It looks like 2019 is shaping up to be a big year for commercial real estate development in Tampa. There are lots of projects going on right now that will improve the city just in time for the new decade. We’ve compiled some of the highlights, but if we left any notables out, feel free to let us know in the comment section.
Transit
Sitting in traffic on I-4 is something we’ve all experienced. It’s almost a rite of passage or initiation for residence of Tampa Bay. Unfortunately, it’s only direct route to Orlando and even though it should only take an hour, accidents, traffic jams and lane closures usually mean it can up to three. Luckily, a reprieve is in the works. A high-speed rail between Tampa and Orlando by Virgin Trains USA (formerly known as Brightline) has just been approved. This should ease the traffic situation on I-4 and give some commuters a reliable alternative. In November, a one penny sales tax referendum was added which allows for some much-needed investment for Hillsborough County transit. But don’t worry; your tax dollars will be well spent. If you pay attention to the effect high speed rails have had on other cities, real estate has gotten healthier and local businesses have received more traffic. Plus, if it makes I-4 easier to navigate, then it’s going to be great.
Water Street
The south end of Downtown Tampa is getting a facelift, and it looks like it may be the largest development project in the modern history of the city. Strategic Property Partners (controlled by Tampa Bay Lightning Jeff Vinik) and Cascade Investment LLC are funding this ambitious redevelopment that will cover 53 acres over 9 million square feet. Downtown Tampa will have new shops, restaurants, offices, residential housing and cultural amenities. Progress takes time, but the three-phase endeavor is expected to finish it’s first part by 2020, it’s second by 2023 and the third phase by 2027. Downtown Tampa is heading into the future folks, and we couldn’t be more excited.
A Tale of Two Malls
Some of you may have heard about Sears filing for bankruptcy and closing many of their stores. While it’s hard to see old staples go away, Washington Prime Group has some cool plans for Sears spot at the Westshore Mall. If everything goes according to plan, Sears will be replaced by high rise residential condos, offices and retail on the ground floor. What better location is there? The Westshore Plaza is at the connecting hub for South Tampa and Pinellas County, just across the bridge from Saint Petersburg and a mere minutes from Tampa International Airport. Residents couldn’t ask for a more central place to live, especially if they’re interested in social activities and convenient shopping.
Speaking of malls, while not as popular as Westshore Plaza, the University Mall still holds an important place for retail in the community. Due to it’s proximity to the University of South Florida, the University Mall is an important lynchpin of the area with plenty of students and medical professionals as consumers. Chris Bowen of RD Management has some plans for the mail including on site apartments, a new food hall, walkable streetscapes, a tech incubator and more. This will not only upgrade the mail, but the entire University region.
Nothing is set in stone for these mall projects yet, as zoning issues need to be resolved, but there is a lot of potential to change the landscape of the city and the respective areas where the developments are planned. Both management groups have a good track record for success. These will definitely be ones to watch.
