It is no secret that Tampa is a fast growing metro area having just surpassed Miami for Best City in Florida according to a new global survey. What seems to be a well kept secret is all of the opportunities for growth in and around YBOR! That is right- YBOR! The residential properties in the 33605 area code and immediately surrounding it are in the midst of a huge spike in value due to the wave of large commercial mix use projects breaking ground as early as 2022.
Some builders are in on this well kept secret and the proof is them purchasing vacant lots for the lowest amount possible with plans to build new, state of the art single family homes, townhomes and duplexes sprinkled around Ybor. The floorplans and the finishes these builders create in any other area of Tampa would cost double the price. What are builders like Francis Margillo, Domain Homes and AAA Restoration & Builders seeing that most residents and out of state investors are missing? They are seeing potential, and low income areas that can absorb the aggressive demand taking over Tampa’s real estate market. Buyers investing in this area should look past the current condition and instead account for the potential growth that is to come. A new construction property always comes with the piece of mind that short term maintenance won’t be needed, not having to worry about replacing an entire roof, redoing plumbing or electrical will always draw in buyers. On top of that builders more often than not offer a large amount of incentives that can cover a buyer’s closing costs. What buyers need to account for when shopping in new construction is the mountains of equity they will expect to cash out once the fifty acre development project is approved, breaks ground and progresses. Especially when the homes and mix used projects connect already existing hot spots.
The same way that the properties all around Midtown Tampa, a new five hundred million dollar urban development, started too quickly appreciate the moment the project was released to the public. The appreciation continued to grow as the development progressed and NAR experts still say there is room for growth. The same trends will follow around Gasworx, another mix used project. Mixed use projects offer more flexibility, more control, more public transportation and more housing opportunities. Kit Un from MAPC (Metropolitan Area Politician Council) states that “Some see it as an excellent way to incorporate a mix of housing types on a small scale while enhancing traditional town character. Others see it primarily as a vehicle for revitalizing struggling areas and spurring economic development. Still others use it to create or enhance village centers.” Miles Ybor, Casa Pedroso & Bomberos Ybor and GasWorx are all examples of transformative projects that will change Ybors ambiance and reputation. GasWorx will feature five thousand residential units, five hundred thousand square feet of office space, one hundred thousand square feet of retail space, creating a new place to pull in more of Tampa’s overflowing demand.
Written by: Valentina Porras
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