This year has some big things in store for the bay area. Tampa’s rise in the spotlight as a major economic force has spurred some significant commercial real estate development – which in turn further promotes continued growth.
From transit to new office, multifamily retail and restaurant space, we have a lot of great projects to look forward to. Here are five significant changes that will change the landscape of commercial real estate in the area and will serve as a major economic boon to the area:
Transit
Despite the close proximity, transit between Tampa and Orlando has never been ideal. Currently, I-4 is the only major artery connecting the two metro areas – contributing to its status as one of the busiest roads in the country. If you drive I-4 frequently, you know that what should be an hour’s drive can often take three… Thankfully, travelers and commuters have something to look forward to.
The recent partnership between Virgin Trains and Brightline rail is bringing renewed promise of a “near” high-speed rail link, connecting Tampa to Orlando and Florida’s east coast. The privately-funded rail network would run along I-4’s easement, offering travelers more consistent times and an option from fighting traffic on 1-4. Development projects in and around these soon-to-be-named transit hubs will spring up for the coming years and significantly alter the “skyscape.”
Perhaps more vital to Tampa residents, however, are changes coming to urban transit. Despite Tampa Bay’s size and growing economic status, the area has long-suffered from inadequate public transit options. A one-penny sales tax referendum that voters passed this past November may soon change that.
The sales tax referendum allows for an investment in roads AND other forms of transit, including light-rail. While the area may never have a sophisticated rail network like New York or Toronto, a light-rail system throughout Tampa Bay could bring significant improvements to area transit, specifically to and from Downtown and the Airport and USF.
It should be noted that Tampa is also on the forefront of testing for alternative forms of transit, including autonomous vehicles which may eventually assist in being a significant component in how we navigate the area.
All of these transit additions will help to make significant changes in commercial real estate development and construction in the area.
Water Street
If you are not familiar with the name by now, Water Street is the re-branded and reimagined identity of the area currently comprising Tampa’s Channelside and Downtown districts.
More than just a new name and a new coat of paint, the ambitious project – spear-headed by a partnership funded in part by the likes of Tampa Bay Lightning owner Jeff Vinik as well as Microsoft’s Bill Gates – seeks to totally re-establish the Southern portion of downtown Tampa as a beacon of health and sustainability.
The 53-acre mixed-use redevelopment will cover 9 million square feet in 18 distinct buildings directly on the bay, including two new hotels, retail, office space, cultural attractions, and contemporary residences.
The Fall, and Rise, of the Mall
Once centers of bustling commercial activity, the rise of the internet as an online marketplace has sent traditional malls into a free-fall. Despite this fact, malls continue to occupy massive amounts of real estate, typically in the best areas of a city. Rather than leaving these hulking behemoths as a monument to changing economic trends, real estate developers are starting to look at how these space can be re-worked to suit modern purposes.
In Tampa Bay, there are two such malls that are ripe with redevelopment potential.
Westshore
The gateway to Pinellas and situated right in the heart of Tampa’s top office market, Westshore Mall could not be in a more prime location. While “big box” retail is pulling out, the space has already established itself as a serious restaurant destination. The addition of multifamily and grocery options would add to the area’s attraction.
The property owners, an Ohio-based investment trust, have already indicated intentions to replace the former Sears and sea of surface parking with mixed-use real estate, including some high-rise office and apartment buildings.
University
Westshore serves as an important gateway between Pinellas and Hillsborough. It could be argued that because of its location literally steps from a very crowded University of South Florida that the current University Mall space serves an equally important link to the area’s business and technology development.
Situated just a few hundred yards from the University of South Florida, it would be easy to envision the +15 acre space as a hub for research and medical establishments.
While there are still hurdles to face, the management group in charge of the space has cited plans for a food hall, walkable streetscapes, coworking/incubator space and on site apartments that would surely be a game-changer for the area.
Midtown Tampa
Part of a 22-acre mixed-use project, Midtown Tampa will bring 1.8 million square feet of retail, residential, office, entertainment and hospitality to the surrounding neighborhood and entire city. This is a massive project in Tampa’s most important corridor, just feet off of I-275, in between the city’s two densest sub-markets: downtown and Westshore.
