Work has already begun on an expansive reimagining of the Water Street area in downtown Tampa, and it is only the beginning. Currently in the works is the multi-million University of South Florida Health Morsani College of Medicine and Heart Institute project, Sparkman Wharf multi-use site and the extensive upgrade to the Marriott Waterside Hotel & Marina.
Additional efforts include a certified WELL community that is designed for sustainability and to support healthier lifestyles, condominiums, apartment complexes, office complexes, entertainment venues and more. When combined with the pieces already under development, this revitalization will bring more people to the area for work, play and live.
The question that remains is how will this changes impact the residential real estate market? The answer is somewhat unknowable, but there are a few things we can predict with some certainty.
Housing prices will likely drop initially as the market is flooded with a significant increase in residential volumes. However, home values will increase over time as this area and nearby communities become more desirable due to the proximity to the enhanced dining and entertainment resources. The communities most likely to experience pricing impacts from this project include:
- South Tampa
- Harbor Island and
- Davis Island
While property values have yet to be impacted, if you live in this area and are thinking of selling, acting soon may be a good option to get the best price for your home. For those planning to stay, the long-term investment in your home will probably increase. If you are considering moving into the area, now is a good time to buy but you may find that waiting a year will get you more home for your dollars.
As a reminder, these options are presented simply as the likely short and long term impact of the redevelopment, but with real estate the only true knowable is that you don’t know.
If you are planning to purchase or sell your Tampa Bay area home or are relocating to the area, I would love to help. I have extensive knowledge regarding the various communities and opportunities in the area and can help you make the best informed choice possible. Please contact me so we can get started.