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💪 Tampa plans to invest over $1B in infrastructure and trade

💪 Tampa plans to invest over $1B in infrastructure and trade

Tampa is making big plans to keep our economy strong.

Sean Bates
August 02, 2023

Happy Happy Wednesday!

This week Tampa has been busy looking at investing heavily in our transportation and trade infrastructure.

Over $1.1B has been proposed to improve the Port of Tampa Bay and Tampa Union Station. Keep reading to see how these projects will shape our area's local economy.

Enjoy!

—Sean

💰 Deepening and widening Tampa's port will cost over $1 billion

Driving the news: A proposed deepening and widening project at Tampa's port is going to cost over $1 billion.

The U.S. Army Corps of Engineers has spent two years studying the project's engineering and environmental implications.

Details: The current proposal for the project includes:

Deepening the upper channels, including the Ybor Channel near downtown, to 39 feet
Widening the channel's entrance by 9,900 feet to access natural depths of 50 feet
Incorporating two of the port's channels into the federal project, bringing their depth to 47 feet from the current 43.
Expanding the northern part of the East Bay Turning Basin and several turn wideners

The big picture: If approved, this would be Tampa's first major port expansion since the 1975-85 project that increased the main channel depth from 34 to 43 feet.

PTB's push: The U.S. ACE recommended the main channel be deepened from 43 feet to only 45 feet.

However, Port Tampa Bay has pressed for the channel to be deepened to 47 feet, a change that would increase the cost by an extra $410 million.

This 2-foot difference would allow the port to accommodate larger post-Panamax ships.

What they're saying: "If necessary, Port Tampa Bay will endeavor to obtain funding of the additional share to achieve two additional feet of depth at 100% non-federal expense," wrote port CEO Paul Anderson.

He showed a projected 2-to-1 benefit-cost ratio over the lifespan of the project.

Reality check: Dredging projects aren't just expensive and time-consuming, they also pose environmental challenges.

The bay has lost about 12% of its seagrass in the last two years, a critical food source for manatees and sea turtles.

The project report acknowledges that the project could exacerbate these issues but notes plans to mitigate impacts by supporting seagrass growth and restoring endangered habitats.

What’s next: The project's approval hangs in the balance as it faces scrutiny from both financial and environmental perspectives.

Port Tampa Bay must now make its case for the additional funding required for a deeper channel while addressing environmental concerns.

Bottom line: The final decision on the proposal could have long-lasting impacts on trade, marine life, and Tampa Bay's economy.

🚆 Tampa Union Station brings in $400K for much-needed upgrades

What's Happening: The city of Tampa has been awarded $408,806 in state funding for the planned renovation of the historic Tampa Union Station.

The 101-year-old building is facing major issues such as termite infestation, wood rot, and water intrusion. Officials also want to replace windows and doors, upgrade restrooms, and repair interior plaster.

The plan: The renovation project is expected to cost approximately $2 million, and aims to restore and modernize the iconic station.

Tampa Union Station has applied for a $1.5M federal grant to cover the remaining balance of the project.

Why it matters: Tampa Union Station is a historic landmark with a rich history in the city of Tampa.

The planned renovation will not only address the current structural issues but also breathe new life into this iconic transportation hub.

The preservation and modernization of the station are crucial to ensure it remains a functional and aesthetically pleasing gateway for travelers that bring revenue into our economy.

The construction process: The renovation project is currently in the design phase, and the Collage Companies will be the general contractor overseeing the construction.

Various subcontractors, such as those specialized in plastering and stained glass work, will also be involved in the restoration efforts.

What's Next: Local transit leaders eagerly await the federal government's decision on the $1.5 million grant application.

If approved, this funding will further support the renovation project, bolstering intercity passenger train services in the area.

The bottom line: Tampa Union Station's restoration is not only a matter of preserving history but also improving transportation infrastructure for residents and travelers alike.

💭 New Yorkers are dreaming of Tampa Bay homes

Driving the news: When people look on Zillow for Tampa homes, the top state (other than Florida) making those searches is New York.

The big picture: Since 2021, there's been an exodus from high-cost cities for more affordable states. People left New York and headed south to Philly, the Carolinas, and Florida.

Florida experienced one of the biggest population booms in the country between 2020 and 2022.

The data:

Of the top 10 metros where Zillow searches originate, six come from outside of Florida, according to first-quarter Zillow data.
More than half of the page views for Tampa-area Zillow listings are from locals, the data show.
Outside of Florida, New York was the top origin, followed by Chicago, Atlanta, Philly, D.C., and L.A.

Why it matters: It isn't just snowbirds and retirees that are relocating to Tampa anymore. More millennials and young families are moving to the area every day.

Reality check: We're seeing a big pullback in migration right now because it's simply too expensive for most people to buy right now.

Across the U.S., the number of Redfin users searching for homes within their metro is down 18% from a year ago, per a June report.

Meanwhile, the number of users surfing listings in a new area dropped by 7%.

What's next: Growing environmental concerns like wildfires will start to influence migration patterns, though affordability will likely still be the No. 1 driver.

The bottom line: Florida has attracted millennials, snowbirds, and retirees to Tampa for warm weather, affordability, and recreational opportunities. The population boom in the area has kept Tampa's economy strong.