Brian Pasqual loves his hometown of Tampa, Florida and is a frequent visitor from his current home in Puerto Rico. However, the 41-year-old entrepreneur first admitted that Tampa was an “A-minus or B-plus” city for much of his life, had no downtown characteristics, and had a poor market reputation. rice field. ..
The city of the Gulf Coast was easily accessible by its sparkling bays and white sandy beaches, but lacked the five-star hotels, bustling restaurants and fashionable downtown districts that were essential to the cool elements of the city. For many, Tampa was the birthplace of the Hooters born in adjacent Clearwater, and the background of the 2012 male stripper movie Magic Mike, shot in and around Tampa Bay’s delicious night clubs and sports lounges. Best known as.
But recently something has changed. “I didn’t get it as much as I used to,” Pasqual says, referring to the Florida Man jokes he has endured. “People often come to Tampa for conventions and catches Tom brady game.. Now, “Hey, I’ve been to your hometown, and it was great-great restaurants, cool people, looks so much fun!”
Celebrity quarterback Brady, who led the Tampa Bay Buccaneers to victory in the Super Bowl in 2021, may have boosted the city. However, Tampa’s transformation has been driven by real estate developers. Real estate developers are reshaping the cityscape as an outdoor live workspace.
A planned area of over $ 3.5 billion, Water Street Tampa is located on the 56-acre waterfront, primarily a parking lot, and has completed the first phase of construction behind the Amalie Arena, home of the Tampa Bay Lightning Hockey Team. increase. .. The development of Strategic Property Partners is a joint venture between Lightning owner Jeff Vinik and Bill Gates Cascade Investment.
With a pedestrian-friendly 45-foot walkway, bike lanes, and a square covered with live oak and raccoon trees, Water Street is a luxury, well-equipped residential tower and terrace office, shops, and outdoor food court. , Combines a green area.
Four miles west, Midtown Tampa has rejuvenated the monotonous section of the Dale Mabley Highway with a new 22-acre multi-purpose, multi-stage development by Bromley Companies. The first phase, completed in 2021 at a cost of $ 500 million, will create a vibrant outpost with a mix of apartments, offices, coffee shops, ice cream parlors, dog parks, three acres of lakes, and a crowded lawn commons. I did. Gather for trivia nights, live music and free yoga sessions.
Designer-branded condominium towers, on the other hand, sprout throughout Tampa faster than the bay’s native swamp lilies. Virage Bayshore, a 24-story skyscraper, has 71 apartments priced between $ 1 million and $ 5 million and sold out before it opened in 2020.
Further north of Bayshore Boulevard, a Tampa is under construction overlooking Hillsborough Bay, the first tower of the two-tower Ritz-Carlton Residences. The 11,000-square-foot penthouse signed a deal in October for $ 11.6 million. Although not completed until 2024, the 89 condos in the first tower have a starting price of $ 1.65 million and 12 townhouse-style villas have sold out. We have started selling the second tower condominium.
The Residencesat the Tampa Edition on Water Street has also begun to close. This boutique hotel has 37 condos, all priced between $ 2 million and $ 8 million.
More luxury condos are in the pipeline. In May, Colter Urban submitted plans to build One Tampa, a 56-story tower with 5,000-square-foot retail space on the first floor, 311 condominiums, and a second-floor amenity deck to begin construction in 2023. Announced.
According to representatives of Pendry’s parent company, Montage International, Pendry Tampa, a hotel with 207 private homes ranging from $ 1 million to over $ 11 million, will open in Tampa Riverwalk in 2025.
Not as much as Pasqual is looking at Tampa’s accelerating luxury market. A fan of the edition boutique hotel chain, he paid $ 2 million in 2020 for a two-bedroom apartment on the 15th floor of the Tampa Edition, which was still in the planning stages. “I had to get one,” he said. “I was the first person to buy almost the entire building.”
In late June, he and his designers went to the final walkthrough of a newly completed condo with views of the city skyline, waterfront and Amalie Arena. He hopes to have it ready by September. “All furniture will be customized from Italy,” he said.