The group leading the project, the Bromley Company, is currently developing
250k sq. ft. of retail space, anchored by the 50k sq. ft. Whole Foods (the largest in Tampa Bay).
Additionally, hotel space is being developed by Aloft and Element, as well as a 390-unit residential development by Crescent Communities.
Riverwalk Place
A fully-realized vision of Tampa’s Riverwalk has been a long time in the making. 2019 is bringing us another step closer.
A partnership between Feldman Equities and Two Roads Development is seeking to bring the West Florida’s tallest building to 111 S. Ashley gardens. The 53-story structure designed by Gensler (of the Shanghai Tower) will be comprised of nearly 300 residential units and located on prime riverfront property – incidentally, this is the same location of the failed Trump Tower.
During early construction on the Trump tower at that location, instabilities in the bedrock were found. Pilot borings showed that the limestone in one area dipped far below that of the surrounding areas. The project was soon abandoned and the area left vacant and un-used for several years.
This serves as a good parallel to the story of Tampa’s Riverwalk. Long relegated to the background in terms of development potential, Tampa’s riverfront was mired in poor developments that did not utilize the riverfront’s natural attractions and benefits.
The tipping point came with the addition of Curtis Hixon Park, which turned a barren, paved-over section of the downtown riverfront into a cultural foundation. This was soon followed by the addition of an established Riverwalk as well as the Skypointe and Element developments.
While a unified vision for the Tampa Riverwalk is now in place, timelines on completion vary as there are various projects in the works.
More Major Projects in Tampa Bay
Selecting just five developments was tough as there is much going on in the Tampa Bay area of significant importance.
The five projects selected were chosen due to the major generational effects this will have on the area, but there are other significant developments that should be mentioned:
- $1 billion update to Tampa International Airport. People mover and rental car center already completed
- $1.7 billion Port Tampa Bay redevelopment of 45 acres in Channelside
- $350m West River Redevelopment project along Hillsborough River near downtown Tampa
- $200m Westshore Marine district at the Gandy Blvd gateway between Pinellas and Hillsborough – project will include multifamily apartments, condos, retail and restaurants
Top 5 CRE Projects Coming to Tampa Bay in 2019
This year has some big things in store for the bay area. Tampa’s rise in the spotlight as a major economic force has spurred some significant commercial real estate development – which in turn further promotes continued growth.
From transit to new office, multifamily retail and restaurant space, we have a lot of great projects to look forward to. Here are five significant changes that will change the landscape of commercial real estate in the area and will serve as a major economic boon to the area:
Transit
Despite the close proximity, transit between Tampa and Orlando has never been ideal. Currently, I-4 is the only major artery connecting the two metro areas – contributing to its status as one of the busiest roads in the country. If you drive I-4 frequently, you know that what should be an hour’s drive can often take three… Thankfully, travelers and commuters have something to look forward to.
The recent partnership between Virgin Trains and Brightline rail is bringing renewed promise of a “near” high-speed rail link, connecting Tampa to Orlando and Florida’s east coast. The privately-funded rail network would run along I-4’s easement, offering travelers more consistent times and an option from fighting traffic on 1-4. Development projects in and around these soon-to-be-named transit hubs will spring up for the coming years and significantly alter the “skyscape.”
Perhaps more vital to Tampa residents, however, are changes coming to urban transit. Despite Tampa Bay’s size and growing economic status, the area has long-suffered from inadequate public transit options. A one-penny sales tax referendum that voters passed this past November may soon change that.
The sales tax referendum allows for an investment in roads AND other forms of transit, including light-rail. While the area may never have a sophisticated rail network like New York or Toronto, a light-rail system throughout Tampa Bay could bring significant improvements to area transit, specifically to and from Downtown and the Airport and USF.
It should be noted that Tampa is also on the forefront of testing for alternative forms of transit, including autonomous vehicles which may eventually assist in being a significant component in how we navigate the area.
All of these transit additions will help to make significant changes in commercial real estate development and construction in the area.
