cost for the first 30,100-sf office building.

The Trammell Crow executive also isn't quoting projected rental rates. "Each tenant lease will be deal-specific, based on the tenant's requirements," Abberger says. A first-quarter market analysis by Clearwater, FL-based Colliers Arnold shows average asking base warehouse and distribution space rent is $4.47 per sf; flex and service space, $7.16 per sf; and manufacturing space, $4.30 per sf."Tampa has emerged as the region's new gateway to Central America and the Western Caribbean," Abberger says. "Port Ybor is right in the port, close to Downtown, rail capable and provides access to wharves and nearby interstates, making it an ideal local for today's global businesses."

Port Ybor is adjacent to a six-lane road and lies within Tampa Bay's Free Trade and Enterprise zones. The waterfront property is close to wharves along the main deepwater channel and CSX rail service. The project is also convenient to Interstates 4, 75 and 275. The class A warehouse under construction will be 400 ft by 680 ft and will have 30-ft clear ceiling heights, 50-ft deep loading bays and 56 trailer storage spaces.

"In addition to expanding the port's trade capabilities and offering area companies an exciting new business destination, Port Ybor will help the State of Florida work toward meeting its mission to clean up and maximize the business potential of dormant brownfield sites," adds Abberger.