Happy Wednesday!

Tampa has exciting news for Rays fans this week as we’ve learned some exciting details about a new stadium in St. Pete.

Pasco is wisely planning for future population growth by investing in our waste and energy sectors.

We’re also diving into how a government shutdown could impact your local housing market.

Enjoy.

—Sean

⚾️ Rays announce plans for new $1.3 billion stadium in St. Petersburg

Driving the news: After a long journey filled with uncertainty and false starts, the Tampa Rays, the city of St. Petersburg, and Pinellas County have unveiled a $1.3 billion stadium plan.

The plan will seek to breathe new life into a historically significant district and cement the baseball team in place for the next 3 decades.

Details: The new stadium, adjacent to the existing Tropicana Field, will be a 30,000-seat domed structure.

The stadium is part of a $6 billion development project that is expected to bring housing, businesses, and vibrant community life to the 86-acre Historic Gas Plant District.

Key development overview:

• Residential units: 4,800

• Affordable housing: 1,200 units

• Senior living: 600 units

• Retail: 750,000 square feet

• Office/medical space: 1.4 million square feet

• Entertainment/music space: 100,000 square feet, with a significant concert venue

• Cultural community space: 50,000 square feet, featuring the Woodson African American Museum of Florida.

• Parking spaces: 14,000

By the numbers: The full cost of the ballpark is expected to be $1.3 billion dollars. The Rays will cover more than half of the construction costs and also foot the bill for any projects that run over the budget.

Pinellas County and St. Petersburg will be contributing ~$600 million in funding, but no tax increases will be required.

The county will pull $300 million from bed tax (tourism taxes) revenue and the city’s portion will be paid with existing funds.

Why it matters: The announcement of the plan is a big step for the Rays, who have considered moving to other cities to find a permanent home.

The new stadium and development will be a major investment in the future of St. Petersburg and the Tampa Bay area. It is expected to boost the economy, create jobs, and revitalize its neighborhood.

The big picture: The journey to this point hasn't been smooth. Past plans, including an $892 million Ybor City stadium, failed in the negotiation phase.

Additionally, the idea to split seasons between two locations, including one in Canada, was scrapped.

For a while, it seemed unlikely that the Rays would be able to stay in Tampa.

Between the lines: More than just a ballpark, the all-encompassing development plan aims to make the area a go-to destination year-round, pulling in fans before games and retaining them afterward.

What’s next: The proposal still needs approval from the St. Petersburg City Council and the Pinellas County Commission. Opposition is expected due to previous scrutiny around using public funds for a sports franchise.

If all green lights are given, construction could start by the end of 2024.

The bottom line: Keeping the Rays in St. Petersburg has been a challenge filled with twists and turns. This new stadium and the surrounding development promise to secure the team's future in the city and revitalize a historic district.

However, the path forward will still have hurdles, as public sentiment and political decisions remain unpredictable.

✅ Pasco approves $260 million expansion of waste-to-energy plant

Driving the news: Pasco County officials have approved a $260 million plan to expand and secure operations of the waste-to-energy plant in Spring Hill for another decade.

The commission also agreed to another $290 million to have Covanta Corporation design, build and continue operating the Pasco County Resource Recovery Facility.

Details: The expansion project will add a fourth boiler to the plant and increase its capacity from 1,050 to 1,565 tons per day.

The extra boiler will also convert waste to generate approximately 18 megawatts of electricity per day.

This will allow Pasco to extend the life of its landfill space. This is a much-needed solution as the population continues to grow and land becomes more scarce.

The $550 million project will be financed largely through a combination of cash reserves and future bonding.

The big picture: The population of Pasco County has grown by 37% since 2000. It’s expected to grow another 37% by 2045. This rapid growth requires planning for the future.

Between the lines: The Pasco plant expansion is a significant investment in the county's future. It will help Pasco County meet its growing waste disposal needs, generate clean energy, and extend the life of its landfill space.

What's next: Construction on the expansion is expected to begin next summer and wrap up in the summer of 2026.

The bottom line: The Pasco County waste-to-energy plant expansion is a needed investment as the population booms.

🤔 How would a government shutdown impact the housing market?

Driving the news: With the threat of a government shutdown looming, many are wondering how it could impact the real estate market.

Details: Analysts are predicting minor effects on the U.S. housing market and the economy at large, though Washington, D.C. may see noticeable shifts due to its high concentration of federal workers.

• Impact on overall economy: Historically, shutdowns have led to temporary dips in equities, a decline in Treasury yields, and potential pauses on interest-rate hikes. A prolonged shutdown could delay critical economic data releases.
  

• Impact on housing market: Potential short-term decrease in mortgage rates may boost nationwide homebuying demand. However, Washington, D.C. may experience a slump in demand owing to furloughed federal employees.

Why it matters: Although government shutdowns usually have minimal impacts on the economy, even short-lived disturbances can alter consumer sentiments, affecting markets like housing.

The local economy in Washington, D.C. stands to bear the brunt of these effects due to its heavy federal workforce.

The big picture: The U.S. government has seen four shutdowns since the 1990s, averaging 14 days each. While mandatory services continue, non-essential operations halt, furloughing hundreds of thousands of workers.

By the numbers: Goldman Sachs estimates each shutdown week shaves approximately 0.2% off the GDP. Although this only affects discretionary spending, it presents a temporary strain on the economy.

Between the lines: The true impact hinges on the duration. Extended shutdowns could lead to delays in vital economic data releases and introduce uncertainties in financial markets.

What’s next: As the countdown to a potential shutdown progresses, the focus will be on its duration and subsequent economic repercussions. Markets and federal employees will closely monitor developments.

The bottom line: A short government shutdown will have limited consequences on the broader economy and housing market. An extended shutdown could amplify disruptions.

📊 Our Current Local Market Data: 

The Pasco and Tampa markets are still hot for several reasons:

• Inventory is low

• Our job market is desirable

• Many people are moving to the area

If you are thinking about buying a home in the area, you should be prepared for a competitive market. You will need to be pre-approved for a mortgage and be ready to act quickly when you find a home you like.

I am happy to help you create a home-buying 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 Streetcar will remain fare-free for another year
  

• Pinellas Commissioner Charlie Justice wants more details on Rays funding proposal
  

• Florida Minimum Wage to Increase to $12 on September 30

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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