As Tampa cements its reputation as a lifestyle-driven and affordable alternative to other major cities, people are flocking to the up and coming urban metropolis. The city historically hailed as the cigar capital of the world is indeed undergoing a rapid transformation.
It’s no secret that Tampa is one of the fastest-growing cities in the USA. It’s also no secret that it’s lagging behind a lot of its peers in downtown office, retail, hotel, and residential offerings. The conditions are aligned; the time to start building in Tampa is now. Here are a few of the strongest indicators:
Water Street Tampa
Tampa Bay Lightning owner Jeff Vinik broke ground on the $3 billion Water Street Tampa redevelopment project in April, setting off the massive urban facelift to Tampa’s skyline and double the downtown area in size. The project will also provide housing, retail, dining, culture, entertainment, and leisure, as well as increase downtown Tampa’s office supply by nearly 50 percent. Although many cities across the United States are responding to increased demand in urban areas, the scale and diversity of Water Street are unparalleled.
Roughly 9 million square feet (836,000 sqm) of Water Street’s total development area is slated for completion by 2021, positioning Water Street as one of the world’s greenest neighborhoods and one of the first true “smart districts”.
Smart investors should get in on the action now and stake out their contribution to the potential Water Street Tampa will unlock. And do it quick, before every subcontractor in the city is snatched up.
Construction Costs Continue To Rise
The national average construction cost increase was 4.2% in 2017. To that, we can expect to add an additional 2-3% in 2018. We don’t need to run the numbers to know that there’s no time like the present to start building.
Within the construction cost increase, labor cost was the bigger contributor. And while labor shortage continues to be a challenge in the whole country due to a lack of skilled labor and stricter immigration government policies, when you add that to a city that’s literally doubling its downtown space, you know you have to move fast to secure the best contractors for your project.
We already know that Tampa has the best of everything: great weather, friendly people, world-renowned beaches. It is a great city for professionals looking for a more lifestyle-driven and affordable alternative to other major cities, and the next few years will cement its place as an urban metropolis. Trust us to advise you now – before you miss out on investing in this benchmark city of the future.