What’s New in Tampa:
In 2022, Tampa Bay was a popular destination for real estate developers due to steady population increase, rental growth, and a strong job market. Although investors across the country are growing conservative due to uncertainty over where the market is headed in 2023, many local investors remain confident in the long-term growth of Tampa Bay’s property values. Here’s a look at some projects set to keep local developers busy and reaping steady returns in the new year.
Gas Worx Redevelopment
The long-awaited Gas Worx redevelopment project is expected to break ground in early 2023. The large-scale project will be located in Tampa’s historic Ybor City Neighborhood and is expected to reshape this section of the city. Gas Worx will feature affordable housing, over 4 miles of sidewalks and trails, new streets, and two new rail crossings.
Tropicana Field Redevelopment Proposal
Four proposals have been submitted for the redevelopment of a Tropicana Field / Gas Plant District site. A community presentation scheduled for January 4th will help Mayor Ken Welch make a final decision on the master developer, which he plans to announce in late January at his first State of the City address.
Seminole Square Affordable Housing Project
Construction has started on the Seminole Square Apartment project in Largo. Archway Partners is developing the affordable housing project in partnership with Pinellas County, the city of Largo, and the St. Petersburg Housing Authority. Once completed, the apartment complex will include 96 units, featuring both one- and two-bedroom apartments.
