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🎯 New 148,000 Target, 37-mile trail in Pasco & Tampa Crane Update

🎯 New 148,000 Target, 37-mile trail in Pasco & Tampa Crane Update

These are a few major things happening in Pasco County and in the Tampa area you might want to know about.

Sean Bates
April 27, 2023

Tampa continues to amaze me.

Here’s a few of the key changes happening in and around Pasco & Tampa Bay.

— Sean

🎯 Coming Soon to The Grove at Wesley Chapel: A massive Target store

Wesley Chapel residents are getting a brand new 148,000-square-foot Target store at The Grove. This store is going to be nearly 15% larger than the average location. It’s part of Target's strategy to construct larger stores with more features and a broader product range.

Location: The store will be situated south of Cost Plus World Market at the intersection of Oakley Boulevard and Pink Flamingo Lane.

Opening: An opening date has not been released yet.

Details: The new Target store will feature expanded backroom space, more greenery, natural lighting, and a wider range of products, catering to the needs of local residents who have long wished for a larger store in the area.

Why it matters: The store's arrival will offer a boost to the local economy by creating new jobs and attracting more visitors to the area.

The big picture: The Grove's ongoing development and addition of major retailers like Target highlights the area's continued growth and appeal to both residents and visitors.

The increased interest in Wesley Chapel as a shopping destination can have a significant impact on the local economy and contribute to the area's overall growth and development.

🌴 Pasco County residents: view the plans for the 37-mile Orange Belt Trail

Pasco County residents are getting the opportunity to view the latest plans for the 37-mile Orange Belt Trail, which will connect Trinity to Trilby and link the county's existing trail system.

The trail, proposed to be a 12- to 14-foot-wide paved multi-use trail, will generally follow the abandoned Orange Belt Railway railroad tracks.

Trail Details: The proposed trail will connect to existing trails, including the Coast-to-Coast Trail, the Starkey Trail, the Suncoast Trail, and ultimately the Withlacoochee State Trail to increaseconnectivity and accessibility for residents and visitors.

By the numbers: The Orange Belt Trail will be 37 miles long and will connect Pasco County communities, offering a significant transportation infrastructure improvement, which could generate over $42 million in annual economic impact.

How to participate: The Pasco County Engineering Services team is holding workshops on April 17 and 18, allowing attendees to review the plans for the trail, speak with project leaders, and vote on a trail plan.

Why it matters: The Orange Belt Trail will significantly improve the area's transportation infrastructure, connecting Pasco County communities and existing trail networks with a broad multi-use trail.

The trail's proposed features, including equestrian accommodations, make it an accessible and appealing option for residents and visitors alike.

🏗️ Tampa Crane Update: Sky High Economic Health

Gas Worx

What's happening: The City of Tampa currently has 15 tower cranes erected, with the potential for 10 more by the end of the year. These cranes represent nearly 3,000 units to be delivered over the next couple of years and many new jobs. The 10 future cranes could bring almost 5,000 units, jobs, and retail space.

Why it matters: The growing number of cranes in Tampa is a sign of a healthy local economy, indicating an increase in development and job opportunities.

Billionaire developer's take on St. Pete real estate

Details: John Catsimatidis Sr., billionaire developer and CEO of New York City grocer Gristedes Foods, believes St. Petersburg's real estate market is underpriced. He compares it to Miami and Naples, where properties are twice as expensive.

The big picture: Catsimatidis is the developer behind the Residences at 400 Central in downtown St. Petersburg, a $400 million development that will include 301 luxury condominiums, 40,000 square feet of office space, and commercial space for shops and restaurants. He aims to build "wow buildings" in cities where his family will be safe.

Florida as a prime destination: Catsimatidis believes that Florida, with its pleasant weather and tax breaks, will continue to attract people moving away from places like New York. His development company, Red Apple Real Estate, is currently looking for development sites in St. Pete, Sarasota, Tampa, and Bradenton.

Office space demand: Catsimatidis sees a strong demand for office space in the area and plans to double the 40,000 square feet of office space in the 400 Central development to 80,000 square feet, depending on the right tenant.

Bottom line: The increasing number of cranes in Tampa, coupled with the bullish view of billionaire developer John Catsimatidis, suggests a promising future for Tampa Bay's real estate market and overall economic health.

📉 Down Payments Are Trending Down

Homebuyers in the Tampa Bay area are putting down less money on homes than in previous years, according to a recent report from Redfin.

However, this does not necessarily mean that homes are getting cheaper. The median down payment in the Tampa area was $32,250 in January, which is a 14.4% decrease from the previous year.

More than 38% of homes were purchased using all cash in January, which is a 4.5 percentage point drop from 2022.

The decrease in down payments in the Tampa Bay area is a reflection of a larger trend in the U.S. housing market, where buyers are no longer needing to make large deposits to distinguish themselves from other bidders.

The median down payment for U.S. homebuyers has fallen 10% YoY in January to $42,375, its lowest number in nearly two years.

Why it matters: A decrease in down payments may seem like a silver lining for homeowners considering moving while interest rates are high.

By the numbers: The median down payment for U.S. homebuyers is still 10% of the purchase price of the house, which is a significant amount, but it is off its peak of 17.5%, or $65,000, in May 2022.

Despite the decrease in down payments, home prices in the Tampa Bay area remain high, with Tampa home prices up 4.2% in February compared to last year, while St. Petersburg and Sarasota prices were up almost 14% from the previous year.

Reality check: Despite the decrease in down payments, potential buyers should be prepared to pay a significant amount for a home, even with a smaller down payment.

Homeowners who want to take advantage of the current market should speak with a trusted real estate agent to discuss their options and make informed decisions.