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🏗️ Water Street Overhaul, Bye Bye USF Golf & Florida's Hot Market

🏗️ Water Street Overhaul, Bye Bye USF Golf & Florida's Hot Market

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

Sean Bates
May 08, 2024

Happy Wednesday!

I’ve got some exciting updates for you about Tampa this week!

Water Street Tampa has plans to create new live-work-play buildings - including the tallest building in the neighborhood. USF is finally working to get rid of its old golf course and is accepting development proposals for the land.

We are also taking a look at how the Tampa real estate market stands up to the national market trends.

Enjoy!

—Sean

🏗️ Water Street Tampa
Plans for New Live-Work-Play Buildings

Driving the news: Water Street Tampa developers have unveiled plans for three new live-work-play buildings.

When completed, the project will transform the city's skyline and further connect the neighborhood to downtown and Ybor City.

Details: The new phase of development includes:

A condo tower that would become the tallest building in the neighborhood
A custom-built office complex featuring ground-floor retail and pedestrian-friendly green spaces
A mixed-use development with a hotel and a parking garage for Amalie Arena and other events

Why it matters: The expansion of Water Street Tampa continues the successful live-work-play model that has revitalized the area in recent years, while also blending the development more seamlessly with the existing city street grid.

Between the lines: Strategic Property Partners, the developer behind Water Street Tampa, has hinted at exploring a new club concept focusing on social interaction and fitness, further increasing the neighborhood's amenities.

What's next: Infrastructure work for the new buildings, including roads and utilities, is slated for completion by spring 2025.

Construction on the condo tower and mixed-use entertainment area is expected to start this year, according to an SPP spokesperson.

The bottom line: These new additions to Water Street Tampa will continue creating a vibrant, connected, and sustainable urban environment that caters to the evolving needs of the community.

🏠 Step Inside a $469,900 Townhome in Long Lake Ranch

Welcome to 19398 Great Intention Way, Lutz, a meticulously designed Sebring Townhome!

You find 🛏️ 3 Beds, 🛁 3 Baths, with a sprawling 2,243 sqft of contemporary living space nestled in the highly coveted Long Lake Ranch community.

This home features:

🌞 Open Floor Plan with Abundant Natural Light and Plank Tile Flooring
🍳 Chef’s Dream Kitchen with Quartz Dolce Countertops, Subway Style Glass Backsplash, and Whirlpool Stainless Steel Appliances
🛏️ Luxurious Owner’s Suite with Large Ensuite Bathroom and Dual Walk-In Closets
🏡 Charming Brick Paver Driveway and Screened Patio for Year-Round Enjoyment
🎨 Custom Sonoma Linen Colored Cabinets and Ample Storage Options
🏢 Spacious Loft/Bonus Area Ideal for an Office or Extra Living Space
🏊 Community Pool, Dog Park, and Playgrounds in a Gated, Resort-Style Setting
📍 Close Proximity to Tampa Bay’s Beaches, Shops, and Schools
🚗 2-Car Garage and Smart Home Tech Package for Enhanced Comfort
🔒 Maintenance-Free Living with State-of-the-Art Security Features

Priced at $469,900, 19398 Great Intention Way offers an unrivaled blend of functionality and style, making it the perfect choice for anyone seeking a luxurious yet convenient lifestyle in Lutz, FL.

⛳ USF Seeks Developers for The Claw, Its Old Golf Course

Driving the news: The University of South Florida (USF) is seeking proposals from real estate developers to transform its defunct golf course, The Claw, into a mixed-use district more than twice the size of Water Street Tampa.

Details: USF officials view The Claw's redevelopment as an opportunity to extend the campus northward and create a mixed-use, walkable environment with entertainment and dining options.

These are the details for the requested proposals:

USF issued a two-phase invitation to negotiate (ITN) for the 120-acre property, which does not include a university-owned forest preserve.
Developers must submit qualifications by July 24, and USF will post its shortlist on Sept. 4.
The project requires the Tampa City Council's approval of a land-use amendment, with a hearing scheduled for later this summer.
The earliest construction would begin is likely late 2025.

This project is separate from the on-campus football stadium, which is expected to be completed in 2027.

Why it matters: The redevelopment of The Claw is part of USF's efforts to create a more walkable, vibrant college experience for its students and complement the surrounding community.

The project aligns with the ongoing revitalization efforts along Fowler Avenue, the main gateway to USF.

Between the lines: USF is working with other institutions in the area, such as the Museum of Science and Industry, Moffitt Cancer Center, and the James A. Haley Veterans' Hospital, to improve pedestrian access and increase the density along Fowler Avenue.

What's next: The project's first phase will likely exclude the northwest section of the site, which currently houses practice facilities for the men's and women's golf teams.

However, developers are invited to propose a reimagining of the training complex, including its potential relocation.

The bottom line: The redevelopment of The Claw is a significant step in USF's efforts to create a more vibrant campus experience while contributing to the ongoing revitalization of the surrounding area.

🏠 Housing Market Inventory Is Rising Across Most of The Country

Driving the news: Housing market inventory is rising across most of the country, with active U.S. homes for sale up 24% in March 2024 compared to the previous year.

However, the year-over-year shifts in housing inventory vary significantly by region.

Details:

Florida experienced a 57% increase in active listings year-over-year, with Southwest Florida markets like Cape Coral and Punta Gorda continuing to soften.
On the other hand, Nevada saw a 26% decrease in active listings compared to a year prior, with markets like Reno and Las Vegas tightening up after a brief home-price correction in late 2022.

Why it matters: Florida comes out on top when it comes to increases in active listings.

Rising active listings can signal a weakening market if homes sit on the market longer, while falling active listings can indicate a strengthening housing market if homes sell faster.

However, the bulk of Florida's inventory increase is concentrated in Southwest Florida, particularly in markets like Cape Coral and Fort Myers, which were hard hit by Hurricane Ian in September 2022.

The hurricane caused an estimated $112.9 billion in total damage, resulting in a surge of available inventory due to the need for renovations.

The big picture: Despite some softening across many housing markets due to higher mortgage rates, most of the country still remains below pre-pandemic inventory levels.

National active listings in March 2024 were 37.7% below March 2019 levels, explaining why home prices in many markets have remained resilient despite the softening and spiked interest rates.

What's next: While more listings are hitting the market, buyers in Tampa still face high competition for homes due to high demand.

The bottom line: It’s more important than ever to stay up to date on your local real estate market if you are looking to buy or sell. The data shows significant variations in different markets, so being armed with local knowledge is key.