Jeff Vinik unveiled a $1 billion plan Wednesday that would transform the Channelside district of downtown Tampa into vibrant core were people can "live, work, stay and play."

And while some nuggets of plan had been known, Vinik's group released key points today about his vision for the southern end of downtown Tampa.

The Tampa Bay Lightning owner, a hedge fund manager from Boston who has become a huge player in Tampa, revealed his vision of the city's urban future to the Hillsborough County Commission on Wednesday morning.

Vinik said his vision for Tampa includes a walkable downtown that appeals to millenials and empty-nesters alike.

"We're creating what is in such high demand right now nationally," he said. "It's a trend, it's for real and we're hopefully going to provide that opportunity in a relatively seamless manner."

The master plan includes: 

  • 1.1 million square feet of new office space.
  • 660,000 square feet of residential space.
  • 570,000 New hotel and meeting space.
  • 330,000 square feet for USF's new downtown medical school and heart institute.
  • 250,000 ground feet of ground-level retail space for shops and restaurants.
  • Five new parking garages with more than 5,000 spaces

Vinik's team also have longterm plans for the waterfront Channelside Bay Plaza, but those won't be revealed until this spring.

The remaking of Channelside will not come cheap. The cost is expected to be a little more than $1 billion. Investor and technology magnate Bill Gates' investment fund has already signed on to finance the bulk of the project.

The first signs of activity will be the reconfiguring of some Channelside area streets. That likely will begin once the Lightning hockey season ends. Construction on the USF medical facility, along with the 400-room hotel adjacent to the arena will start in 2016.

Tampa’s waterfront economy has struggled for years, with many business in the Channelside district moving or closing all together.

Vinik calls this a "Vision Plan," and Tampa Mayor Bob Buckhorn says it will be transformative for the city.

"Just imagine 24 acres in the most exciting real estate market in America, focused on the waterfront," Buckhorn said. "The opportunity to create hotels, restaurants, retail (and) potentially to have the USF med school as a part of that."

Vinik's group has stressed that the Amalie Arena will remain the central point of the sweeping development that by its completion in an estimated five years can remake downtown Tampa from the convention center to the aquarium.

One thing not in the plan, however, is a new baseball stadium for the Tampa Bay Rays.

"We've said from pretty much the last 9 months that moving forward with this particular piece of property, that a stadium woudn't be appropriate," Buckhorn said. "I think what he is doing is big enough, it's bold enough, it doesn't need baseball." 

"We have so much on our plate here," Vinik said. "We have such a great vision for what's going on here.  We're just really focusing and not getting into the business of the Tampa Bay Rays."

The plan promises an economic impact of $910 million and 6,700 new jobs.