While Tampa Bay Lightning owner Jeff Vinik is working on a plan to redevelop the area, a company tied to a big name is signing on to help.

Pat Waddell and Michael Lawson walk around a near-vacant Channelside in Tampa.

The once-thriving entertainment complex is now full of boarded up businesses and empty storefronts.

But Vinik and his business associates, including Lightning CEO Tod Leiweke, are working on a plan for changing all that.

"We think we have a chance to build something on a national scale,” said Leiweke. “We firmly believe that this town is ready to take its rightful place as one of the great American cities."

Now, a company tied to a famous American name is signing on to help.

Cascade Investment LLC, an investment firm controlled by Microsoft founder Bill Gates, has agreed to help finance Vinik's redevelopment efforts in the Channelside district.

"They’ve looked at what we've done and said ‘we believe’ and it's a really good sign for the future of this dream we're dreaming about real estate down here along the water," said Leiweke.

Leiweke says they're still working on specifics for the 25 acres Vinik's team now owns around the arena, but it's expected to be a mix of hotels, restaurants, stores and living space.

People say they're eager to see the area thrive again.

"Anything that gets more people out and about,” said resident Kyle Walkiewiez. “Obviously, it's much more fun and entertaining for everyone if there are people out cruising around and checking things out."

"I would like to see a lot of outdoor activities, bands, everybody having fruity drinks with umbrellas just having a good time," said resident Pat Waddell.

That's basically the idea.

Vinik's group isn't saying how much the gates group is investing but they are stressing Vinik will continue to be the driving force and the main person behind this.

Bay News 9 contacted Mayor Bob Buckhorn about the latest developments.

"Bill Gates investment in Tampa will reverberate around the country,” Buckhorn said. “He brings the credibility of his success and also brings credibility to this project. It's a game-changer."