๐ USF Stadium Update, Pinellas Bridge Plans & Home Flipping Spikes
Mark Fazzini
Meet Cynthia Fazzini - Ranked #2 Team with Re/Max Realtec, #30 for Team Commissions earned in Florida and #50 in the Country with Re/Max for 2023!&nbs...
Meet Cynthia Fazzini - Ranked #2 Team with Re/Max Realtec, #30 for Team Commissions earned in Florida and #50 in the Country with Re/Max for 2023!&nbs...
๐๏ธ Bulls Get New Home: USF's $340M Stadium Plans Take Shape
Driving the news: The University of South Florida (USF) has released daytime renderings of its new on-campus football stadium and announced the groundbreaking ceremony will be held during homecoming week, October 14-19.
Details: USF has selected a construction management team of three companies to lead the approximately $340 million project. There are no substantial changes visible in the updated renderings compared to the images released in December 2023.
The stadium, set to open for the 2027 season, will rise on the northeastern side of campus and host football and women's lacrosse games.
Why it matters: The new stadium is a highly anticipated addition to the USF campus, with USF board chair Will Weatherford emphasizing, "Bulls Nation deserves to have a stadium on this campus."
The big picture: The Tampa General Hospital Center for Athletic Excellence, made possible by a $25 million TGH donation, will be located adjacent to the stadium, featuring locker rooms, strength and conditioning spaces, and other amenities.
What's next: With the groundbreaking ceremony scheduled for homecoming week, construction is set to begin on USF's new on-campus football stadium this fall.
The project is expected to be completed by the 2027 season and will be a focal point of the university's larger athletics district.
The bottom line: USF's ambitious athletics district plans, including the new on-campus stadium, will elevate the university's sports programs and facilities.
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๐ Pinellas County To Replace 100-Year-Old Tarpon Springs Bridge
Driving the news: Pinellas County is seeking $26.5 million in federal funds to replace the aging Beckett Bridge in Tarpon Springs, an increase from the initially planned $21.3 million request.
The local match has also risen from $5.3 million to $6.6 million.
Details: The new moveable bridge will allow boats to pass through when upright and will have a clearance of just under 8 feet when closed.
The bridge will feature two travel lanes and 6.5-foot shoulders that can accommodate potential future bicycle lanes, making it approximately 19 feet wider than the existing bridge.
The county's public works department has already submitted the funding request to the U.S. Department of Transportation with the higher costs, despite commissioners only approving the original $21.3 million request.
If the grant is awarded, it would free up millions from the Penny for Pinellas fund for other projects.
Why it matters: The 100-year-old Beckett Bridge is structurally deficient and functionally obsolete, with heavy trucks prohibited from crossing due to load restrictions.
Replacing the bridge would eliminate the need for detours, increase routing options, and lower freight movement costs along the supply chain.
What's next: The project, which has been delayed multiple times, is expected to solicit bids in late 2024, with construction scheduled to start in 2025.
The bottom line: Pinellas County is taking steps to secure federal funding for the much-needed replacement of the aging Beckett Bridge in Tarpon Springs, which will improve transportation infrastructure and support the local economy.
๐ House Flipping Spikes in Tampa Bay
Driving the news: House flipping activity has spiked in the Tampa Bay area, according to recent reports, despite a nationwide downturn in the practice.
Details: A recent StorageCafe study named Tampa one of the top U.S. cities for fixer-upper deals, with potential average savings of $80,000 on sales.
11% of home sales in the Tampa-St. Petersburg-Clearwater and Lakeland-Winter Haven metro areas were flips in Q4 2023, compared to 7.7% nationally.
The North Port-Sarasota-Bradenton metro was just under the national average at 7.6%.
Return on investment for flips hit 27.5% in 2023, the lowest since 2007, as competition for limited housing inventory intensified.
Why it matters: Flipping homes can be a way for buyers to secure deals in hot markets like Tampa Bay, if they can beat investors.
The big picture: Nationwide, house flipping activity dropped by nearly a third in 2023 - the biggest annual decline since 2008.
Between the lines: The biggest challenge for flippers in 2024 is acquiring new properties while housing inventory is limited.
The bottom line: While flipping has cooled nationally, the Tampa Bay area remains an attractive market for these kinds of investments amid high home prices.
๐ 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, donโt hesitate to ask.
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๐ฐ In Other News:
- Thatโs all for today, We hope you have an amazing week!
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