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Pasco County Approves Expansion of The Grove at Wesley Chapel

Mon, 15 Sep 2025 17:28:19 GMT

Pasco County commissioners have approved a major residential expansion at The Grove at Wesley Chapel, reinforcing the growth of one of the area’s most dynamic mixed-use destinations. On September 2, commissioners voted to allow developer Mark Gold to add 275 additional apartment units, nearly doubling the community’s multifamily component from 300 to 575 residences.

Transforming a Former Retail Center

Since acquiring The Grove in 2019, Gold has reshaped the once-struggling retail center into a thriving hub anchored by the Krate container park, boutique retailers, restaurants, and entertainment venues. The addition of new apartments is the latest step in evolving the 165-acre property into a fully integrated live-work-play environment.

The approved plan calls for four-story apartment buildings, integrated pedestrian connections, and a new park. Residents will have direct access to Krate and surrounding businesses, further driving foot traffic and supporting small local enterprises. Commissioners described the project as a “classic mixed-use development” that responds to shifting consumer and tenant demand.

Addressing Infrastructure and Traffic Concerns

While Commissioner Jack Mariano voiced concerns over congestion along Oakley Boulevard, the main access road, other commissioners pointed to ongoing infrastructure improvements—including the widening of Old Pasco Road—as a sign that capacity is keeping pace with development. Additional pedestrian safety measures, such as new crosswalks and stop signs, were also included in the approval.

Beyond Apartments: What’s Next for The Grove

Although multifamily is taking the spotlight, questions remain about the use of The Grove’s 500,000 square feet of office entitlements, which have not yet been exercised. Commissioners emphasized the importance of adding employment opportunities to balance the project’s residential and retail growth.

Gold has committed 1,000 square feet to a co-working space, reflecting demand from remote workers, and noted that hotel development is also underway, with letters of intent already signed for 120 rooms. Remaining entitlements include 50,000 square feet of retail and additional acreage along Old Pasco Road.

A Model for Suburban Redevelopment

The Grove’s continued evolution highlights a broader trend in the Tampa Bay area: the repositioning of aging retail centers into mixed-use, experience-driven destinations. As national retailers close and consumer behavior shifts, developers are integrating housing, entertainment, and co-working concepts to create sustainable long-term value.

Commissioner Seth Weightman summed it up: “If it was ever an appropriate place in this county to have multifamily, this is it.”

Source: Tampa Bay Times

Mike Cliggitt, MAI, MRICS, CCIM

813.405.1705 | 863.661.1165 - Direct Lines

findvalue@cliggitt.com

Appraisal & Valuation Markets

Questions about our blog? Contact our Director of Sales & Marketing, Sydney Avolt.

Sydney Avolt

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USF Trustee's Vote to Advance New Mixed-Use Fletcher District

Tue, 09 Sep 2025 20:04:46 GMT

The University of South Florida is moving forward with plans for a major mixed-use development on its Tampa campus known as the Fletcher District. Earlier this month, the university’s trustees approved the concept, and the proposal is now heading into a 90-day review process with the City of Tampa, Hillsborough County, and other local agencies. If approved by the Board of Governors in November, construction could begin as early as next year, with a second public hearing scheduled for December 10.

The first phase of the Fletcher District will transform 27 acres into a combination of student and multifamily housing, a hotel and conference center, retail and dining options, green spaces, and a new academic building. Developers may also add an additional 20 acres of cottage-style family housing depending on early demand. The project is being structured as a public-private partnership, meaning USF’s direct financial role will be limited to the academic building and its share of infrastructure improvements.

This site has been the focus of debate in recent years, as nearby residents previously pushed back on development proposals tied to land along Fletcher Avenue containing wetlands and sandhill preserves. In 2023, USF President Rhea Law designated the Forest Preserve as undevelopable and closed the university golf course adjacent to it. The current plan emphasizes preservation by including wildlife buffers, native vegetation restoration, and stormwater management systems designed to complement the natural environment. A full traffic analysis is also underway to address concerns about congestion along Fletcher Avenue.

