New York developer buys University Mall near USF, plans redevelopment

[atl86bull]

http://thebullspen.com/index.php?app=forums&module=post&section=post&do=new_post&f=28

 

It will be interesting to see the redevelopment plans.  USF needs a college "downtown" and this could be the perfect opportunity to create one - open air mixed use area that would include housing, bars, restaurants and retail space next to the university.  This would be a home run for the developer and USF.  Add in a new on campus football stadium (next to Sundome) with the new residential village that is planned and it would be a game changer for USF and the student environment.  Time will tell...

 

New York developer buys University Mall near USF, plans redevelopment

Dec 4, 2014, 4:30pm EST UPDATED: Dec 4, 2014, 7:33pm EST

 

Ashley Gurbal Kritzer Reporter-Tampa Bay Business Journal Email  |  Twitter

A New York developer has acquired the beleaguered, bank-owned University Mall on Fowler Avenue.

Richard Birdoff, principal of RD Management LLC, confirmed Thursday that he acquired the entire enclosed mall, with the exception of the anchor boxes. He declined to disclose the price. A deed for the transaction has not yet been filed.

He said he is planning to redevelop the site, though it's too soon to disclose many details. He envisions a mix of uses on the site.

"I think it's a great location and it needs some tender loving care," Birdoff said. "And I think we can make it a vibrant place again."

The mall was owned by a lender that foreclosed in 2012, according to Hillsborough County property records. A partnership of Somera Capital Management and Rockwood Capital paid $144 million for the mall in 2007, property records show.

The partners had planned a $10 million renovation of the property in 2008.

Former Hillsborough County CommissionerMark Sharpe, an outspoken advocate for the area surrounding the mall and theUniversity of South Florida, called the deal an "enormous boon."

"[birdoff] has been talking with a number of individuals about a completely differently concept that would help pivot the entire university area," Sharpe said.

 

[GaUSFBull]

Maybe this guy will raze it and build an OCS for us!

 

Bull Daly, get in touch with this guy and make it happen!!!!!!!!!!!!!!!!!!!!!

[Triple B]

Maybe this guy will raze it and build an OCS for us!

 

Richard Birdoff, principal of RD Management LLC, confirmed Thursday that he acquired the entire enclosed mall, with the exception of the anchor boxes.

 

Dillards and Burdines would have to start selling concessions along with clothes ... 

[GaUSFBull]

 

Maybe this guy will raze it and build an OCS for us!

 

Richard Birdoff, principal of RD Management LLC, confirmed Thursday that he acquired the entire enclosed mall, with the exception of the anchor boxes.

 

Dillards and Burdines would have to start selling concessions along with clothes ... 

 

It's only a matter of time before they capitulate and submit to the will of USF fans, Trip.  The very nature of the OCS demands that it must be done at some point. 

[Triple B]

 

 

Maybe this guy will raze it and build an OCS for us!

 

Richard Birdoff, principal of RD Management LLC, confirmed Thursday that he acquired the entire enclosed mall, with the exception of the anchor boxes.

 

Dillards and Burdines would have to start selling concessions along with clothes ...

 

It's only a matter of time before they capitulate and submit to the will of USF fans, Trip.  The very nature of the OCS demands that it must be done at some point.

 

Then they're going to have to build a helluvalot of student housing around it. That's way too far for the casual student fan to drunkenly stumble over to ...

[GaUSFBull]

Details, Trip ... details ...

[atl86bull]

Looks like a major improvement:

 

http://www.bizjournals.com/tampabay/news/2015/06/22/university-mall-redevelopment-plans-unveiled.html?ana=twt

 

The New York developer who bought University Mall in Tampa last last year has revealed the first phase of plans for the property, planning to demolish a portion of the mall to create an open-air gathering space.

RD Management LLC's first phase of renovations will redevelop the west wing of the mall, dividing the former JCPenney anchor box between three new anchor tenants, with one on the first floor and two on the second floor. Two freestanding restaurants on outparcels along Fowler Avenue.

RD Management acquired the mall, which is near the University of South Florida, in 2014,paying $29.5 million. The previous owner invested $11 million in the property in 2008. In October 2014, Studio Movie Grill, an upscale dine-in movie theater, opened on the mall property.

[Paisa el Toro]

In light of the surrounding area, I don't understand why this Developer is choosing to go this route. Unless they bring in some seriously unique anchor stores, like maybe a Trader Joe's, Nordstrom Rack, Sam's Club, Costco, etc., I don't see this being a money maker for the Developer. At least a Trader Joe's in this area would have a lot of parking, whereas, the one off Dale Mabry is always packed. It'd be surrounded by a university on one end and "suitcase city" around the portions of the periphery.