The long-running Westshore Plaza mall officially has a new owner, and it is a hometown player. Third Lake Partners has closed on the 54-acre site in Tampa, according to public records, paying nearly $135 million for the high-profile property and taking charge of one of the city’s biggest redevelopment opportunities.
Documents filed with Hillsborough County show the sale has closed and the deed has been recorded. As reported by WTSP, the deed lists Third Lake Partners as the purchaser of the roughly 54-acre assemblage for nearly $135 million.
Third Lake Partners, an investment and development firm with several Tampa-area projects in its portfolio, plans a phased, mixed-use redevelopment of the site, according to reporting. The buyer is eyeing new housing, offices and retail across the property, Tampa Bay Business Journal reports.
Redevelopment Already Approved
The city has already laid the groundwork for a large-scale teardown and rebuild. In 2024, the City of Tampa gave initial approvals that clear the way for major changes on the parcel. FOX 13 News reported that council members signed off on plans to demolish most of the mall and replace it with housing, office space, a medical center and a bus transfer station.
What ‘Westshore 54’ Means
For years, brokers have pitched the property as one big, buildable canvas. Marketing materials have branded the assemblage as “Westshore 54,” a nod to its roughly 53 to 54 acres and its proximity to Tampa International Airport. CBRE highlights the existing parking structures and the site’s capacity for large-scale mixed-use development in its offering materials.
Local Concerns And What Comes Next
Not everyone is simply cheering on the wrecking ball. Neighbors and planners have raised questions about traffic, infrastructure and how quickly the Westshore area is changing as new projects stack up. During the city council debate, local reports noted that nearby homeowners worried about traffic increases and that the project still hinges on financing and a master developer to steer construction, according to FOX 13 News.
With title now transferred, Third Lake Partners controls permitting, tenant talks and any demolition timeline. For Tampa, that means one of the city’s largest infill redevelopment sites has officially moved from the drawing board into private hands, a pivotal step in reshaping the Westshore corridor.
