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🤩 Bucs Stadium Revamp, Pasco Growth & the Economy’s Safety Net

🤩 Bucs Stadium Revamp, Pasco Growth & the Economy’s Safety Net

Check out what's happening in the Pasco and Tampa economies this week.

Sean Bates
April 03, 2025

Happy Thursday!

This week’s roundup has a little something for everyone — whether you're planning your weekend or just keeping tabs on what’s happening around Pasco County.

🏈 Big news for Bucs fans: Raymond James Stadium could be getting a major facelift. I’ll fill you in on what’s being discussed and why it could keep Tampa in the Super Bowl spotlight.

🍰 Oh, and cheesecake lovers... The Cheesecake Factory is coming to Pasco. Yes, really.

💸 And finally, we’re breaking down some new housing data that might actually make you feel better about the market — especially if you’re a homeowner.

Let’s dive in! ⬇️

—Sean

🎉 Our Top 3 Things To Do This Weekend

Land O’ Lakes Seafood Festival

Join Florida Penguin Productions for the first-ever Seafood Festival featuring live music, fresh seafood vendors, food trucks, and dozens of vendors to shop from. Lawn chairs are recommended for open stage seating. Adult beverage proceeds will benefit the Celebrate Birthdays Foundation.
📍 Location: Land O' Lakes Heritage Park, 5401 Land O' Lakes Blvd, Land O’ Lakes, FL
📅 Date & Time: April 5, 12:00 PM – 6:00 PM
🎟️ Tickets: $10
🌐 Website: Land O Lakes Seafood Festival

Busch Gardens Tampa Bay Food & Wine Festival

Sip and savor your way through flavorful eats and mouthwatering treats every weekend during this annual celebration. Enjoy live concert performances included with park admission. Food and beverages are sold separately.
📍 Location: Busch Gardens Tampa Bay, 10165 McKinley Drive, Tampa, FL
📅 Date & Time: Weekends, April 4 – May 18, starting at 12:00 PM
🎟️ Tickets: Included with park admission
🌐 Website: 2025 Food and Wine Festival

Fresh Market at Wiregrass

Held the first and third Saturday of every month, this market features over 50 vendors offering locally grown produce, take-home foods, handmade goods, and eco-friendly products. Explore a variety of local artistry in the heart of The Shops at Wiregrass.
📍 Location: The Shops at Wiregrass, 28211 Paseo Drive, Wesley Chapel, FL
📅 Date & Time: April 5, 10:00 AM – 2:00 PM
🎟️ Tickets: Free admission
🌐 Website: The Shops at Wiregrass

🏈 Bucs Plan Major Raymond James
Stadium Revamp

Driving the news: The Tampa Bay Buccaneers are exploring a significant renovation of Raymond James Stadium as their lease nears expiration in 2028.

Co-owner Joel Glazer confirmed during the NFL winter meeting that the team is assessing what’s needed to keep the stadium competitive for future Super Bowls.

Details:

The team’s lease expires on Jan. 31, 2028, though they have four five-year extension options.

Hillsborough County, which owns the facility, requires the Bucs to notify them one year in advance if they plan to extend.

The county has some funds earmarked for necessary stadium upkeep through the Community Investment Tax.

The Tampa Sports Authority has commissioned a $280,000 study to evaluate long-term maintenance costs.

Speculation continues over Lot 14, a vacant parcel near the stadium, which has been linked to stadium discussions.

Why it matters: A modernized Raymond James Stadium could help keep Tampa in the Super Bowl rotation and enhance the game-day experience for local fans.

With competition from at-home viewing and newer stadiums, these upgrades are crucial to maintaining the Bucs' home as a premier venue.

The big picture:

Several NFL teams are renovating or replacing their stadiums, signaling an industry-wide shift:

Carolina Panthers: $800M upgrade to Bank of America Stadium.

Jacksonville Jaguars: $1.4B renovation of EverBank Stadium.

Buffalo Bills: New $1.7B Highmark Stadium under construction.

Houston Texans & Pittsburgh Steelers: Considering or making incremental improvements.

