🏗️ WestShore Plaza Set for Multi-Phase $340M Overhaul

Driving the news: Tampa City Council has approved the ambitious $340M redevelopment plans for WestShore Plaza, paving the way for a massive mixed-use project at one of the region's prime locations.

Details: Mall owner WPG envisions an open-air, 3.5 million-square-foot development with entertainment, retail, dining, office, wellness, medical, hotel, and residential components on over 50 acres.

The approval comes amid challenging real estate market conditions with high interest rates and construction costs. But WestShore's prime location makes it attractive.

Why it matters: The WestShore Plaza property is roughly the same size as Water Street Tampa and more than twice as large as Midtown Tampa, making it a huge redevelopment opportunity.

When complete, the site will bring many new jobs and revenue to the area.

Between the lines: Executing the plans will be complex, particularly unraveling leases in the enclosed mall, which could take years. WPG will likely partner with at least one major developer.

What's next: While no definitive construction timeline is set, WPG said the "redevelopment project will likely be completed in phases." Dallas-based Lincoln Property Co. has been rumored as a potential partner.

The bottom line: WestShore Plaza's redevelopment into a massive mixed-use district is a long-term play that banks on Tampa Bay's continued growth and pent-up retail demand.

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🚧 Water Street Tampa Developers Announce Plans for New Live-Work-Play Buildings

Driving the news: Water Street Tampa developers have unveiled plans for three new live-work-play buildings.

When completed, the project will transform the city's skyline and further connect the neighborhood to downtown and Ybor City.

Details: The new phase of development includes:

• A condo tower that would become the tallest building in the neighborhood
• A custom-built office complex featuring ground-floor retail and pedestrian-friendly green spaces
• A mixed-use development with a hotel and a parking garage for Amalie Arena and other events

Why it matters: The expansion of Water Street Tampa continues the successful live-work-play model that has revitalized the area in recent years, while also blending the development more seamlessly with the existing city street grid.

Between the lines: Strategic Property Partners, the developer behind Water Street Tampa, has hinted at exploring a new club concept focusing on social interaction and fitness, further increasing the neighborhood's amenities.

What's next: Infrastructure work for the new buildings, including roads and utilities, is slated for completion by spring 2025.

Construction on the condo tower and mixed-use entertainment area is expected to start this year, according to an SPP spokesperson.

The bottom line: These new additions to Water Street Tampa will continue creating a vibrant, connected, and sustainable urban environment that caters to the evolving needs of the community.

🏠 Housing Market Inventory Is Rising Across Most of The Country

Driving the news: Housing market inventory is rising across most of the country, with active U.S. homes for sale up 24% in March 2024 compared to the previous year.

However, the year-over-year shifts in housing inventory vary significantly by region- particularly in Florida.

Details:

• Florida experienced a 57% increase in active listings year-over-year, with Southwest Florida markets like Cape Coral and Punta Gorda continuing to soften.
• On the other hand, Nevada saw a 26% decrease in active listings compared to a year prior, with markets like Reno and Las Vegas tightening up after a brief home-price correction in late 2022.

Why it matters: Florida comes out on top when it comes to increases in active listings.

Rising active listings can signal a weakening market if homes sit on the market longer, while falling active listings can indicate a strengthening housing market if homes sell faster.

However, the bulk of Florida's inventory increase is concentrated in Southwest Florida, particularly in markets like Cape Coral and Fort Myers, which were hard hit by Hurricane Ian in September 2022.

The hurricane caused an estimated $112.9 billion in total damage, resulting in a surge of available inventory due to the need for renovations.

The big picture: The big picture: Despite some softening across many housing markets due to higher mortgage rates, most of the country still remains below pre-pandemic inventory levels.

National active listings in March 2024 were 37.7% below March 2019 levels, explaining why home prices in many markets have remained resilient despite the softening and spiked interest rates.

What's next: While more listings are hitting the market, buyers in Tampa still face high competition for homes due to high demand.

The bottom line: It’s more important than ever to stay up to date on your local real estate market if you are looking to buy or sell. The data shows significant variations in different markets, so being armed with local knowledge is key.

📊 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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