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💪 New I-75 Amenities, Downtown Luxury & Local Market Look

💪 New I-75 Amenities, Downtown Luxury & Local Market Look

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

Sean Bates
May 23, 2024

Happy Thursday!

We have great news about Tampa and Pasco this week!

A multi-use development has been approved in Pasco, and the construction of Tampa One is about to start.

We are also taking a look at how Tampa Bay stands out when it comes to real estate.

Enjoy!

—Sean

💰 Massive I-75 Corridor Project in Pasco Gains $29M Incentive Approval

Driving the news: Pasco County commissioners approved a massive mixed-use development on 785 acres near the Interstate 75 and State Road 52 interchange, along with $29 million in economic incentives.

Details: The project by Landco Liquidating Company LLC and Texas-based developer Hines includes:

190,000 sq ft of retail/commercial space
3 million sq ft of light industrial
500,000 sq ft of offices
250-room hotel
1,550 apartments
150 townhomes
600 single family homes
27 single-family estate homes

Why it matters: The development is the final piece of Pasco's vision for an employment and tax-generating hub around the I-75/SR 52 "gateway."

County officials also project 2,770 new jobs as a result of the development.

The big picture: The project is expected to bring the county $136 million in projected property taxes over 20 years, and $327 million annually for the county's gross product.

Between the lines: The approval includes $29 million in property tax rebates as economic incentives for the developer, tied to construction milestones for job-creating portions.

What's next: The road and utility work for the project may not start until March of 2028. It includes an I-75 underpass for traffic relief.

The bottom line: The long-awaited project aims to drive economic growth by creating a major mixed-use employment hub along the booming I-75 corridor in Pasco.

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This meticulously crafted 🛏️ 3-bedroom, 🛁 2-bathroom haven features 1,234 sq ft of contemporary living space and a 🚗 1-car garage.

🔑 Key Features:

🚘 Fully textured garage interior w/ storm-rated door
💡 Four coach lights for added curb appeal
🛡️ Termite protection with Bora-Care treatment
🌳 Landscaped front yard with Bermuda grass
💧 Exterior hose bib and porch lighting
🛡️ White vinyl fence encloses the backyard
👁️ Garage and backyard cameras with security night lights
🚪 Elegant white doors with matte brushed nickel hardware
🚨 Battery backup smoke detectors for enhanced safety
⚡️ High-efficiency HVAC and tankless hot water heater

A stylish and energy-efficient home designed for modern living. 🏡

📍 4619 Courtland St #1/2, Tampa, FL 33610

💰 $349,900

🌇 Developer of One Tampa Condos Preps for Site Work to Begin

Driving the news: Construction equipment will soon be mobilized at the corner of East Twiggs and North Tampa streets, marking the beginning of site work for One Tampa, a highly anticipated 42-story condo tower in downtown Tampa.

Details:

One Tampa will feature 225 condo units, with prices starting from $1 million.
The tower will be located at 520 N. Tampa St., replacing the former First Watch restaurant, which is relocating to Park Tower.

Why it matters: One Tampa is one of the most closely watched developments in downtown Tampa, with presales approaching $200 million as of May 2023, making it one of the fastest-selling projects in the area.

The big picture: Kolter Urban assembled the One Tampa site in late 2021 for $11.64 million, which includes properties at 520 N. Tampa St., 514 N.

Tampa St. (the Dohring Building), a small alley next to the Dohring Building, and a vacant lot at 507 N. Ashley Drive.

What's next: A groundbreaking ceremony for One Tampa is expected to take place in the coming weeks, signaling the official start of construction.

The bottom line: As site work begins and the groundbreaking approaches, One Tampa is set to become a significant addition to downtown Tampa's skyline, offering luxury living options in a prime location.

🔥 As Supply Shifts, Home Prices Are on The Rise in Tampa Bay

Driving the news: Home prices continue to rise nationally, but several metros that once ranked among the nation's hottest housing markets are now seeing price cuts, according to new data from residential real estate brokerage firm Redfin.

Details: In Tampa Bay, new listings are up 11%, active listings are up 28.75%, and prices are following suit, up 1.12% year-over-year.

The metro also ranks 10th nationwide for future build-to-rent developments, with over 1,300 new single-family homes set to hit the Tampa rental market in the next few years.

By the numbers:

Six of the 10 cities that saw the largest increases in March year-over-year supply were from Florida.
North Port Sarasota saw the highest price cuts in the country at 48%, followed by Tampa (44%) and Cape Coral (41%).
In Cape Coral, the average home took an additional 31 days to sell last month compared to March 2023.

Why it matters: Increased supply in many metros is just one of many factors shaping the evolution of the housing market, alongside uncertainty over interest rates, challenges in the home insurance segment, and ongoing affordability challenges.

Between the lines: The insurance crisis is also complicating sales. Last year, 72% of American homeowners saw their insurance premiums go up, and in areas where those costs are surging, economists believe properties are at risk of gaining less value than in locations with more stable premiums.

What's next: Sellers are offering concessions to hold deals together, as rising insurance costs become a significant issue for buyers, especially those purchasing waterfront homes on smaller budgets.

The bottom line: As supply shifts and various factors shape the housing market, Tampa Bay is experiencing rising home prices and a growing build-to-rent sector, while once-hot markets in Florida face price cuts and longer selling times.