Tampa Bay Lightning owner plans billion-dollar downtown development

Downtown Tampa is getting a boost from Jeff Vinik, the owner of the Tampa Bay Lightning. Vinik is planning a $1.07 billion development of three million square feet on 25 acres of land adjacent to Amalie Arena, where the Lightning play its home games.

Office space accounts for more than one-third of the project. Vinik is currently working to bring a corporate headquarters to the site, which will initiate the plans for 250,000 square feet of retail, 660,000 square feet of residential space, and a 575,000-square-foot hotel.

The development will break ground, likely in 2016, beginning with the University of South Florida Morsani College of Medicine. Demand will drive the construction for the rest of the project, which is expected to take five to seven years to complete.

It is estimated that the project will generate $35 million in tax revenue annually for the county. 

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