Cobb partners with Wasserman at Hyde Park
Tampa Bay Business Journal
As part of its plan to revitalize Hyde Park Village, Wasserman Real Estate Capital has enticed Cobb Theatres to open its upscale CineBistro at the 275,000-square-foot retail project.
Construction is expected to begin in January on the cinema that offers upscale dining as well as space for small theater productions and corporate meetings. The theater is expected to open in the summer in the spot that was previously home to Sunrise Cinemas.
David D. Wasserman, a principal of Providence, R.I.-based Wasserman Real Estate Capital, said that bringing unique users, such as CineBistro, to Hyde Park should spur its renaissance as a gathering place.
The CineBistro’s six theaters offer reserved seating with dining for adults. Moviegoers can enjoy cocktails and appetizers as well as a full gourmet meal.
“This is a much more intimate experience,” Jeremy P. Welman, chief operating officer of Birmingham, Ala.-based Cobb Theatres, said in a statement.
Partners Wasserman Real Estate Capital, Vornado Realty Trust and Madison Marquette are redeveloping Hyde Park Village. Tenants include Brooks Brothers, Anthropologie, Timpano Italian Chophouse, Williams-Sonoma, Pottery Barn, Pottery Barn Kids, and the Level 2 -Aveda Spa and Salon.
“This fit is perfect for us,” Welman said. “In one aspect, we’re the neighborhood movie theater. But we also will have a regional draw due to the project’s outstanding access.”
Hyde Park Village is made up of seven city blocks near Tampa’s central business district and an affluent residential community where the average household income is $92,585, states a release. The shopping center’s main intersection is Swann and Dakota avenues.
“Our goal is to provide this historic neighborhood with a unique group of upscale retail, services and entertainment that is right for this very special, unique community,” Wasserman said.
Other plans include storefront improvements, parking and garage improvements, and the addition of artwork to improve the pedestrian experience, while respecting and reflecting the historic architecture of the surrounding area. The complex remains open during the construction, which will undergo an architectural review in January.
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