Reactions to the plan have been mixed. Student leaders see the Fletcher District as a “win-win” for the university and the broader community, citing the addition of much-needed housing and economic activity. Trustees have expressed optimism about the project’s potential to enhance campus life, with suggestions for public artwork and other landmarks in the green space. Local residents, however, remain concerned about flooding, runoff, and increased traffic in the surrounding neighborhoods. Some fear the project could overwhelm nearby infrastructure, though university officials say they are committed to working within all environmental and regulatory requirements.

From a valuation perspective, the Fletcher District represents a significant shift in the development landscape around USF. Large-scale mixed-use projects of this nature often set new benchmarks for rent levels, absorption rates, and market expectations. The addition of multifamily housing, hospitality space, and retail could create ripple effects across adjacent submarkets, while the public-private structure introduces unique considerations for land valuation and long-term lease structures. As details continue to emerge, appraisers, investors, and property owners alike will be watching closely to see how this project influences growth and value in the area.

Mike Cliggitt, MAI, MRICS, CCIM

813.405.1705 | 863.661.1165 - Direct Lines

findvalue@cliggitt.com

Appraisal & Valuation Markets

Questions about our blog? Contact our Director of Sales & Marketing, Sydney Avolt.

Sydney Avolt

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A New Ballgame: Phillies Reignite Clearwater Development Plans

cliggittvaluation@verizon.net — Thu, 31 Jul 2025 15:41:30 GMT

After a pause following last year’s hurricanes, the Philadelphia Phillies have resumed discussions with the City of Clearwater and Pinellas County to revisit long-term plans for upgrading their spring training complex. While no formal proposal has been submitted yet, early conversations signal a renewed interest in reaching a mutually beneficial agreement.

City Manager Jennifer Poirrier, who is leading negotiations on behalf of Clearwater, says the team appears to be taking past community feedback seriously. “The Phillies organization definitely seems to have been listening,” Poirrier said, noting cautious optimism about progress.

Pinellas County Administrator Barry Burton has also been involved in the meetings, given the likelihood that the Phillies will request funding from the county’s bed tax—a tax collected on short-term lodging stays. “Our role stems from the tourism impact the Phillies bring,” Burton said. “They’ve indicated that they may request funding from the bed tax, which is why we’re part of these conversations.”

Back in 2019, the Phillies requested $40 million from the county’s bed tax to fund a nearly $80 million renovation of BayCare Ballpark and the nearby Carpenter Complex. That proposal didn’t gain traction, especially as the facilities—built in 2004—were significantly newer than others that had received funding, such as the Toronto Blue Jays’ Dunedin complex.

Since then, project plans have remained fluid. In 2022, the Phillies unveiled a vision for a year-round player development hub, with cost estimates reaching $300 million. Later, they introduced a proposed mixed-use development—Ballpark Village—featuring residential units, retail, and dining space. The team purchased 13 acres just south of the complex for $22.5 million in November 2023 to support this expansion.

Still, a more modest stadium-focused project, with a projected cost around $65 million, seems to be the first step forward. Poirrier confirmed that a scaled-down version is the likely direction in the near term but emphasized openness to more comprehensive plans in the future. “The U.S. 19 corridor holds enormous potential for economic growth,” she said. “We’re dreaming big and keeping our minds open.”

The most recent meeting between city, county, and Phillies representatives took place on July 16, with another one scheduled for Friday. While Clearwater hasn’t re-engaged its former consulting firm CAA Icon—paid over $260,000 for its past role in negotiations—it may do so again down the line.

From the Phillies’ side, key personnel in the discussions include Director of Florida Operations John Timberlake, BayCare Ballpark GM Doug Kemp, and CFO John Nickolas. Timberlake has not provided public comment on the meetings.

City and county representatives, including Poirrier and Burton, are also planning a visit to Philadelphia in late August, a tradition where local officials are hosted by the team at Citizens Bank Park. These visits often include dinners, games, and conversations—but no negotiation meetings are currently scheduled for the trip.

The Phillies have held their spring training in Clearwater since 1947 and have built deep ties to the community. In addition to their stadium investments, the team has made philanthropic contributions, including a $1 million donation toward hurricane relief last November.

