2014 was a defining year for the City of Tampa. We’re seeing the beginnings of urban vibrancy, and this year’s real estate deals have set an exciting stage for the new year.
Here are the deals that have potential for lasting impact in the Bay:
1. Vinik’s Billion Dollar Vision
Is there a name that’s been mentioned in the news more? Don’t think so! Lightning owner and real estate mogul Jeff Vinik’s development plan that will build nearly 3 million sq ft of commercial space on a desolate waterfront property downtown.
The goal: building a live-work-play neighborhood that aligns with a national urbanization trend. The Millennial workforce prefers a walkable, urban environment, and where that exists, companies tend to go… hoping to attract the best and brightest talent.
2. Downtown “Cool Factor”
This summer, upscale and locally owned restaurants, bars, and hotels popped up left and right. Tampa Heights newcomer Ulele was named a winner in OpenTable’s Top 100 Best Restaurants in America award!
Between Ulele, Le Meridien, and Aloft downtown, there is plenty of new life represented by old buildings, which creates a unique downtown people want to visit (Le Meridien is in the former federal courthouse building) !
3. Housing Boom
Multiple upscale towers and complexes have been built or bought, creating trendy space that draws new individuals downtown or to Westhshore’s business district. We’re expecting to see gentrified Seminole Heights convert an old warehouse to hip apartments .
Tower properties under construction is a big deal, because it means development groups are confident enough in the market to move forward. Yay!
4. The Office Market
It was a banner year for downtown Tampa’s office market. Four towers sold in the last six months of 2014! New ownership usually yields higher rents, which is what’s needed to drive new development. New, modern office space available when a company is looking to relocate could help the city score new jobs.
5. Tampa International Airport Renovation
TIA received $122 for renovation, to be completed by November 2017. The vision and iconic design will create a new front door to the Tampa Bay community to directly contribute to our regional economic development.
Do you have questions about Tampa? Are you interested in commercial real estate in Tampa? Contact me today!
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Source: TBBJ, Click here to read more!