Unlike other markets, where the focus is on office and retail space, Tampa’s residential growth is a significant driver of its downtown revival. The city’s booming in-migration, above-trend job gains and affordable cost of living have made it one of the nation’s fastest-growing multifamily markets, fueled by rising housing demand and limited supply.
Are home prices dropping in Tampa Florida?
The city’s thriving economy is also attracting a significant number of small businesses, which is a boon for the commercial sector. Many of these firms Tampa Real Estate Development Opportunities are relocating to the area because of the cost-effective work environment, and this activity is helping to strengthen the local economy even further.
As a result, the demand for rental properties is growing and it is expected that Tampa will remain one of the top locations for investors in 2020. As a result, developers will continue to build new apartments and other forms of rental property in the city. In addition, older commercial areas may be redeveloped to include multifamily units as well.
One such example is the Bromley Cos’ Midtown Tampa at Dale Mabry Highway and Himes Avenue, a large mixed-use project that will connect Westshore and downtown in a new central neighborhood. This development will eventually include 1.8 million square feet of retail, hospitality, residential and offices.
Another development that will transform the west side of the city is the Westshore Marina District, which will feature new residential towers, a retail center and a waterfront. It will also include a 16-story condominium building that will be the first in the world to earn the WELL Design & Operations Certification.