Happy Wednesday!

Tampa has billions in updates for us this week.

The St. Pete Council is working towards a final decision on the $1.3B Tampa Bay Rays stadium. Tampa and Hillsborough County have also received a total of $40M in funds that promise to make our streets safer.

We’re also taking a look at how home prices in Tampa continue to rise even with high interest rates.

—Sean

🤔 St. Pete's Final Vote Looms on $1.3B Rays Redevelopment

Driving the news: St. Petersburg City Council is nearing a final decision on a $1.3 billion stadium for the Tampa Bay Rays and redevelopment of the 86-acre Historic Gas Plant District.

The preliminary votes on Thursday showed a council split, highlighting ongoing concerns.

Details: Legal fees have surged: $400,000 was approved in March and another $550,000 is requested now.

There’s also a looming deadline for affordable housing funding, potentially worth $25 million, with applications due by July 17.

Councilmembers are wary of the accelerated timeline, driven by the desire to synchronize the stadium opening with the first phase of the redevelopment.

All items related to the Gas Plant redevelopment passed with a 5-3 vote. The council has yet to receive the final documents for the redevelopment proposals.

Key dates:

• The first hearings moved the city closer to a final vote set for July 11.

• A Committee of the Whole workshop is scheduled for July 9 to review the agreements, with a potential final vote delay to July 18 if documents aren’t ready.

Why it matters: The redevelopment of the Gas Plant District is crucial for St. Pete's future. It promises economic growth, housing, and community revitalization.

The bottom line: The St. Pete council is navigating a complex and fast-tracked redevelopment deal, balancing urgency with the need for a thorough review and community involvement.

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🛑 Tampa & Hillsborough Get $40M Boost for Safer Streets

Driving the news: Tampa and Hillsborough County have received a combined $39.7 million in federal grants aimed at making local streets safer.

The funds, accepted last week by both the Tampa City Council and the Hillsborough County Board of County Commissioners, will support a variety of quick-build projects and safety improvements across the area.

Details:

Tampa will utilize its $20 million grant for:

• 14 quick-build projects on streets like Hanna Avenue and Twiggs Street.
  

• 12 safe routes to school projects benefiting Jefferson High School, Orange Grove Middle School, and others.
  

• Additional contributions of over $2 million each from the city and the state of Florida.

Hillsborough County will apply its $19.7 million grant towards:

• 13 street retrofits.
  

• Six safe routes to school projects.
  

• Three transit stop access improvements.
  

• Additional funding of nearly $8 million from the county and $1.3 million from the state.

Both entities aim to complete these projects by December 2028 (Tampa) and March 2028 (Hillsborough County).

Why it matters: These initiatives address critical safety concerns in one of the most dangerous areas for pedestrians in the U.S.

The Tampa Bay region ranks as the eighth deadliest metro area for pedestrians.

Enhancing street safety will not only reduce fatal and serious injury crashes but also fill in critical gaps in the local transportation network, promoting safer routes for school children and improving access to transit stops.

The big picture: Funded through the Bipartisan Infrastructure Law of 2021, these projects reflect a nationwide push for infrastructure improvements.

What’s next: Construction bids for the projects have not been released yet. 

The next steps will involve detailed planning and coordination with state and county partners to ensure these projects meet their scheduled completion dates.

The bottom line: The substantial federal investment, combined with local and state contributions, is set to significantly enhance street safety and connectivity in Tampa and Hillsborough County, improving the quality of life for residents.

📈 How Tampa Bay's Home Values Are Outpacing the Nation

Driving the news: Home prices in Florida, especially in the Tampa Bay area, continue to rise despite mortgage rates nearing 7%, according to the latest data from the Federal Housing Finance Agency (FHFA).

Details:

• The Tampa-St. Petersburg-Clearwater metro area saw nearly a 7% increase in home prices year over year through the first quarter of 2024.
  

• In contrast, the North Port-Sarasota-Bradenton area experienced a modest 0.5% rise during the same period.
  

• Nationwide, home prices increased by 6.6% over the past year.

Why it matters: This trend is beneficial for current homeowners, as rising home values increase their equity. However, for potential buyers, especially first-timers, the rising costs present significant challenges.

The big picture: The ongoing issue of low housing inventory is a major factor driving these price increases.

Between the lines: The disparity in home price growth between different regions underscores the uneven recovery and demand in the housing market across the United States.

What’s next: Potential buyers might face continued difficulties as inventory remains tight and interest rates stay high, likely keeping home prices elevated for the foreseeable future.

The bottom line: Homes in Tampa Bay continue to be a great investment as property values rise and outpace the nation.

📊 Our Current Local Market Data: 

The Tampa and Pasco markets are HOT as we get into the peak summer months!

I am happy to help you create a real estate strategy that will allow you to navigate the current market.

If you ever have questions, don’t hesitate to ask.

If you’re curious how much your home could sell for now, then reply “What’s my home value” or you can get an estimated value here.

Or if you’re just curious about how the current market affects your situation & what’s going on in your specific neighborhood, just reply & ask.

📰 In Other News:

• Top events this week: Go Skate Day, the comedy of Alonzo Bodden and the Tampa Bay Boat Show
  

• Publix’s ice cream truck coming to 3 Tampa Bay locations this summer

That’s all for today, I hope you have an amazing week!

If there’s ever anything you need:

• a custom market or home value report

• a home services list for a reliable contractor or services professional

• feedback or a professional opinion on a home project

Just let me know! We’re here to help with all your home needs.

Talk soon,

- Sean, and the Bello Home Team 

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