🤩 Tampa Bay's $1B Development Boom: What's New and Coming Soon

Driving the news: Tampa Bay Business Journal's latest Crane Watch map update reveals over $1 billion in new investments across the region. 

This includes various industrial projects, recreational spaces, and residential units.

Details:

• Tampa International Airport’s Airside D: First new terminal in nearly two decades, featuring a 16-gate, three-level structure. Includes an automated people mover system and a new security and screening facility.
  
  
• The Pendry: A $200 million, 37-story tower in downtown Tampa with 220 guestrooms, 207 Pendry Residences, private residential amenities, and a rooftop pool. Residences start in the $900,000s.
  
  
• Water Street Tampa Phase Two: Features a built-to-suit office tower, condominiums, and a mixed-use entertainment block with a large parking garage.
  
  
• Gasworx: Transforming Ybor City and the urban neighborhoods between Ybor and the Channel district.

Why it matters: These projects are a significant investment in Tampa Bay's infrastructure and urban development. 

The new terminals, residential towers, and entertainment spaces are lifting the region’s appeal, potentially boosting tourism and attracting new residents.

The big picture: While some projects face financial challenges, the overall development trend in Tampa Bay is positive. 

These investments are critical for accommodating the region's growing population and economic activity.

Between the lines: Major developments like Gasworx signal a transformative period for historic districts and urban areas in Tampa Bay, blending preservation with modernization.

The bottom line: As new projects continue to break ground and long-term ones near completion, Tampa Bay residents can expect significant changes to the region’s landscape and economy.

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🚧 2025 Start Date for Tampa's Westshore Interchange

Driving the news: Major construction on Tampa's Westshore Interchange, a crucial transportation project for the region, has been pushed to 2025.

The planning phase, initially set to conclude in March 2023, is expected to wrap up this summer.

Details: The project will add express and general-use lanes, 32 ramps, 36 new bridges, seven widened bridges, and extensive embankment and retaining walls.

The $1 billion-plus project has faced delays, with construction start dates shifting from 2024 to 2025.

Lead designer WSP and contractors Superior Construction and Lane Construction are collaborating with FDOT District 7 to implement cost-cutting measures amid rising costs and a tight labor market.

Why it matters: The Westshore Interchange is Tampa Bay's top transportation priority, aiming to improve traffic flow at a major intersection. 

Delays in its construction could impact traffic congestion and the region's economic growth.

The big picture: Inflation and labor shortages have affected highway construction nationwide, causing delays in significant infrastructure projects. 

Despite these challenges, nearby projects like the new Howard Frankland Bridge are progressing on schedule for a late 2025 opening.

Between the lines: The Westshore Interchange project will use a phased design-build approach, allowing for ongoing design adjustments.

This flexibility is crucial for accommodating existing traffic during construction and addressing unforeseen issues.

What’s next: Early works, including utility relocations and site clearing, will be bid on later this year. FDOT plans to release updated renderings and cost estimates once the planning phase concludes.

The bottom line: The Westshore Interchange reconstruction, although delayed, is expected to enhance transportation infrastructure and support regional development.

🌀 Key Strategies for a Safe Hurricane Season in Florida

Driving the news: Hurricane season has begun, and forecasters predict an active season with 17 to 25 named storms, 8 to 13 hurricanes, and 4-7 major hurricanes.

The season runs until November 30, peaking in September.

Details: Residents can stay prepared for hurricanes this year by stocking up on essentials and using the resources below:

• Tax-free holiday: From June 1 to June 14, Floridians can buy storm supplies tax-free. Essential items include rechargeable batteries, portable power banks, reusable ice, pet supplies, fire extinguishers, smoke detectors, and carbon monoxide detectors.
  
  
• Sandbag availability: Pinellas County offers a year-round self-service sandbag site. Tampa provides sandbags only after an emergency declaration.
  
  
• Evacuation and flood zones: Knowing your evacuation and flood zones is crucial. Check the maps for Pinellas and Hillsborough counties to determine your zones.
  
  
• My Safe Florida Home Program: This program, funded by the state, helps homeowners secure their homes and reduce insurance rates. Applications open on July 1 and are prioritized in 15-day increments.
  
  
• Stay connected: Use weather alert systems and apps like 10 Tampa Bay's mobile and streaming apps to stay informed. Follow local emergency officials’ advice.

Why it matters: Preparing ahead of time can save lives and property. Tax-free shopping helps with costs for necessary supplies, and knowing your evacuation zone can prevent last-minute chaos. 

The big picture: Even inland areas can be affected by hurricanes. Staying informed and having a plan are essential for all residents.

The bottom line: Start preparing now to ensure you and your loved ones stay safe this hurricane season. 

Utilize the tax-free holiday, update your evacuation plan, and stay connected with reliable weather updates.

📊 Our Current Local Market Numbers

The Pinellas and Tampa Bay markets are hot as peak buying season is in full swing!

If you are looking to buy or sell a home in the next few months, you'll need a strong strategy to navigate the nuances of this market.

I'm happy to help you create a plan that will allow you to succeed in the current market.

If you ever have questions, don’t hesitate to ask.

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📰 In Other News: 

• That’s all for today, We hope you have an amazing week!

  

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