A whole block in the downtown city of Tampa will be demolished for the construction of luxury condominiums. As reported by Tampa Bay Business Journal, one of the Tampa region’s largest and best-known homebuilders, the Kolter Group, paid nearly $12 million for the area stretching from North Tampa Street to East Twiggs Street.
Restaurants and establishments in the area today will remain in operation for most of 2022. Demolition work will not begin until 2023. Popular establishments such as Moxie’s restaurant and Bamboozle and First Watch cafes will be missed by patrons from Downtown Tampa. Most establishments will have enough time to find another address in Downtown. Some, like Moxie’s, already have other units in town.
Perfect timing for new construction
Brian Van Slyke, West Coast Florida regional president for the Kolter Group, told the Tampa Bay Business Journal that the project is in its early stages and that all existing facilities will be destroyed to make room for at least 200 luxury apartments in the region.
The project follows the great transformation that the Tampa Bay area is experimenting, with a significant number of new residents coming from the Northeast region of the USA and all the new corporate dynamic that brings.
In addition to people looking to Florida for a better quality of life and less cost, companies also feel the same way. The state of Florida is perceived as a business-friendly region, with tax incentives (there is no state tax), a characteristic that attracts many companies to the “Sunshine State”.
The Tampa Bay area was one of the most sought after by Americans from other states. Keeping up with this trend and offering products and solutions to attract companies is on the builders’ radar. Downtown Tampa, in this sense, becomes a very promising area.
Other developments in the region also show this trend; The completion of the first phase of the Water Street mega project also motivates local builders to continue investing in condominium and commercial projects in the region.
Demand for condos (apartments) on the rise again
As already posted in this blog, the demand for condominium condominiums in Florida is quickly returning. Apartments in high-rise buildings have been put aside in recent years. There was a perception, especially in the most critical periods of the pandemic, that apartments in buildings were not so safe (greater risk of contagion). At the same time, spacious houses in less densely populated regions, with a large outdoor area, private pool, among other amenities, became the most sought after property profile in times of quarantine. After all, the assumption was that it would be much better to spend periods of confinement in a large house than in an apartment.
It just so happens that, little by little, this perception changed. Residential homes, especially single-family homes (non-detached single-family homes), due to high demand, saw their prices soar. This segment of the real estate market was largely responsible for the increase of almost 20% in the average price of real estate in central Florida in the year 2021 alone. With this, Orlando broke the historic record of US$ 325,000 for the average price of its properties. properties.
With home prices skyrocketing and inventory so low, it has become increasingly difficult to find the perfect home. The attention turned to the luxury condos in cities like Miami and Fort Laurderdale which, now with the new protocols and security measures, were no longer seen as risky within the “new-normal “. The construction companies also started to invest in the so-called low-density condos, that is, condominiums with fewer residents, precisely to attract this profile of buyer who prefers to stay away from agglomerations in times of pandemic.
Another great advantage of luxury condominiums in relation to houses in suburban regions is that, in addition to being better located, they offer amenities and infrastructure that are real clubs, with sports courts, resort-style swimming pools, services similar to 5-star hotels, spa, gym, business center, among others. These are characteristics that a house in the suburbs will hardly be able to compete with.
About AMG International Realty
AMG International Realty is a global real estate company specialized in Florida. If you want to know more about real estate opportunities in Central Florida, Tampa Bay area or Miami, contact me right now and chat with me on WhatsApp: +1 (305) 318 6968 (Heloisa Arazi).