What’s next: The Bucs will continue evaluating options while monitoring other NFL projects. A final decision on the extent of renovations—or the possibility of a new stadium—will likely emerge in the coming years.

🏡 $389,900 Fort Myers Home with
Lakefront Views!

3 Beds | 3 Baths | 2,534 sqft

Nestled in the desirable Cypress Cay community, this spacious two-story home offers stunning lakefront views and an oversized lot. Inside, you'll find a bright and open layout with a den, family room, and loft. The modern kitchen features a range, refrigerator, and dishwasher, while the walk-in closets and impact-resistant windows add both convenience and peace of mind.

Relax in the community pool or enjoy the serene lake views right from your backyard. Conveniently located near shops and dining, this home is perfect for families or anyone looking to enjoy Florida living.

📍 13404 Hampton Park Ct, Fort Myers, FL 33913

🍰 Say Cheesecake! A Fan Favorite Is
Coming to Pasco

The Cheesecake Factory is coming to Tampa Premium Outlets! Later this year, the iconic California-based restaurant will open its doors in Pasco County—marking its 24th location in Florida and the 7th along the Gulf Coast.

Known for its massive menu and cult-favorite cheesecakes (and let’s not forget its cameos on The Big Bang Theory), this is one opening you won’t want to miss.

Keep an eye out—sweet things are coming soon!

🏡 Could Mortgages Be the Economy’s
Safety Net?

Driving the news: New data from the Federal Housing Finance Agency (FHFA) highlights the financial strength of U.S. homeowners, even as economic uncertainty looms.

With historically low mortgage rates and strong equity positions, homeowners may be in better shape to withstand a downturn than in past cycles.

Details:

40% of homeowners have no mortgage at all.

Among mortgage holders, the average loan-to-value (LTV) ratio is 46.9%, down from 70% in 2013.

82% of homeowners have at least 30% equity in their homes.

Just 0.3% of borrowers are currently underwater on their loans.

Mortgage rates remain extremely low for most homeowners: 54% have a rate below 4%, and 82% are below 6%.

Delinquency rates remain historically low at 3.6%, though early-stage missed payments have ticked up slightly.

Why it matters: With most mortgage holders locked into low-interest rates and sitting on substantial home equity, the risk of widespread foreclosures is minimal.

Even if unemployment rises, homeowners are more likely to prioritize their mortgages over other financial obligations because their payments remain affordable compared to renting or downsizing.

The big picture: Despite broader concerns about tariffs and slowing consumer spending, the housing market offers a rare source of stability.

While home prices may soften due to rising inventory and hesitant buyers, existing homeowners are unlikely to face the same distress seen in past downturns.

What’s next: If the economy slows in 2025, mortgage holders with ultra-low rates may continue to keep their finances afloat, preventing a major housing downturn.

However, rising delinquencies could be an early signal that financial stress is creeping into the market.

📊 Our Current Local Market Data:

The Tampa Bay housing market is shifting toward a more balanced state after years of rapid price growth. As of early 2025, the median home price is around $430,000, reflecting a moderate 4.8% year-over-year increase. Inventory is up 19%, with single-family homes at 3.5 months of supply and condos at 6.0 months, giving buyers more choices and negotiating power. Over 57% of listings now sit unsold for 60+ days, a stark contrast to the pandemic boom.

Despite cooling trends, Tampa remains a desirable market, supported by strong job growth—over 26,000 new jobs added in the past year. Elevated interest rates (6.5–7%) have slowed demand but also discouraged sellers from listing, keeping inventory in check. New construction is up 12%, especially in suburban areas like Pasco and Polk counties, but affordability remains a challenge with rising home prices and mortgage costs.

Insurance costs are another growing concern, with Florida’s homeowners' premiums averaging nearly $8,770 per year. Climate risks and hurricane exposure continue to impact buyer sentiment and property insurance costs. For buyers, longer time on market presents opportunities for better deals, while sellers must focus on pricing and marketing strategies to compete. Looking ahead, Tampa’s market is set for steady growth, shaped by economic strength, migration trends, and ongoing affordability and insurance challenges.