THEA Shortlists Hines, Gotham and SPP for Land Near Water Street Tampa

The Tampa-Hillsborough Expressway Authority (THEA) has narrowed the field for two of its downtown properties near Water Street Tampa to three developers: SPP, Hines and Gotham. The THEA board voted on Monday, October 26 to advance the three teams for a combined 2.83 acres that includes the agency's own headquarters site, opening the next stage of a Water Street Tampa development opportunity that could add apartments, hotel rooms, offices or retail to the edge of the district (Tampa Bay Business and Wealth). No development plan or land deal has been approved.

What Happened

THEA is offering two parcels, and developers may pursue either one or both together. The agency can sell either property outright or lease it on a long-term basis, and the financial terms of each proposal will factor into the decision (Tampa Bay Business and Wealth). Monday's vote narrowed the respondents to SPP, Hines and Gotham. The reporting does not say which parcel or parcels each team is pursuing.

The process began with a Request for Qualifications, RFQ E-0326, titled "Real Estate Development Opportunities," which THEA issued on June 25. Under the revised schedule published with that RFQ, interviews were held October 14 and the shortlist vote was set for October 26. A Request for Proposals is scheduled to go to the shortlisted teams on November 2, with proposals due December 18, team presentations on January 12, 2027 and a final award on January 25, 2027 (Tampa Bay Dev). The RFQ phase does not produce a contract, and THEA may select more than one respondent.

The Two THEA Parcels

The Meridian parcel

The first site is a vacant 1.41-acre parcel at South Meridian Avenue and East Whiting Street, beside Water Street Tampa. THEA currently uses the land for stormwater management and plans to move that system underground at its own expense (Tampa Bay Business and Wealth). The RFQ says the pond will be moved underground as part of the Whiting Street Extension project, freeing the surface for development. The parcel is zoned CBD-2, which carries no formal height limit or floor-area ratio cap, and 10 percent of the site must remain open space (Tampa Bay Dev).

The headquarters parcel

The second site is the 1.42-acre property at 1104 E. Twiggs St., near Channelside and Tampa Union Station. It holds THEA's headquarters and traffic management center in a 27,727-square-foot building. Any redevelopment has to account for a replacement of about 20,000 square feet for offices, a boardroom, a traffic control room and parking, and THEA must keep operations running during any move (Tampa Bay Business and Wealth).

Possible uses named for the properties include apartments, hotels, offices, retail and mixed-use buildings. No hotel has been proposed for the Meridian parcel, although earlier Tampa Bay Business and Wealth coverage of tourism studies reported that a shortage of hotel rooms within walking distance of the convention center has cost the city business (Tampa Bay Business and Wealth).

Where Things Stand

The Meridian parcel is tied to a larger public works effort. The Whiting Street Extension is a $90 million partnership between THEA and the City of Tampa, budgeted across fiscal years 2020 through 2032. It extends Whiting Street east to Meridian Avenue to reconnect the downtown street grid, moves Selmon Expressway Exit 6B north onto an improved Whiting Street and adds pedestrian and bike facilities. Construction is expected to start in fall 2028, according to the Business Observer as cited by Tampa Bay Dev (Tampa Bay Dev). The work sits alongside THEA's ongoing expressway projects downtown, including the South Selmon widening that closed a downtown street for two years.

The site also sits between Water Street and the planned Gas Worx district, a 50-acre area expected to hold about 5,000 residences. THEA CEO Greg Slater has said a pedestrian could walk from Water Street to Gas Worx along the planned Meridian Health Trail, although the RFQ's list of desired connections does not name Gas Worx (Tampa Bay Dev). Slater discussed the properties with Tampa City Council in February (Tampa Bay Business and Wealth).

Implications for Owners, Developers, Contractors and Subs

• Two projects in one. A deal on the headquarters parcel likely carries a second scope: roughly 20,000 square feet of replacement space for THEA, including a traffic control room that cannot go dark during the move. That is specialized, phased work with mission-critical systems.
• Site work comes first on Meridian. Relocating the stormwater pond underground and coordinating with the Whiting Street Extension and Exit 6B changes will shape sequencing, utilities and access for whatever goes vertical.
• Height is open. With no formal height or FAR cap on the CBD-2 Meridian parcel, a high-rise program is possible, which would bring tower crane, deep foundation and podium parking work to a tight downtown site.
• Long horizon. Final award is not scheduled until January 2027, and the street extension is not expected to start until fall 2028, so vertical construction timing remains open.

What to Watch

• Issuance of the RFP to SPP, Hines and Gotham on November 2 and any changes to the December 18 deadline.
• Whether teams propose a sale or a ground lease, and whether any team pursues both parcels.
• Where THEA plans to relocate its headquarters and traffic management center.
• The January 25, 2027 award and any public program details, including a possible hotel component.

Bottom Line

THEA's shortlist moves nearly three acres of downtown Tampa land closer to private development at a spot that links Water Street, Channelside and the future Gas Worx district. The decision in January will tell the market what gets built, but the work behind it, from stormwater relocation to a replacement headquarters, is already defined.

Key Questions

Which developers are in the running for the THEA Water Street Tampa development sites?

The Tampa-Hillsborough Expressway Authority board voted on October 26, 2026 to narrow the field to SPP, Hines and Gotham for its Meridian and headquarters parcels in downtown Tampa (Tampa Bay Business and Wealth).

How big are the THEA parcels near Water Street Tampa?

The Meridian parcel at South Meridian Avenue and East Whiting Street is 1.41 acres, and the THEA headquarters parcel at 1104 E. Twiggs St. is 1.42 acres, for about 2.83 acres combined (Tampa Bay Business and Wealth).

When will THEA pick a developer?

THEA's revised schedule calls for an RFP on November 2, 2026, proposals due December 18, 2026 and a final award on January 25, 2027 (Tampa Bay Dev).

Is THEA selling or leasing the land?

THEA may either sell the Meridian and headquarters parcels outright or lease them long-term, and the financial terms of each proposal will factor into the choice (Tampa Bay Business and Wealth).

What can be built on the Meridian parcel in Tampa?

The Meridian parcel is zoned CBD-2 with no formal height or floor-area ratio cap, and 10 percent of the site must remain open space (Tampa Bay Dev).

Related Coverage

• Selmon Expressway Widening Closes Downtown Tampa Street for Two Years
• Pendry Tampa Tops Out on the Riverwalk Ahead of 2027 Opening
• EastGroup Starts Three Tampa Warehouse Projects Totaling $73.7M
• Update: TPO Approves $10.3M Road Plan Around Rays Stadium Site

Image credit: Tampa Bay Business and Wealth. Image from the source article.

Sources

• Tampa Bay Business and Wealth, "THEA Offers Nearly 3 Acres for Redevelopment Near Water Street, Including Its HQ": https://tbbwmag.com/2026/10/26/tampa-expressway-redevelopment/
• Tampa Bay Dev, "THEA's Meridian Land Could Link Water Street, Gas Worx": https://tampabaydev.com/articles/thea-meridian-land-could-link-water-street-gas-worx