The city of Tampa is continuously updating and remodeling its landscape. Tampa is currently transitioning from a scenic expanse of vacant space, into a booming social and economic hub. This is largely due to multiple commercial real estate developments. These developments are designed to improve the quality of living for the current and future residents of the city and boost overall long-term desirability. Several of these updates include new multifamily properties, office and retail space. Although there are multiple Tampa developments in progress; the following 4 are projected by ROI, a commercial real estate brokerage, to create the biggest economic booms to the city’s landscape.
- The Skyscape Tampa Transit System: The commute between Tampa and Orlando has previously been described as one of the busiest roads in the country. Currently I-4 is the only connecting highway artery between the two cities. What should be a one-hour commute often turns into a two to three hour drive due to lane closures and road construction. The recent partnership between Virgin Trains and Brightline rail is promising a high-speed rail connecting the two cities that would drastically improve commute times.
- The Westshore Mall Remodel: Westshore mall lies within 10 miles of Tampa’s International Mall, however there are significant differences between the layouts and assortments of both shopping centers. The International Mall boasts a lively boardwalk with a connecting restaurant district and a significant increase in stores, shops and kiosks. An Ohio based investment trust has made plans for a large Westshore remodel, to resemble the International mall restaurant layout. In place of stores, new surface area parking, high-rise and office buildings and apartments are expected soon to make headway.
- Midtown Tampa: The area between Westshore and downtown Tampa is a high interest point of many commercial real estate investors. The Bromley company, the leader of the 22-acre mixed use development project, also has plans to develop Florida’s largest office district. The new layout will incorporate 1.8 million feet of entertainment, retail and residential space. Plans of contemporary hotel chain Aloft and organic food superstore, Whole Foods, are also in motion to occupy this developing venue.
- Riverwalk Place Updates: While Tampa’s Riverwalk has seen a variety of updates in previous years, development has no plans of stopping. A partnership between Feldman Equites and Two Roads Development Is currently in process of bringing the tallest building to West Tampa. This tower will be comprised of 300 residential units that overlook the Tampa riverfront landscape.
As you can see, Tampa has a long list of developing projects soon to alter the cities residential, commercial and transit options. These developments are predicated to bring more tourism, revenue and ease of access throughout the city. With a developing city landscape, the need for single and multifamily housing rises creating more opportunity for active investors. For more developments on Tampa’s landscape and help investing or relocating into this booming city visit RentItNetwork.com