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Former Hedge-Fund Titan and Bill Gates Are Betting Billions on Tampa

TAMPA, Fla.— As a former hedge-fund owner and manager of the Fidelity Magellan Fund, Jeffrey Vinik is used to making giant bets in financial markets. Now he is part of a $3 billion wager to revive Tampa’s once-moribund downtown.

Mr. Vinik is teaming with Cascade Investment LLC, the investment firm of Microsoft Corp. co-founder Bill Gates, in the city’s biggest-ever development, known as Water Street Tampa.

The...