As of now, no final timeline has been established for the proposal or public funding request. “I think it’s safe to say everyone wants this finalized sooner rather than later,” Poirrier said, “but there’s no definitive timeframe just yet.”

Source: Tampa Bay Times

Mike Cliggitt, MAI, MRICS, CCIM

813.405.1705 | 863.661.1165 - Direct Lines

findvalue@cliggitt.com

Appraisal & Valuation Markets

Questions about our blog? Contact our Director of Sales & Marketing, Sydney Avolt.

Sydney Avolt

727.403.7418 - Direct Line

Casual Eatery & Game Room, 1983, to open in former Datz and Dough in South Tampa

cliggittvaluation@verizon.net — Fri, 25 Jul 2025 17:54:26 GMT

A well-known corner of South Tampa is getting a new lease on life. The property at 2616 S. MacDill Avenue —formerly home to the popular eateries Datz and Dough—is undergoing a complete transformation led by Three Oaks Hospitality. The new concept, 1983, is scheduled to open its doors in mid-August.

Three Oaks, the hospitality and development group behind successful Tampa Bay ventures like Armature Works, The Pearl, Ciro’s, Steelbach, and Ro, acquired the site in 2023 and has since begun a creative reimagining of the space. The 150-seat restaurant will introduce a sports-forward, social dining experience with an upscale 1980s-inspired aesthetic.

The adjacent Dough space will become a retro arcade, paying homage to iconic video games of the past—think Pac-Man and Galaga—while the restaurant itself will offer a menu that ranges from sushi and salads to French dips and classic wings.

The design will incorporate vintage sports memorabilia and a preppy flair reminiscent of 1980s fashion and culture. The project’s name, 1983, reflects the birth year of twin brothers Charles and Kyle Bruck, co-founders of Three Oaks.

One thing that isn’t changing? The landmark marquee sign out front, which locals may remember for its witty one-liners. It’s being preserved and will continue to feature playful messages as a nod to the building’s legacy.

This revitalization adds to the continued momentum of redevelopment along the South MacDill corridor, a high-visibility commercial stretch in one of Tampa’s most established neighborhoods.

Source: Tampa Bay Times

Mike Cliggitt, MAI, MRICS, CCIM

813.405.1705 | 863.661.1165 - Direct Lines

findvalue@cliggitt.com

Appraisal & Valuation Markets

Questions about our blog? Contact our Director of Sales & Marketing, Sydney Avolt.

Sydney Avolt

727.403.7418 - Direct Line

Is Brightline Finally Coming to Tampa?

cliggittvaluation@verizon.net — Mon, 21 Jul 2025 14:49:02 GMT

Tampa residents have been waiting for high-speed rail service—and it’s starting to look like that dream could eventually become a reality. Brightline, the private passenger rail company already operating in South Florida, is officially making moves toward a Tampa expansion.

The company recently requested $400 million in bonds to fund new stations and tracks across Florida, with Tampa named as one of the next planned stops. That funding would help push forward rail infrastructure connecting Tampa to Orlando and beyond. So… when can we actually expect to ride?

The Not-So-Soon Timeline

According to Hillsborough County Transportation Planning Organization executive director Johnny Wong, we might still be waiting another decade. Yep—ten years. Wong’s projection is based on information from a former Brightline executive, now with the Orlando Economic Partnership, who noted that Brightline will need to lay new rail along I-4 before the Tampa link becomes a reality. And since I-4 is currently undergoing a massive expansion that could take up to 20 years to complete, rail construction might not begin for a while.

That said, there’s some hope. Governor DeSantis and the Florida Legislature have shown interest in speeding up the I-4 project, which would naturally help accelerate Brightline’s expansion timeline as well.

Why Now?

Ever since Brightline opened its Orlando station in 2023 (connecting to Miami), the buzz around a Tampa extension has only grown. With Central Florida’s population booming and I-4 getting more congested by the day, many are pushing for a faster, less stressful travel alternative.

Last year, Mayor Jane Castor even floated 2029 as a possible opening year for the Tampa station. And with the recent bond request and local support—including a unanimous vote from Tampa City Council to allow Brightline to proceed with financing—the wheels are certainly turning.

