Happy Thursday!

We have a lot going on in Tampa Bay this week.

A final vote approaches for the Gas Plant District’s $6.5B redevelopment and a new project is coming to Tampa’s riverwalk.

We're also taking a look at how Florida's unemployment rate remained stable in 2024.

—Sean

🏗️ $6.5B Historic Gas Plant District
Project Nears Approval

Driving the news: The agenda for the final vote on the redevelopment of the Historic Gas Plant District and the new $1.3 billion stadium for the Tampa Bay Rays has been released.

St. Petersburg City Council will soon decide on this massive $6.5 billion project.

Details: On July 18, the council will vote on various aspects of the project. The first public hearing on June 13 saw a split decision, with a 5-3 vote.

Changes requested by the council have been added to the final agreements, including a 10,000-square-foot grocery store and a 2,500-square-foot daycare by 2045 and 2035, respectively.

The Rays and Hines will develop the area into a mixed-use neighborhood with housing, restaurants, office space, hotels, and an African American history museum.

By the numbers:

• Total project cost: $6.5 billion
  

• Stadium cost: $1.3 billion
  

• Bonds for stadium: $291.5 million
  

• Bonds for infrastructure: $140 million

Why it matters: If approved, this will be the largest mixed-use development in St. Petersburg’s history.

The project promises significant economic growth, job creation, and a revitalized urban space, positively impacting the local community.

The big picture:

• The council will vote on 12 agreements, including development and funding for the stadium.
  

• Public hearings and bond approvals for the stadium and infrastructure will follow.
  

• Contributions: St. Pete ($287.5 million), Pinellas County ($312.5 million), and the Rays (over $700 million).

Between the lines: The project has seen a lengthy search and numerous negotiations.

The Rays have sought a new ballpark for over 16 years, highlighting the project's importance to the team's future.

What’s next: Upon approval, permitting and construction will begin immediately, aiming for the stadium and Phase 1 of the development to be ready by Opening Day 2028.

The bottom line: This redevelopment could transform the Historic Gas Plant District, bringing economic growth and new amenities and solidifying the Rays' future in St. Petersburg.

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🤩 Connecting Tampa: Riverwalk
District Plans Unveiled

Driving the news: A new mixed-use district in downtown Tampa, spearheaded by Related Group, will feature a Riverwalk underpass, eight boat slips, and a kayak launch, significantly enhancing the area along the Hillsborough River.

Details: The Hillsborough County Planning Commission approved the permit for the project, which will revitalize the shoreline along the western edge of the Hillsborough River.

The Riverwalk will extend under the West Kennedy Boulevard bridge, connecting the University of Tampa with the new development.

Plans include a natural shoreline, minimal dredging of 370 cubic yards, and a floating boat dock.

The living shoreline will include preserved mangrove sites and added salt marsh plants, benefiting aquatic wildlife, water quality, and erosion control.

Why it matters: This project will significantly enhance the downtown Tampa waterfront, providing more recreational opportunities and connecting key areas.

The addition of the Riverwalk underpass will make the area more accessible and enjoyable for residents and visitors, promoting outdoor activities and contributing to the urban core's vibrancy.

The big picture: Related Group's new district is part of a broader effort to improve Tampa's waterfront.

The project aligns with the city's goals of maintaining the natural character of the Hillsborough River while accommodating urban development.

The bottom line: Construction on the Riverwalk district's three towers is yet to begin, but the approved plans indicate a significant step forward in transforming downtown Tampa's waterfront.

💼 Stable at 3.3%: Analyzing Florida's Consistent Unemployment Rate

Driving the news: Florida's unemployment rate held at 3.3% in May, the same as April, according to a June 21 report from the Florida Department of Commerce. This stability follows slight increases from earlier months.

Details:

• Unemployment rate trends: 3.3% in May and April, 3.2% in March, and 3.1% from December through February. It was 2.8% in May 2023.
  

• Labor force: Declined by 14,000 from April to 11.08 million in May.
  

• Unemployed workers: 361,000 in May, unchanged from April, but up from 306,000 in May 2023.
  

• Sector growth: Construction jobs rose by 5,500, education and health services by 2,700, and trade, transportation, and utilities by 2,300.
  

• National comparison: The U.S. unemployment rate was 4% in May, the highest since January 2022.

Why it matters: This steady unemployment rate signals resilience in Florida's job market, particularly in the construction industry, which reflects strong statewide demand for labor, goods, and services.

Between the lines: Despite minor fluctuations, Florida's labor force is robust, with more job openings than unemployed individuals, indicating a competitive job market.

What’s next: Monitoring future reports will reveal if current trends continue, particularly whether growth in construction and other key sectors can offset declines in professional services and government jobs.

The bottom line: Florida's job market remains strong, with steady unemployment rates and notable sector-specific growth, bolstering confidence in the state's economic resilience.

📊 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:

• Tampa Homes Undergo Critical Repairs for Free
  

• Top 3 Position Battles to Watch in Tampa Bay Buccaneers Training Camp

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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