Tampa’s commercial real estate markets have seen big changes in 2016. It is seeing projects nearing or recently completed, new developments breaking-ground and more coming down the pipeline. Though the year has also ushered in some uncertainties and potential risks for future commercial investments and construction, Tampa is enjoying an overall positive growth in commercial real estate investing.
Here are some current commercial developments underway that demonstrate why Tampa has become such a strong market for commercial real estate investment:
Channelside –
You don’t have to know commercial real estate investing to know that Tampa is excited about Tampa Bay Lightning owner Jeff Vinik’s ambitious redevelopment plan for the Channelside district surrounding Amalie Arena. Commercial investors and retailers have been buzzing since the $1 billion project was announced in December 2014. The planned redevelopment, now up to $2 billion in estimated cost, encompasses a comprehensive renovation of the area which has mired in failed construction projects for several years. Vinik’s vision is to transform the 40-acre parcel into a wellness-oriented commerce and entertainment center hosting a variety of retail, hotel, technology and entertainment. In addition, the new area will serve as home to USF College of Medicine.
Tampa International Airport –
One of the largest redevelopment projects in the area, Tampa International Airport’s $953 billion project is the largest the airport has seen since 1971. With an extended main terminal, automated people-mover and a 2.6 million sq. ft. rental car lot included in the plan, the project has many retailers excited. With new retail centers already opening (Starbucks) and many more announced (Victoria’s Secret, Potbelly Sandwich Shop, Panda Express, and more) the project, directly and indirectly, is expected to add nearly 9,000 jobs by its completion.
HCA Hospitals –
HCA West Florida, a for-profit healthcare corporation, announced a $136.8 billion redevelopment plan for nine of its hospitals in and around the Tampa area. Hospitals included in the plan are: Brandon Regional; Brooksville’s Oak Hill; Sun City Center’s South Bay; Doctor’s Hospital of Sarasota; Largo Medical Center, including a new ER facility in Clearwater; Edward White Hospital, Northside Hospital, Palms of Pasadena and St. Petersburg General. The projects encompass refurbishments as well as new construction of several facilities.
On the Horizon –
It is no surprise the Bay Area’s Major League Baseball team the Rays is looking for a new home. Tropicana Field was functionally obsolete before the first pitch was thrown. Besides being operationally deficient, St Petersburg has not been a good location for attendance. Difficult to reach for the majority of the Greater Tampa Bay market, the Rays would favor a move to a more centrally located facility, somewhere in Hillsborough County. It goes without saying, adding a mid-9 figure construction project to the Hillsborough market would immediately move this project near the top of the list of Bay area construction projects.
Tampa Area’s Hot Commercial Projects
Tampa’s commercial real estate markets have seen big changes in 2016. It is seeing projects nearing or recently completed, new developments breaking-ground and more coming down the pipeline. Though the year has also ushered in some uncertainties and potential risks for future commercial investments and construction, Tampa is enjoying an overall positive growth in commercial real estate investing.
Here are some current commercial developments underway that demonstrate why Tampa has become such a strong market for commercial real estate investment:
Channelside –
You don’t have to know commercial real estate investing to know that Tampa is excited about Tampa Bay Lightning owner Jeff Vinik’s ambitious redevelopment plan for the Channelside district surrounding Amalie Arena. Commercial investors and retailers have been buzzing since the $1 billion project was announced in December 2014. The planned redevelopment, now up to $2 billion in estimated cost, encompasses a comprehensive renovation of the area which has mired in failed construction projects for several years. Vinik’s vision is to transform the 40-acre parcel into a wellness-oriented commerce and entertainment center hosting a variety of retail, hotel, technology and entertainment. In addition, the new area will serve as home to USF College of Medicine.
Tampa International Airport –
One of the largest redevelopment projects in the area, Tampa International Airport’s $953 billion project is the largest the airport has seen since 1971. With an extended main terminal, automated people-mover and a 2.6 million sq. ft. rental car lot included in the plan, the project has many retailers excited. With new retail centers already opening (Starbucks) and many more announced (Victoria’s Secret, Potbelly Sandwich Shop, Panda Express, and more) the project, directly and indirectly, is expected to add nearly 9,000 jobs by its completion.
HCA Hospitals –
HCA West Florida, a for-profit healthcare corporation, announced a $136.8 billion redevelopment plan for nine of its hospitals in and around the Tampa area. Hospitals included in the plan are: Brandon Regional; Brooksville’s Oak Hill; Sun City Center’s South Bay; Doctor’s Hospital of Sarasota; Largo Medical Center, including a new ER facility in Clearwater; Edward White Hospital, Northside Hospital, Palms of Pasadena and St. Petersburg General. The projects encompass refurbishments as well as new construction of several facilities.
On the Horizon –
It is no surprise the Bay Area’s Major League Baseball team the Rays is looking for a new home. Tropicana Field was functionally obsolete before the first pitch was thrown. Besides being operationally deficient, St Petersburg has not been a good location for attendance. Difficult to reach for the majority of the Greater Tampa Bay market, the Rays would favor a move to a more centrally located facility, somewhere in Hillsborough County. It goes without saying, adding a mid-9 figure construction project to the Hillsborough market would immediately move this project near the top of the list of Bay area construction projects.