Happy Wednesday!

Tampa is booming this week!

A $65M project to combat flooding in South Tampa is under review, and the $6M revitalization of Franklin Street has been unanimously approved!

We're also looking into how the real estate market has already begun to change just over a week after the elections.

—Sean

🚧 Tampa’s $65M Plan to Fight Flooding:
Relief or Risk?

Driving the news: Tampa city officials unveiled a $65 million flood relief plan during Monday’s public meeting, targeting stormwater infrastructure upgrades along South Howard Avenue.

The project aims to tackle persistent flooding issues aggravated by aging systems and recent hurricanes, such as Hurricane Milton.

Details: The project covers South Howard from Swann to Bayshore, including surrounding side streets. To minimize disruptions, construction is planned in 16 phases, with work confined to 1–2 blocks at a time.

Enhancements include wider sidewalks and additional parking alongside the stormwater improvements.

Community reactions varied:

• Residents like Debra Coleman urged immediate action, highlighting how even small reductions in water levels could protect homes.
  

• Business owners, represented by Jordan Warshavsky of Ciccio Restaurant Group, voiced concerns over extended road closures potentially endangering livelihoods.

City officials outlined measures to ensure accessibility, including pre-paving side streets to maintain traffic flow.

Why it matters: South Tampa’s flooding problems have strained homeowners and businesses for years, and delays could exacerbate the risks during future storms.

Improved infrastructure offers the potential for safer homes, fewer damages, and revitalized public spaces.

The big picture: Balancing infrastructure development with economic vitality is critical.

While some residents are eager for overdue relief, the city must address business concerns to prevent economic fallout during construction.

What’s next: City officials will continue gathering community feedback before finalizing project timelines.

Expect updates on funding approvals and a detailed construction schedule in early 2024.

The bottom line: The flood relief plan is a bold step toward addressing a long-standing issue in South Tampa, promising safer streets and improved quality of life.

However, careful planning and community collaboration will be key to its success.

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🛣️ The $6 Million Plan to Revitalize Downtown Tampa

Driving the news: Tampa's City Council has unanimously approved the Franklin Street Vision project, a $6 million initiative led by the Tampa Downtown Partnership to revitalize the historic Franklin Street corridor.

Details:

• Funding: The project will be financed over three years through the Downtown Community Redevelopment Agency (CRA), utilizing property taxes generated within downtown Tampa.
  

• Enhancements: Plans include streetscape improvements, infrastructure upgrades, and mobility enhancements, aiming to blend the street's historic charm with modern amenities.
  

• Community Involvement: Since 2020, the Tampa Downtown Partnership has engaged over 550 stakeholders—including residents, business owners, and visitors—to shape the vision for Franklin Street.

Why it matters: Revitalizing Franklin Street is pivotal for downtown Tampa's growth.

The project seeks to transform the area into a vibrant hub, benefiting residents and attracting visitors, thereby boosting local businesses and enhancing the community's appeal.

The big picture: This initiative reflects a broader trend of urban renewal in Tampa, focusing on preserving historical elements while introducing contemporary features to meet the needs of a growing downtown population.

What's next: A detailed timeline for the project's commencement and completion will be established in the coming months, with continued community engagement to ensure the development aligns with local expectations.

The bottom line: The Franklin Street Vision project represents a significant investment in Tampa's future, aiming to create a dynamic and inclusive downtown environment that honors its rich history while embracing modernity.

📦 2024 Election Sparks Wave of
Relocation Plans

Driving the news: A Redfin survey conducted days after the 2024 election shows that 22% of Americans are considering relocating, with more than one-third eyeing destinations abroad.

Democrats, young adults, and renters are leading the charge, citing political and economic motivations.

Details:

• Who’s moving:

  • 28% of Democrats are more likely to relocate compared to 16% of Republicans.
    

  • Young adults aged 18–34 are the most mobile group, with 34% considering a move.
    

  • Renters (29%) and lower-income earners (27%) are the most inclined to pack up.
    

• Where they’re going:

  • 36% of potential movers are looking beyond U.S. borders, with Canada and the UK as top destinations.
    

  • 26% are considering a new state, while 12% favor a different metro area within their state.
    

• Homebuying on hold:

  • 25% of first-time buyers delayed purchasing until after the election, with 16% waiting to see if Trump’s housing policies would improve affordability.

Why it matters: The election’s political polarization has driven many to seek alignment with communities that share their values. Economic factors, including housing affordability, are also playing a pivotal role.

For local economies, this trend means potential shifts in housing demand and community demographics.

What’s next: With moving plans unfolding, expect noticeable shifts in real estate trends, especially in urban areas and states popular with expatriates.

Local governments may need to adapt to incoming populations or accommodate departures.

The bottom line: The 2024 election has not just shaped the country’s political future but also where and how Americans want to live, reflecting both their aspirations and frustrations.

📊 Our Current Local Market Data:

The Tampa and Pasco markets are still hot as fall approaches.

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:

• Will Pinellas County approve financing for a new Rays stadium?
  

• Veterans Plaza Dedication Honors US Military Members, Families
  

• Tampa to host first-ever dog-friendly Margaritaville cruise in 2025

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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