The Hillsborough County Economic Development Department is proud to announce the completion of the redevelopment of the property located at 3500 E. Fletcher Avenue, a.k.a. the University Professional Center. The project was a recipient of a $279,613 matching grant from the County’s Targeted Redevelopment Pilot Project program and the first project to receive such funding in the University Targeted Redevelopment area. The property, owned by Eastbourne Investments, Ltd., and managed by Ciminelli Real Estate Services, already boasts a number of new tenants, most of whom are part of or do business with, the University of South Florida across the street.
This project’s return-on-investment is represented by the continued viability of a 106,184 square foot medical office building within the redevelopment area so they can create new operations and add jobs. The result is a dramatically different office building and a wonderful addition to the University area, now known as “Uptown”. The 4.8-acre property, before improvements, consisted of “Class C” office space at a 34% vacancy rate. The goal was to upgrade to “Class B+” office space and achieve full capacity of 400-500 employees.