Tampa Bay Red Hot for Multifamily

Posted on Aug 3 2015 - 5:41pm by Brandon De Hoyos

tampa-bay-1227976-639x426(TAMPA BAY, FLA.)— The multifamily trend which began in Tampa Bay around 2010 continues to heat up as five new developments are generating plenty of buzz and attention in this Florida city.

A redefined Tampa waterfront downtown and in Rocky Point are just the cornerstones of a multifamily boom that has real estate analysts and would-be residents taking notice, the Tampa Bay Business Journal reports. A revitalization of North Hyde Park is also in the works.

Analysts predict the apartment market “is getting close to peak” as developers break land on more expensive land for their multifamily projects, but also concede Tampa’s economy is growing making “once unthinkable” rents within reach for consumers.

Orlando-based ZOM USA is under contract to purchase a 4.57-acre restaurant site on Rocky Point which will be redeveloped into a four to five-story apartment building on the waterfront. Meanwhile, a boutique hotel and 14-story residential tower expected to be built on the site of the former Crawdaddy’s Restaurant site has the potential, according to the Journal, to help Rocky Point “live up to its potential as a waterfront destination to live, work and play.”

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