Pasqual needs to wait a little longer to plan the decoration of the second Tampa house. A 3-storey, 3-bedroom villa with bay views, a private elevator and a terrace with a private plunge pool at the Ritz-Carlton Residences. He bought it in 2021 for just over $ 2 million. He said he wouldn’t turn over the homes of either luxury brand.
“It’s a great place to come to town to watch Buccaneers and Lightning games, or visit your parents,” he said. “Take a more homely feel at Ritz, spend the weekend in editions, tap in the middle of the city and you’ll see them coming and going between the two.”
According to data compiled by Realtor.com, the desire for high-priced housing in the Tampa Metro area, including Clearwater and St. Petersburg, soared during the pandemic.
The owner of The Wall Street Journal also operates Realtor.com under license from the National Association of Real Estate Agents.
Entry-level prices for luxury properties are defined as the top 5% of the list, rising more than 55% between 2019 and 2021 from $ 1.07 million to $ 1.66 million. When the entry-level list price reached $ 1.98 million, prices rose another 28% in the first quarter of 2022. Between 2019 and 2021, home sales of over $ 1 million almost doubled.
“It’s still a bargain,” said John Paul Perez, developer of the Ritz-Carlton Residences and president of an affiliated group, that similar properties in Miami are double the price. “You can buy the same product on the water of Tampa for $ 1,000 a foot.”
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Many of the people who buy or rent homes for new developments are from the Tampa Bay area. Others crave for a more international experience due to the pandemic that caused some to flee dense urban areas due to the suburbs.
“The pandemic was very isolated,” said Bridget Simmons, a 43-year-old life and leadership coach who moved to a two-bedroom apartment in Novell, a new luxury rental building in Midtown, in June. We are developing a tamper.
Her new community is far from Tampa, which she first learned as an undergraduate student at the University of South Florida in the late 1990s. “The way I explain it is,’There’s a great airport you can use to get to other places,” she said.
Simmons found Novell Midtown under construction while stopped at a traffic light. “What was being developed in Midtown seemed to be a lot of fun, like New York, a city where you can get out of your apartment and eat,” she said. “I lived in another luxury complex just a mile up the street, and I felt like I was pulled to this place.”
The novel’s 390 rental apartments (price from $ 1,918 to $ 5,500) sit on a vast retail space that includes Whole Foods and Whole Foods.
A private courtyard surrounds the seawater pool and fountain. The two-story club for residents features a coworking space and a spacious outdoor lounge. The building is completely rented.
Simmons, who pays about $ 2,800 a month for an apartment on the fourth floor, may meet clients on the Novell terrace or book one of the brightly colored offices with views of Midtown. She goes to a spin class at the cycle studio on the ground floor, meets her friends for a drink at a nearby rooftop restaurant, and microgreens at the Farmers Market, which is held twice a month at the Commons on the Lawn of Midtown Tampa. Buy bread and freshly baked butter.
There are three different homes on Water Street, with a total of about 1,300 rental apartments, some of the highest rents in Tampa. First opened in March 2021, Heron has 420 units in two towers, each with its own pool deck, cabana, outdoor kitchen and fitness centre. Apartments range from $ 2,613 to $ 6,427 per month, 95% of which are rented, according to the representative of Strategic Property Partners, the developer of Water Street.
Of the three housing estates, the latest Usher opened in April and 41% is rented. Rent ranges from $ 2,070 to $ 4,985. Usher’s 490 apartments are smaller than Heron’s apartments, but their amenities have a very large footprint and occupy most of the 7th floor. Outside, there is a large pool deck with a fire pit and artificial turf with a barbecue grill and an outdoor bar. Indoors, residents have access to a sophisticated coworking space with private meeting rooms, club gathering spots, a media lounge, and a fitness centre.
“Everything we programmed for lifestyle, wellness and connectivity was our savior,” said Lee Schaffler, Chief Portfolio Officer at Strategic Property Partners. “As long as these other elements are there, people are willing to live in the center of a dense city.”
But he said there was one element that Water Street didn’t have. “There are no Hooters.”
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