Commissioner Murman quoted in this Tribune article on Channelside plans:
Vinik’s vision for Channelside has L.A. flavor
By RICHARD MULLINS | The Tampa Tribune
Published: June 17, 2012 Updated: June 17, 2012 – 8:00 AM
TAMPA —
As Jeff Vinik leads the pack of bidders vying to take over the Channelside Bay Plaza entertainment complex, anyone wanting hints of his plans need only look 2,500 miles west to a development called “L.A. Live.”
The multi-billion-dollar project in downtown Los Angeles is much larger than Channelside, and the complex includes a major convention center, hotels and potentially an NFL stadium. But there are some intriguing parallels.
Namely, the Leiweke brothers.
Vinik made his fortune with financial investments, but much of his business in Tampa is managed by Tod Leiweke, one of six siblings, including Tracey, Terry, Trish, Tim and Therese. Many of them have interests in sports and development.
Leiweke has been the point person on Vinik’s hockey operations, the massive renovations at the Forum, Vinik’s charitable work around Tampa and his plans for Channelside and the broader Channel District.
When Vinik appears at fundraisers or other public events, Leiweke often is close at hand. Recently, he was named to the Board of Directors for the USF Foundation.
All this puts Leiweke in charge of a key part of downtown. The Forum, where Vinik’s hockey team plays, sits between the convention center and the Channelside shopping complex, which Vinik is jockeying to take over in a complicated bidding process.
Vinik is also buying into large plots of vacant land to the north of the Forum — one area where city boosters dream a baseball park may rise one day.
While Leiweke manages work for Vinik, his older brother, Tim, manages business operations of another wealthy mogul — Philip Anschutz, who made his fortune in oil and railroads but has been expanding into publishing and entertainment.
The crown jewel of the Los Angeles entertainment drive has been the “L.A. Live” development downtown. At the center is the Staples Center, where the L.A. Kings recently celebrated winning the Stanley Cup.
Tim Leiweke is leading Anschutz’s roughly $2.5 billion plan for the complex that includes a 54-story Ritz-Carlton and JW Marriott hotel complex and a new convention center adjacent to the arena. The complex already hosts a major food and wine festival and film festival.
Next, Tim Leiweke is leading Anschutz’s drive to assemble or acquire a pro football team for Los Angeles in a new stadium potentially built at the complex. The Farmers insurance company already has signed on as the marquis brand for the naming rights to the stadium.
Several new sports centers across the country include multi-use developments with hotels and shopping centers.
However, months ago, the Vinik group began preliminary and private meetings with individual Port Authority board members about Channelside, and their artist’s renderings and neighborhood plans were deeply informed by the “L.A. Live” concept.
“To me that’s good,” said Sandy Murman, Hillsborough County’s representative on the port board. “We don’t need to reinvent the wheel. They know what they have to put into place. I like that L.A. Live concept. It’s lively and it works.”
Right after seeing the Vinik materials privately, board member Stephen Swindal started researching deeper into the L.A. Live concept.
“I looked closely at it,” Swindal said. “They’ve done a very nice job there.”
As for the Leiweke brothers, both were attending a family wedding in Hawaii and not available for comment.
Theoretically, port board members this summer could approve or reject Vinik’s plan to take over the complex.
The port owns the land underneath the complex. The Anglo Irish bank holds the mortgage backing the complex above. The bank held a bidding process this spring for investors vying to take over that mortgage, but it chose only Vinik’s package to send to the port to consider approving.
Although they didn’t consider that result ideal, as of this week, at least six of seven port board members say they admire Vinik and generally approve of his plans.
Tampa Mayor Bob Buckhorn, who sits on the board, said, “I’m perfectly happy with Jeff Vinik as the last man standing. He already has skin in the game … . It makes sense to create some critical mass there and have some cross marketing that creates a pedestrian-friendly, retail, event-driven complex from the convention center to Channelside. I think that is the best path to success.”
Board Chairman Lawrence Shipp said, “Either of the groups I think would have done a super job down there … . But we’re faced with a situation of ‘Do you accept the deal or not.’ He’s done great things for that area, and in that light, this is just a win-win.”
Board member William “Hoe” Brown said, “Jeff is always going to do the right thing … . I’ve got faith in Vinik and his group and all those people involved. They can turn it around with the right product.”
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All of the Each of board members said they’ll look closely at details of Vinik’s final plan and ask for deep financial details about any potential port or taxpayer commitment. The parking garage across the street also likely will be involved.
Several board members said Vinik’s plan involves new pedestrian bridges from the elevated parking garage that would stretch over Channelside Drive into the retail complex. The vacant lot to the west likely will play into the overall redevelopment plan — potentially linking the entire neighborhood from the Florida Aquarium to the Tampa Convention Center.
However, board members also face a stark choice.
If they reject Vinik’s plan, the issue would effectively revert back to the bank holding the mortgage on the shopping complex, and the bank would have to start over and re-open bidding on the note.
The port also could continuing litigation with the bank over the property, which could further delay a takeover.
Buckhorn said that’s not an appealing option.
“I think we can’t afford — and it would not be desirous — to send it back to the bank,” Buckhorn said. “That center is on life support now. This needs to be resolved and we need to move forward. We have forward momentum and Vinik is the last man standing.”