Water Street
If you are not familiar with the name by now, Water Street is the re-branded and reimagined identity of the area currently comprising Tampa’s Channelside and Downtown districts.
More than just a new name and a new coat of paint, the ambitious project – spear-headed by a partnership funded in part by the likes of Tampa Bay Lightning owner Jeff Vinik as well as Microsoft’s Bill Gates – seeks to totally re-establish the Southern portion of downtown Tampa as a beacon of health and sustainability.
The 53-acre mixed-use redevelopment will cover 9 million square feet in 18 distinct buildings directly on the bay, including two new hotels, retail, office space, cultural attractions, and contemporary residences.
The Fall, and Rise, of the Mall
Once centers of bustling commercial activity, the rise of the internet as an online marketplace has sent traditional malls into a free-fall. Despite this fact, malls continue to occupy massive amounts of real estate, typically in the best areas of a city. Rather than leaving these hulking behemoths as a monument to changing economic trends, real estate developers are starting to look at how these space can be re-worked to suit modern purposes.
In Tampa Bay, there are two such malls that are ripe with redevelopment potential.
Westshore
The gateway to Pinellas and situated right in the heart of Tampa’s top office market, Westshore Mall could not be in a more prime location. While “big box” retail is pulling out, the space has already established itself as a serious restaurant destination. The addition of multifamily and grocery options would add to the area’s attraction.
The property owners, an Ohio-based investment trust, have already indicated intentions to replace the former Sears and sea of surface parking with mixed-use real estate, including some high-rise office and apartment buildings.
University
Westshore serves as an important gateway between Pinellas and Hillsborough. It could be argued that because of its location literally steps from a very crowded University of South Florida that the current University Mall space serves an equally important link to the area’s business and technology development.
Situated just a few hundred yards from the University of South Florida, it would be easy to envision the +15 acre space as a hub for research and medical establishments.
While there are still hurdles to face, the management group in charge of the space has cited plans for a food hall, walkable streetscapes, coworking/incubator space and on site apartments that would surely be a game-changer for the area.
Midtown Tampa
Part of a 22-acre mixed-use project, Midtown Tampa will bring 1.8 million square feet of retail, residential, office, entertainment and hospitality to the surrounding neighborhood and entire city. This is a massive project in Tampa’s most important corridor, just feet off of I-275, in between the city’s two densest sub-markets: downtown and Westshore.
The group leading the project, the Bromley Company, is currently developing
250k sq. ft. of retail space, anchored by the 50k sq. ft. Whole Foods (the largest in Tampa Bay).
Additionally, hotel space is being developed by Aloft and Element, as well as a 390-unit residential development by Crescent Communities.
Riverwalk Place
A fully-realized vision of Tampa’s Riverwalk has been a long time in the making. 2019 is bringing us another step closer.
A partnership between Feldman Equities and Two Roads Development is seeking to bring the West Florida’s tallest building to 111 S. Ashley gardens. The 53-story structure designed by Gensler (of the Shanghai Tower) will be comprised of nearly 300 residential units and located on prime riverfront property – incidentally, this is the same location of the failed Trump Tower.
During early construction on the Trump tower at that location, instabilities in the bedrock were found. Pilot borings showed that the limestone in one area dipped far below that of the surrounding areas. The project was soon abandoned and the area left vacant and un-used for several years.
This serves as a good parallel to the story of Tampa’s Riverwalk. Long relegated to the background in terms of development potential, Tampa’s riverfront was mired in poor developments that did not utilize the riverfront’s natural attractions and benefits.
The tipping point came with the addition of Curtis Hixon Park, which turned a barren, paved-over section of the downtown riverfront into a cultural foundation. This was soon followed by the addition of an established Riverwalk as well as the Skypointe and Element developments.
While a unified vision for the Tampa Riverwalk is now in place, timelines on completion vary as there are various projects in the works.
More Major Projects in Tampa Bay
Selecting just five developments was tough as there is much going on in the Tampa Bay area of significant importance.
The five projects selected were chosen due to the major generational effects this will have on the area, but there are other significant developments that should be mentioned: