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.
Sarasota hotel to have two flags || Business Observer | Tampa Bay, Bradenton, Sarasota, Fort Myers, Naples
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.
Tech firm plans 150 hires, adds research unit || Business Observer | Tampa Bay, Bradenton, Sarasota, Fort Myers, Naples
This is the second time ReliaQuest has expanded its Tampa operations since 2015.
Cyber security firm ReliaQuest intends to build a new research and development arm, the RQ Innovation Team, in addition to hiring at least 150 people this year.
The Tampa-based company also recently moved into a new headquarters, the second time it’s expanding its Tampa operations since 2015, according to a statement. The company’s new office is in One Harbour Place, at 777 South Harbour Island Boulevard. In addition to the RQ Innovation Team, the office also houses collaborative workspaces to encourage employees to develop new ideas together and a culture and training room where employees take courses through RQ University, the release adds.
Downtown Tampa continues its ongoing resurgence and more high-paying jobs being added to the market will help fill the new luxury apartment projects currently under development.
The Hermitage Apartment Homes, which is located in St. Petersburg, Fla., is scheduled to be complete by late March.
The Allen Morris Company new luxury, mixed-use multifamily rental development called The Hermitage Apartment Homes in St. Petersburg, Florida is scheduled to be complete by late March. The project is located at 151 7th Street South, and fills a two-acre city block in the downtown district of St. Petersburg, across the street from what will be the city’s largest grocery store.
The eight-story development features 348 large studios and one- and two-bedroom rental homes. Residences offer floor-to-ceiling windows, chefs island kitchens, granite countertops and glass-enclosed showers. Apartment homes range from 529 to 1,259 square feet in size. Rental rates begin at $1,485. The community was developed by affiliates of The Allen Morris Company and AIG Global Real Estate Investment Corp.
The new CEO takes over as the hospital completes a $14 million expansion and renovation project.
Memorial Hospital, located at 2901 Swann Ave., has been undergoing a $14 million expansion and renovation. One phase includes the creation of 47 private patient rooms and another phase is focused on the hospital’s surgical program with 18,500 square feet of new surgical space, 18 surgical prep and recovery rooms, and two new operating rooms with shell space for a third.
The rebirth of Nebraska Mini Mart fits perfectly into the restaurant niche where Ferrell Alvarez sees the most opportunity.
Seminole Heights is getting another new restaurant concept from the same group that brought Rooster & Till. The location is the site of the former Nebraska Mini Mart at 4815 N Nebraska Avenue, Tampa, Florida.
Guest rooms will be renovated and indoor and outdoor amenities will be updated.
Crescent Real Estate LLC said Thursday that it has acquired the Sirata Beach Resort and Conference Center on St. Pete Beach, Florida in an off-market transaction.
Health care giant seeks to hire 160 people || Business Observer | Tampa Bay, Bradenton, Sarasota, Fort Myers, Naples
UnitedHealthcare is looking for customer service representatives for its Oldsmar office.
United HealthCare recently announced it will be hiring at least 160 new workers their Oldsmar office of Tampa Bay.
Haven Campus Communities Breaks Ground on Student Housing Property Near the University of South Florida | REBusinessOnline
Haven Campus Communities recently broke ground on their latest student housing community near the University of South Florida in Tampa. Haven purchased the 4.57 acre site for $2,900,000 in April of 2015.
A New York buyer operating under the name Crosswynde Owner LLC acquired 252 units of the 453-unit Crosswynde Apartments. The investor paid the Rhode Island seller $28.3 million for the units at 1502 Marsh Cove Court in Tampa, FL. Crosswynde was a failed condominium conversion from the 2007 crash of
Vertica Partners’ principals Sean Lance and Max Boehmer arranged the $28 million sale of 252 fractured condo units in the Crosswynde community located in Tampa, Florida.
NorthMarq Capital Arranges $31.5M Construction Loan for Multifamily Project in Tampa | REBusinessOnline
Cortona South Tampa, a 300-unit multifamily property located at 5145 S. Dale Mabry Highway in Tampa, just received construction funding. The gated development will feature a two four-story apartment buildings and 20 two-story townhome buildings, as well as a 6,000-square-foot clubhouse with a resort-style swimming pool and recreation areas. The three-year loan has a two-year extension option through a regional bank. The loan features interest-only payments for the primary term and a 25-year amortization schedule for the extension.
Lennar’s Tampa Bay division sees a rise in popularity of attached homes.
Lennar has expanded their urban high density for sale residential product to a townhome project called West End in the North Hyde Park area of Tampa, Florida.
The $75 million to $80 million complex would have 9,000 seats.
The Atlanta Braves unveiled plans Tuesday for a new $80 million spring training complex in Sarasota County.
The Braves indicated the team would have a 30-year lease and begin playing at the 9,000-seat facility in 2019. The Braves will operate the facility year-round, for spring training and for a club baseball academy.
This is a great addition to the county and will help support a variety of commercial, hospitality and residential properties.
Pembrook Provides $8.8M Preferred Equity Financing for Acquisition and Renovation of Tampa Area Apartments
TAMPA, Fla., Jan. 23, 2017 /PRNewswire/ — Pembrook Provides $8.8M Preferred Equity Financing for Acquisition and Renovation of Tampa Are
Vertica Partners arranged the sale of the Crosswynde condominium community in Tampa, Florida.