FUTURE DEVELOPMENT OF TAMPA BAY, FLORIDA
In 2018, Tampa was named – for the first time – one of the nation’s top 10 markets for real estate investors in an annual survey led by PwC and the Urban Land Institute. What makes the Tampa Bay area so attractive? Housing is affordable, the employment base is growing despite temporary set backs from COVID-19, and population is increasing at almost twice the national rate.
There is currently $13 billion in new projects underway that will transform the area over the next few years and create an urban environment unlike any other in the country. A vast majority of this expansive investment is happening along the waterfront, which until recently had gone largely untapped.
Right outside of Tampa’s downtown business district, Strategic Property Partners is developing Water Street Tampa, a $3-billion, mixed-use district that will span 50 acres once complete. Water Street will include more than 9 million square feet of residential, office, retail, educational, hospitality and cultural space, including the USF Morsani College of Medicine and Heart Institute and a JW Marriott hotel, both currently under construction. The project will also include plazas, public spaces and parks for gathering and wide, shaded sidewalks to provide comfort to pedestrians.
Nestled centrally located between downtown Tampa and the busy Westshore Business District, will live Midtown Tampa, a $500 million development that will include 240,000 square feet of retail and entertainment space; 750,000 square feet of Class A office space; 400 residential units and a 225-room boutique hotel. Developer of the project, New York-based Bromley Companies, envisions a transformative, truly walkable district connecting downtown Tampa and Westshore. Construction is expected to begin in 2019.
The Westshore area just south of Tampa International Airport is also booming with warehouse and office space. The Westshore Logistics Center is a four-building, 166,680-square-foot industrial park that was recently remodeled after being vacant for several years. The Center is now available for occupancy and offers the largest block of Class A warehouse/distribution space in the Airport market.
MetWest International, a bustling mixed-use development across from International Plaza, is adding a new 267,754-square-foot building fueled by PwC’s expansion in Tampa. The new MetWest building will be the first major office development within the city limits in more than five years. The new building is slated to open in May 2019.
Here is a summary of the major proposed developments:
Water Street Tampa:
Est. Development Value: $3 billion
Developer: Strategic Property Partners LLC
Project Site: 50 acres
Proposed Space: Hotel, retail, office, residential, public spaces
Channel District Vision Plan:
Est. Development Value: $1.5 billion
Developer: Port Tampa Bay & private investors
Project Site: 45 acres
Proposed Space: Residential, office, retail, hotel, central park
Est. Development Value: $820 million
Developer: SoHo Capital
Project Site: 39 acres
Proposed Space: Residential, hotel, office, retail, market hall
Est. Development Value: $500 million
Developer: Bromley Companies
Project Site: 1.8 million square feet
Proposed Space: Mixed-used retail, entertainment, residential, office, hotel
West River Redevelopment Plan:
Est. Development Value: $500 million
Developer: Tampa Housing Authority, Related Group
Project Site: 150 acres
Proposed Space: Mixed-income & market rate residential, retail, office
“Here at Income Property Solution we buy commercial real estate in Emerging Markets. They produce
good cash flows with a strong back-end.”
Have a great day!
Demetrius Brown, & Team
Our WHY is to give back, add value to society and enrich lives around the world by providing QUALITY Housing.