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Hyde Park Village Experiencing Rebirth

TAMPA-Developer David Wasserman is waiting for approvals to add a residential component--with 250 units and 30,000 sf of retail--and to make improvements to the 300,000-sf retail property.

By Melissa Kress | Updated on May 11, 2006

TAMPA-If buildings could talk Hyde Park Village would have a lot to say. From riding high as the premier place to shop in the metropolitan area, to the loss of its anchor and subsequent fall from grace with shoppers, the story could be a tragedy. However, one developer is looking to infuse new life into the 300,000-sf retail property with a $100-million renovation.

“I think what happens over time is that current shopping trends change and people start to live differently,” explains David Wasserman, principal Wasserman Real Estate Capital, LLC. “Clearly in the day that Hyde Park Village was it as a shopping destination, Jacobson’s was an anchor; it was a different type of shopping center and there really wasn’t any type of competition.”

Fast forward several years, Wasserman says, and a new retail picture began to develop in Tampa. International Plaza and West Shore Plaza were built and, coupled with the movement of residents, the landscape shifted. “Losing the anchor resulted in a whole different dynamic in terms of what this place was,” he says. According to Wasserman, the previous management tried to “Band-Aid” the shopping center instead of figuring out where and how it fits into the community. “You have to become something more modern that speaks to your competitiveness, and how you remain competitive, as opposed to remaining static.

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