But There’s a Catch

While Brightline has ambitious plans, the company is facing some financial headwinds. It fell about 30% short of its projected ridership last year, carrying roughly 2.8 million passengers. That drop came after eliminating popular $10 commuter passes, though those have since been brought back—and early signs show ridership recovering in South Florida.

Despite operating at a $63 million loss last year and carrying $5.5 billion in debt, Brightline continues to grow. And Tampa appears to be next in line.

Where Will the Station Go?

A final location hasn’t been publicly announced, but city officials have hinted at a site in Tampa’s “greater downtown area,” possibly stretching from Ybor City to the Curtis Hixon Waterfront Park area.

In May, Hillsborough County asked residents how they would get to the future station, and the majority said they’d drive or use ride-share services. That means the city will likely need to build a parking structure and invest in safer pedestrian and bike-friendly infrastructure. Respondents also voiced a desire for more public transit near the station, which could reignite conversations about expanding the TECO Line Streetcar into Tampa Heights.

What If Brightline Doesn’t Make It?

Even with the financial risks, there’s a silver lining. If Brightline lays the rail but later backs out, the infrastructure could still be used by another operator—think Amtrak or even a local transit authority.

As Wong put it: “If we have assets for trains to go through Tampa to Orlando, I don’t see why there wouldn’t be competitors in that space.”

Source: Tampa Bay Times

Mike Cliggitt, MAI, MRICS, CCIM

813.405.1705 | 863.661.1165 - Direct Lines

findvalue@cliggitt.com

Appraisal & Valuation Markets

Questions about our blog? Contact our Director of Sales & Marketing, Sydney Avolt.

Sydney Avolt

727.403.7418 - Direct Line

2025 Outlook: Florida’s Property Insurance Recovery & Real Estate Stability

cliggittvaluation@verizon.net — Tue, 08 Jul 2025 19:40:51 GMT

Florida’s property insurance market is finally showing signs of recovery in 2025, following several years of volatility. A combination of legislative reforms and a resilient response to recent storms has begun to steady both residential and commercial insurance rates. For those in the commercial real estate space, this shift offers a much-needed sense of predictability. With fewer surprise exclusions and more stable premium trends, stakeholders can breathe a little easier—even if hurricane season keeps everyone on alert.

In this post, we break down the effects of the 2024 hurricane season, 2025 premium trends, key legislative changes, reinsurance market updates, and what these developments mean for property owners, brokers, and investors across the state.

After the 2024 Hurricane Season: Resilience in Action

The 2024 hurricane season was undeniably expensive. Major storms like Hurricane Helene ($16 billion in insured losses) and Hurricane Milton ($25 billion) dealt significant blows to Florida. But unlike past years, these disasters didn’t spark a mass insurer exit or dramatic premium spikes. In fact, Florida’s property insurance market closed out the year stronger than it began.

Industry experts attribute this resilience to better-capitalized insurers, stronger reinsurance backing, and the cumulative impact of recent legal reforms. Mark Friedlander of the Insurance Information Institute pointed out that rates heading into 2025 were flat—or even decreasing—in many parts of the state. Given the scale of the storm losses, that’s a noteworthy sign of stabilization.

The commercial side of the market followed a similar pattern. While business property policies faced the same hurricane pressures, the improved market structure helped avoid the chaos seen in prior years. The days of overnight cancellations and steep premium hikes after a single storm are, at least for now, behind us.

For both homeowners and commercial property owners, 2024 renewals were far less turbulent than expected. Florida’s insurance sector took a hit—but remained standing. That alone offers cautious optimism for everyone from Tampa homeowners to Miami investors.

Premium Trends in 2025: Stabilization and New Players

If 2024 was the year of weathering the storm, then 2025 marks a return to relative calm in Florida’s property insurance market. According to the Florida Office of Insurance Regulation, rate filings for 2024 showed a modest downward trend—the first in several years, suggesting a stabilizing market landscape. More than 30 insurance providers reported either no premium increases or actual rate reductions on 2024 policies, a stark contrast to the relentless hikes seen in prior years.

