The commercial property conversion will encompass 1.1 million square feet, including the ability to accommodate 500,000 square feet slated for build-to-suit in Tampa’s Uptown District.
Tampa, FL, March 13, 2024 – JLL announced today that the firm’s Central Florida Healthcare Practice Group has been selected to lease RITHM, the approximately 100-acre, mixed-use urban development focused on expanding Tampa’s Healthcare footprint. The project located on East Fowler in the heart of Uptown will feature the latest advancements in life sciences, research and development and healthcare sciences and technology. The state-of-the-art facility paired with world-class specialists and a patient centric design, hopes to revolutionize the Central Florida healthcare landscape.
The JLL brokerage team of Lucia Hedke, Managing Director and Florida Healthcare Lead, and Bryan Rodriguez, Vice President, will spearhead leasing efforts on behalf of the building’s ownership group, RD Management LLC. With a proven trajectory of over 40 years in the real estate industry, RD Management owns and manages a diverse portfolio of 150-plus properties throughout the United States and Puerto Rico. The company specializes in development, redevelopment, and acquisitions in key markets, with properties spanning sectors such as mixed-use, retail, office, residential, hospitality, senior and student housing and government.
The RITHM project as it stands today brings a mix of multifamily, student housing and grocery-anchored retail, with a hotel on the horizon. RITHM intends to dedicate a significant portion of its remaining space to the development of its healthcare component. Ideally located near popular shopping and dining destination that caters to students, staff, and researchers from the University of South Florida. It’s also well-situated in Tampa’s healthcare corridor and surrounding neighborhoods. RITHM’s convenient location places companies close to an array of dining, hotels, and residential living options nearby, benefitting both employees and visitors alike.
The city’s favorable business climate and robust infrastructure make it an attractive destination for healthcare providers looking to expand their services to the region. RITHM underscores a rising trend of repositioning underutilized shopping malls being one of approximately 32 mall properties across the country currently undergoing active conversions to better suit the demand of their surrounding communities.
“By converting the property into a medical-led, mixed-use development, the project will help meet the need for more space within the healthcare innovation district in Uptown,” said JLL’s Florida Healthcare Lead Lucia Hedke. “Especially at a time when Tampa is seeing continued population growth and greater demand for specialized healthcare services, this development aims to meet the needs of Tampa’s growing community and offers an excellent opportunity to healthcare providers seeking to enter or expand their presence in the Tampa and greater Florida market.”
By repositioning the property as a healthcare focused mixed use development, RITHM intends to be a vital cornerstone of an evolving Tampa market.
To learn more about the opportunities that are available within the Rithm project, please contact Lucia Hedke at lucia.hedke@jll.com or Bryan Rodriguez at bryan.rodriguez@jll.com for additional information.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
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