Happy Thursday!

There are several projects in development this week!

We’ve got details about 6 recent developments in Tampa Bay, and a new residency program fromAdventHealth that will boost the number of doctors in Wesley Chapel!

We’re also taking a look at Fannie Mae’s mortgage research data over the years.

—Sean

🤩 6 Game-Changing Developments Driving Tampa's Growth

Driving the news: Tampa is buzzing with significant developments that will enhance the city's infrastructure and lifestyle.

From new residential projects to major transportation expansions, here’s a roundup of the latest highlights.

Details:

• Water Street Tampa Projects: Strategic Property Partners LLC (SPP) revealed plans for three new projects in Water Street Tampa.
  
  These include a residential condominium, a build-to-suit office complex, and an entertainment destination near Amalie Arena. The mixed-use entertainment hub will feature a select-service hotel and event parking garage, adding vibrancy to the area.
  

• Gasworx Development: A partnership between Shaw and KETTLER, Gasworx spans 40 acres between the Ybor Historic District and Channel District. This development will provide over 300 affordable housing units, the largest private investment in the city's history.
  
  Canvas GWX’s townhouse units will range from 2,100 to 2,400 square feet, reflecting Ybor City’s industrial style.
  

• Tampa Riverwalk Extension: The City of Tampa is extending the Riverwalk with a multi-use trail along both sides of the Hillsborough River.
  
  This trail will improve connectivity and provide a scenic route for pedestrians and cyclists. Key upgrades include over-water crossings, new pavement, guard rails, lighting, and landscaping.
  

• Ybor Harbor: Darryl Shaw’s Ybor Harbor is a transformative 33-acre waterfront development. The project aims to create a vibrant neighborhood with up to 6 million square feet of residential, office, hotel, and retail space.
  
  Working with Port Tampa Bay, the development will open a currently restricted waterfront section to the public, featuring a boardwalk, piers, boat slips, and green spaces.
  

• Tampa International Airport – Airside D: The new Airside D terminal at Tampa International Airport (TPA) will accommodate an additional 13 million passengers by 2037.
  
  This 563,000-square-foot terminal will include 16 gates, state-of-the-art Customs and security facilities, and advanced bag processing technologies. It’s the final phase of TPA’s Master Plan to decongest airport facilities and support future growth.
  

• Brightline Tampa Station: While Brightline expansion funding was missing from this year’s budget, plans for a Tampa station persist, likely located in Ybor City.
  
  Last year, nearly 100,000 passengers used Tampa Union Station, demonstrating a strong demand for expanded rail services.

Why it matters: These developments showcase Tampa's commitment to improving urban living, transportation, and connectivity.

The projects will provide more housing options, boost economic activity, and improve the overall quality of life for residents.

The big picture: These projects will not only cater to the current population but also attract new residents and businesses to the area.

The bottom line: Tampa's ongoing developments reflect a forward-thinking approach to urban planning, enhancing the city’s appeal as a thriving and modern metropolitan area.

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🩺 AdventHealth Launches New Residency Program in Wesley Chapel

Driving the news: AdventHealth has introduced a new family medicine residency program in Wesley Chapel, accepting its first residents this summer.

This initiative aims to address the physician shortage in the Tampa Bay region.

Details: The program is designed to utilize AdventHealth's infrastructure and patient volume to effectively train new doctors.

Dr. Rajan Wadhawan, Chief Clinical Officer, emphasized that doctors often remain in the areas where they train, making this program crucial for local healthcare.

AdventHealth's first family practice residency in Sebring recently saw its first graduates, with some staying local. Upcoming graduates from Sebring's internal medicine program and new residents in Tampa's internal medicine and OB-GYN programs will further bolster the medical workforce.

Over the next three years, AdventHealth plans to add 109 residents across Sebring, Tampa, and Wesley Chapel.

Why it matters: As the Tampa Bay area continues to grow, the demand for healthcare services rises. By training more physicians locally, AdventHealth is helping to ensure the community has access to necessary medical care.

This program not only fills the current gap but also builds a sustainable pipeline for future healthcare needs.

What's next: AdventHealth will continue to expand its residency and fellowship programs, providing more opportunities for advanced medical training and ensuring a steady supply of well-trained physicians to serve the Tampa Bay community.

The bottom line: AdventHealth's new residency programs are a strategic response to the growing healthcare demands in Tampa Bay.

By investing in medical education and infrastructure, they are strengthening the region's healthcare system and ensuring better access to quality care for the community.

🏠 High Home Prices and Mortgage Rates: How Consumers Are Coping

Driving the news: Driving the news: Fannie Mae's latest study sheds light on evolving consumer perceptions about mortgages, revealing both challenges and opportunities in the current market.

Details: While confidence has decreased, with only 19% viewing now as an excellent time to buy a home, the desire for homeownership remains strong.

Factors like rising home prices and mortgage rates are concerns, but they also highlight the resilience and adaptability of the market.

Why it matters: The strong desire for homeownership is clear:

• 92% of consumers see owning a home as essential.

• 70% believe it's a safe investment.

• 95% prefer owning over renting if financially possible.

The big picture: Education is key. Many prospective buyers are unclear about key elements of real estate transactions:

• 90% of consumers overestimate or are unaware of the minimum down payment required.

• 32% misjudge or are unaware of the required credit score.

• 40% don't know the preferred percentage of household income for mortgage payments.

• 49% underestimate the maximum DTI ratio allowed.

Between the lines: Talking to your trusted real estate expert on these issues will help you have a better understanding of where you should and shouldn't take risks in this market based on your personal situation.

What’s next: There are many down-payment assistance and low down-payment options available that can help bridge these gaps.

➡️ If you are interested in learning more about these resources, respond to this email and I'll connect you with the best of the best. ⬅️

The bottom line: Despite current challenges, the desire for homeownership in our economy is strong.

📊 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:

• Conventions bringing summer tourism surge to Tampa
  

• 10 Tampa restaurants named ‘best overall,’ according to OpenTable

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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