In fact, Florida posted the most stable property insurance rates in the nation last year, with an average increase of just 1%. Some regions, like Southwest Florida, even experienced average premium decreases in the mid-teens—though actual results vary depending on location and building specifics.

Crucially, new insurance capacity is returning to the state. Since the passage of major legislative reforms in 2022 and 2023, over a dozen new property insurers have entered the Florida market. By mid-2025, at least 14 new carriers were approved to write policies—a clear sign of renewed confidence in Florida’s insurance environment.

And these aren’t speculative startups. Incline National Insurance Company, a well-capitalized, A-rated carrier out of Texas, is now offering statewide coverage. A newly formed Florida-based insurer is targeting condo associations and small commercial buildings, backed by specialized reinsurance programs. This increased competition gives property owners and brokers more options—and better leverage—when shopping for coverage.

Even Citizens Property Insurance Corporation, the state’s insurer of last resort, is shrinking. The number of Citizens policies dropped from a peak of 1.4 million in late 2023 to about 841,000 by May 2025, thanks to private carriers assuming more risk. This trend is encouraging: a lighter policy load on Citizens reduces the likelihood of post-storm "hurricane tax" assessments on all Florida policyholders.

Most importantly, Florida’s domestic insurers, which were running at a loss just a few years ago, posted collective profits in 2024. That profitability strengthens the overall market and helps maintain rate stability moving forward.

For commercial real estate professionals who have grown used to bracing for double-digit insurance increases, a flat renewal—or even a single-digit reduction—is more than a pleasant surprise. It’s a welcome shift toward predictability in an industry that thrives on it.

Legislative Tailwinds Through 2025

Florida lawmakers have remained actively engaged in the state’s recovery, with new efforts in late 2024 and 2025 reinforcing earlier reforms. The legislative changes from 2022 and 2023—such as eliminating one-way attorney fees, restricting abuse of assignment of benefits (AOB) contracts, and tightening bad-faith litigation rules—have been widely credited with reducing excessive lawsuits and loss cost inflation.

In 2024 and into 2025, lawmakers expanded these efforts with targeted measures to fortify properties and streamline insurance operations:

Stronger Roofs and Mitigation Incentives:
May 2025’s HB 715 broadened the responsibilities of licensed roofing contractors, requiring them to improve roof-to-wall connections during replacements. This alignment with stricter building codes should help reduce storm-related losses—and by extension, help keep premiums from spiking. Lawmakers also allocated an additional $200 million to the My Safe Florida Home grant program, helping homeowners (especially low-income and elderly residents) upgrade their homes to better withstand hurricanes. The goal is clear: fewer claims, stronger properties, and more market stability.

Tougher Consumer Protections:
To protect policyholders from post-storm contractor scams, new legislation limits homeowners to a 10-day cancellation window on roofing repair contracts signed after an emergency declaration. This discourages opportunistic behavior and protects consumers from being manipulated into hasty agreements. Additionally, 2024 reforms strengthened regulatory oversight—requiring insurers and adjusters to respond more quickly to complaints and cracking down on bad actors. These changes help foster trust in the system and improve the overall claims environment.

Expanded Surplus Lines Access:
A major 2025 bill (HB 1549) eliminated the outdated “diligent effort” rule that previously required agents to exhaust the admitted market before turning to surplus lines carriers. Surplus lines—often used for higher-risk or non-standard properties—can now be accessed more efficiently. This is a big win for commercial property owners, especially those with older buildings or complex insurance needs, as it reduces delays and avoids potential coverage gaps.

Defending Reform Momentum:
Perhaps the most impactful development was what didn’t pass. Efforts to reinstate one-way attorney fees—reforms that previously drove up litigation and discouraged insurer participation—were successfully blocked. The proposal was defeated in committee, with strong indications the Governor would have vetoed it anyway. This sent a powerful signal: Florida is committed to maintaining a stable, pro-consumer, anti-fraud insurance environment.

That consistency matters. It gives insurers and investors the confidence that Florida won’t revert to its litigious past. For now, with regulatory and legislative support firmly in place, the state’s insurance market is finally on steadier ground.

