Happy Wednesday!

Tampa is booming this week!

The City has approved $15 million in funding for the expansion of the Florida Aquarium, and St. Pete is looking at a 30-year plan to overhaul the area where the new Rays stadium will be.

We are also taking a look at why Tampa ranks first in the U.S. as the best place to invest in short-term rentals.

Enjoy!

—Sean

🐠 Florida Aquarium Wins $15 Million in City Funding for Expansion Project

Driving the news: The Florida Aquarium is set to receive $15 million from the city of Tampa for its $45 million expansion project, following a 6-1 vote by the Tampa City Council.

Details: The aquarium's expansion plan includes adding a second-floor gallery space and exhibits for puffins, sea lions, and penguins.

The project, which began in 2022, has already secured $22 million in private funding.

Why it matters: The city's investment will enable the nonprofit aquarium to accommodate its anticipated growth in attendance, which will, in turn, support its learning and community programs.

The aquarium is praised as an accessible destination for children across the city, particularly for field trips and those with disabilities.

The big picture: The $15 million allocation comes from the Channel District Community Redevelopment Agency (CRA), which uses future gains in real estate values to drive infrastructure investment within a specific area.

What's next: With the city's funding secured, the Florida Aquarium can proceed with its expansion project, which is already underway.

The bottom line: The Florida Aquarium's $15 million funding from the city of Tampa marks a significant milestone in its $45 million expansion project.

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🛡️ Solid concrete block construction with stucco exterior
🚪 Storm-rated garage door with opener
💡 Coach lights and architectural shingles
🌱 Landscaped front yard with Bermuda grass
🏠 Vinyl backyard fencing with security cameras and ring doorbell
🛋️ Spacious 8-foot ceilings and orange-peeled walls
🚪 Elegant white doors with matte brushed nickel hardware
🛁 Ceramic tile shower in master bath
🍽️ White kitchen cabinets with quartz countertops
🍴 Stainless steel GE appliances
💡 Energy-efficient HVAC and tankless water heater

A beautifully crafted home designed for modern living, comfort, and security. 🏡

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💰 $349,900

⚾️ St. Pete Grills Rays’ $6.5B Gas Plant District Plan

Driving the news: A nine-hour St. Petersburg City Council meeting took place on Thursday to discuss the 183-page development agreement for the Tampa Bay Rays' proposed $6.5 billion Gas Plant District redevelopment project.

Details: The plan includes a new 30,000-seat enclosed ballpark opening in 2028, surrounded by restaurants, bars, retail, and the reimagined Booker Creek.

It also features 5,400 residential units (1,250 affordable), 1.4 million sq ft of office/medical space, 750,000 sq ft of retail, and a $50 million equity initiative.

The current plan shows the project will take nearly 30 years to complete.

By the numbers: The city would spend $417.5 million ($287.5M for ballpark, $130M for infrastructure), Pinellas County $312.5M for ballpark, and the Rays $700M plus overruns.

Why it matters: The redevelopment of the Historic Gas Plant District is a generational project that could be one of the biggest developments in Florida's history.

The city council's decision will have a significant impact on the future of downtown St. Petersburg.

The big picture: While supportive of the deal, council members raised concerns about potential loopholes, financial responsibilities, affordable housing funding gaps, developer rights transfers, and the city's $142 million infrastructure costs.

What's next: After this initial workshop, the Rays-Hines team will adjust the agreement language, with a second meeting and potential votes in June or July.

The bottom line: The Historic Gas Plant District redevelopment is a once-in-a-lifetime project that could shape the future of St. Petersburg.

The city council's decision on the development agreement will be crucial in determining the path forward for this massive project.

💸 Tampa Is the Best City to Invest in Short-Term Rentals, Analysis Finds

Driving the news: Tampa has been named the best city to invest in short-term rentals, according to a new study by Clever Real Estate and Rabbu.com.

The study analyzed metrics such as median home prices, occupancy rates, and property value changes to rank Airbnb investment markets across the country.

Details: Tampa secured the top spot due to its impressive 71.6% property value increase over the past five years, which is 55% higher than the median city in the study.

Tampa features 16,020 property listings, a 44.8% Airbnb occupancy rate, and an average annual Airbnb revenue of $52,705.

By the numbers: The top 10 cities to invest in short-term rentals include Tampa, Orlando, Jacksonville, and Miami.

On the other hand, San Jose, California, ranks as the worst short-term rental city, with a median home sale price of $1,447,955, more than four times the average.

Why it matters: The study highlights the potential for investors to capitalize on the growing short-term rental market in Tampa and other top-ranking cities.

With 76% of surveyed Americans viewing Airbnbs positively and nearly 60% considering them nicer than hotels, the demand for short-term rentals is likely to continue rising.

The big picture: Airbnb claimed it helped Florida generate approximately $15 billion in economic impact in 2023, including over $4 billion in tax revenue, an estimated 180,000 jobs supported by guest spending, and $3.6 billion in host earnings.

Between the lines: While short-term rentals offer investment opportunities, nearly all respondents (96%) acknowledged downsides, such as misleading property descriptions, lack of on-site help, and safety concerns.

Investors should carefully consider these factors when evaluating potential properties.

What's next: As the short-term rental market continues to grow, investors may increasingly look to cities like Tampa for profitable opportunities.

The bottom line: Tampa's strong property value growth, high occupancy rates, and substantial Airbnb revenue make it an attractive option for investors seeking to capitalize on the short-term rental market

📊 Our Current Local Market Data: 

The Tampa and Pasco markets are HOT as we get into peak home-buying season!

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:

• Tampa General chosen as one of Florida’s first behavioral health teaching hospitals

• Brightline high-speed rail to Tampa? City officials discuss what’s next

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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