Tampa Bay Lightning owner Jeff Vinik is exiting Water Street.
Vinik is selling his share of Strategic Property Partners, the company that developed 50 acres of downtown Tampa into a bustling, upscale neighborhood.
According to a press release, Cascade Investment Fund LLC is buying Vinik's share of the business.
Cascade is the investment fund of Microsoft co-founder Bill Gates, which has been partners with SPP since 2014.
Terms of the deal were not announced, and the deal was initiated by Vinik.
Water Street recently completed its first phase, which includes 12 buildings, 1,418 hotel keys, 1,335 residential units, over 500,000 square feet of office space, 200,000 square feet of retail space, and the University of South Florida Morsani College of Medicine and Heart Institute.
Vinik, 64, said he will remain an advisor to Cascade. He also indicated the sale will not have an effect on the Lightning, as the team remains one of the things he's focusing on.
“Having recently become a grandfather for the first time, I am very focused on prioritizing family, going to Tampa Bay Lightning hockey games and being a part of our community," he said in the release.
But he also told the Tampa Bay Business Jounal he's going to try "a new concept" that he hasn't been able to acheive before.
“It’s called boredom. I don’t think I’ve had a bored moment in 40 years, and I want to at least get a taste of what that feels like.”
