Robust investor interest and broad employment gains are driving demand across asset classes.
Tampa’s multifamily market is healthy, displaying solid fundamentals and burgeoning rents. Robust investor interest and broad employment gains have driven demand across asset classes. A low cost of living, strong population growth and bountiful employment opportunities have increased occupancy rates and compressed rents, as average monthly rates reached $1,017 in December 2016.
While trade and transportation continue to fuel Tampa’s economy, the business and professional services and health-care sectors are boosting job growth, too. Drawn to the region’s spirit of innovation and support of STEM careers, major tech companies are relocating and expanding in the area, including Cohesion, a consulting and staffing company. Developers are active, acquiring large tracts of land in core areas, although current and planned projects are stretching to the outlying areas, as well. More than 80 projects are underway, representing a combined construction value exceeding $1.5 billion and including hotels, multifamily communities and office buildings.
However, affordable housing exists in short supply, despite Tampa’s significantly lower cost of living compared to other major metro areas. Roughly $2.1 billion worth of multifamily assets traded in Tampa year-over-year through December, with the price per unit resting at $97,000, well below the national average
With the amount of interest in the luxury units, the developer anticipates breaking ground later this year.
Tampa’s newest condo project has been announced along Bayshore Boulevard. The Virage will be a 24-story tower with 71 units starting at $1 million and range from 2,400 to 3,300 square feet. The top two floors will contain a single unit each, at 6,900 square feet, and be priced at just under $5 million. Below the two penthouses are four floors that will contain two 4,500-square-foot residences each.
There are roughly 1,000 new hotel rooms under construction in downtown Sarasota and Sarasota County — and another 400 or so keys on the drawing board — but those numbers aren’t dissuading TDR Land Holdings.
TDR Land Holdings of Ohio is planning to build a 200-room lodging property on nearly six acres at Fruitville Road and Interstate 75 in Sarasota. TDR acquired the site last month for $3.6 million from American Momentum Bank, which had foreclosed on the site. The proposed six-story hotel will be dual-branded — with the Sleep Inn and Mainstay Suites flags. TDR plans to start construction on the new hotel in March and complete it in early 2018.
Construction of two new roundabouts on U.S. 41 in Sarasota is expected to begin this fall. The two-lane roundabouts will replace intersections with traffic lights at 10th and 14th streets, and are the first of at least 16 roundabouts planned throughout the city over the next six years.
Core Development Incorporated announced today plans for a new residential tower at the southeast corner of the Boulevard of the Arts and Tamiami Trail . BLVD Sarasota will host an exclusive 49 residences in a brand new 18 story building in the heart of the city’s vibrant downtown arts district.
Core Development Inc. announced plans for a new residential tower at the southeast corner of the Boulevard of the Arts and Tamiami Trail (U.S. 41). BLVD Sarasota will host an exclusive 49 residences in a brand new 18 story building in the heart of the city’s vibrant downtown district. Downtown Sarasota is undergoing significant changes with the development of several new apartments, hotels, retail projects and luxury condominium buildings.
TAMPA — Redevelopment of a prime but long-vacant waterfront site in South Tampa got a major boost this week.
Related Group closed on 8.5 acres in the 52-acre master planned community Westshore Marina District for $11.81 million. Related previously announced plans for a 396-unit luxury apartment complex on the site at the Tampa end of the Gandy Bridge which is expected to break ground 1Q 2018.