Strategic Property Partners revealed plans Thursday. A downtown Tampa entertainment district will include a 3,500-seat performance venue, a 250-room hotel, 100,000 square feet of retail and dining space, and parking for more than 1,000 vehicles. Private money will fund the project, which sits on a vacant parcel along Channelside Drive between Morgan Street and Jefferson Street, right across from Benchmark International Arena.

Developers plan to break ground in 2027. Construction extends Water Street Tampa, a $3 billion project that kicked off around 2018.

“Water Street Tampa was designed to evolve, and this entertainment district is the next step in completing the larger vision,” said Josh Taube, CEO of Strategic Property Partners, per That’s So Tampa. “This project activates the western edge of the neighborhood by adding an entertainment energy through live music and cultural experiences.”

Vinik Sports Group will team up with Strategic Property Partners to run the entertainment venue. VSG owns the Tampa Bay Lightning and runs Benchmark International Arena plus the Yuengling Center.

VSG was founded in 2020 by Jeff Vinik. The group grew to include Arctos in 2021, then Doug Ostrover and Marc Lipschultz in 2024. Vinik sold his majority ownership stake but retains governance of the team for three years. VSG sold its stake in Strategic Property Partners to Cascade in 2023.

The 3,500-seat capacity fills a gap. Tampa Bay misses concert tours by mid-level artists who outgrow 2,000-seat halls like Ruth Eckerd Hall or the Mahaffey Theater but don’t pack Benchmark, Raymond James Stadium, or outdoor amphitheaters.

“Fans will see more shows, more often, and with greater variety,” said Steve Griggs, CEO of Vinik Sports Group. “A venue of this size provides much needed flexibility for booking more artists and world-class shows to our region.”

The plan extends Ford Thunder Alley across Channelside Drive. The site sits near the Riverwalk and Tampa Convention Center.

“This Water Street expansion moves Tampa forward as a top entertainment destination,” said Tampa Mayor Jane Castor. “It strengthens tourism and creates new experiences for residents and visitors, all within steps of the Riverwalk and Convention Center.”

Water Street’s first phase shined during Tampa’s hosting of the Women’s Final Four earlier this year. That phase brought residential, hotel, retail, and office space — four residence towers, three hotels, and a University of South Florida Medical hub.