Reinsurance and Underwriting: Adjusting to the New Normal

Florida’s insurance policies rest on a foundation of global reinsurance—and for the past several years, reinsurers were charging steep premiums to cover the state’s hurricane-prone risk. In 2023, reinsurance costs surged over 25%, sending primary insurance premiums even higher. But in 2025, we’re finally seeing meaningful relief.

During the January 1, 2025 renewal period, property catastrophe reinsurance rates dropped by an average of 10% for programs with no major recent losses. Florida’s Office of Insurance Regulation also reported a 1.7% average decline in reinsurance costs for carriers in 2024 compared to the year prior. That shift signals a renewed vote of confidence from global underwriters in Florida’s risk profile and regulatory stability.

Florida’s own mechanisms played a role as well. The Florida Hurricane Catastrophe Fund (FHCF) reduced its 2024 premiums by 8.3%, although it raised its retention (the threshold before coverage kicks in) by $2 billion for 2025. Meanwhile, the private market is strengthening. New startup insurers have entered Florida, Citizens is moving more policies to private carriers, and global reinsurers and catastrophe bond investors have stepped in with fresh capital. Citizens itself sponsored a record-breaking $1.525 billion catastrophe bond to help supplement its traditional reinsurance.

The result? Most Florida carriers were able to secure the coverage they needed for the 2025 hurricane season—at rates that, while still elevated, are no longer skyrocketing.

Underwriting Behavior in the “New Normal”
Insurers have adapted, becoming more selective about the risks they’re willing to underwrite. Older homes—especially those with original tile roofs or minimal wind mitigation—are facing tougher scrutiny. Properties with reinforced roofs, impact windows, or upgraded features are being rewarded with broader coverage and more favorable pricing.

The trend is clear: Florida’s insurers are using their stronger financial footing to focus on better-quality risks. At the same time, they’re pulling back from covering minor, high-frequency claims. Reinsurers have little appetite for the small stuff—like moderate wind or hail damage—so insurers are adjusting deductibles and policy terms accordingly. This often means higher windstorm deductibles or more out-of-pocket costs for policyholders when small losses occur.

But when it comes to major events—true catastrophes—the reinsurance market is showing up in force. Coverage is still robust above certain thresholds, and insurers are better capitalized to withstand a hit. In fact, Florida carriers collectively increased their surplus capital by 6.5% in 2024, offering a stronger buffer going into the next storm season.

One Cautionary Note
Despite the improvements, Florida’s system isn’t bulletproof. The FHCF estimates it has $9 billion in liquid resources against $17 billion in potential exposure for 2025—leaving an $8 billion gap that would likely be covered by post-event bonding or policyholder assessments in a worst-case scenario. If a Hurricane Andrew-level disaster struck, the financial strain could still ripple across the market.

Bottom Line for Commercial Property Owners
The reinsurance market in 2025 is in a far healthier place, and that stability is trickling down to insurers and policyholders. But the approach is more disciplined than ever. Stronger buildings get better rates. Weaker ones may pay more—or struggle to get coverage at all. As always in Florida, resilience and mitigation aren’t just smart—they’re essential.

Implications for Commercial Property Owners and Investors

For Florida’s commercial real estate stakeholders, the recent shift in the insurance market offers welcome relief. After years of relentless premium hikes and limited coverage options, property owners and investors are finally seeing conditions stabilize—and in some cases, improve. This shift creates a timely opportunity to revisit insurance strategy across asset classes.

Budget Relief & Operating Efficiency
With premiums leveling off—and in some instances, declining—property owners are seeing reduced pressure on operating budgets. For assets like multifamily, retail, or office buildings, insurance is becoming a more predictable expense, rather than an unpredictable drag on NOI. Some owners are even securing quotes below expiring premiums, thanks to increased carrier competition. These incremental savings can enhance asset performance, support valuations, and strengthen investment returns. Insurance is re-entering the realm of manageable, rather than volatile.

Improved Coverage Access
More carriers are stepping back into the Florida market, reducing the risk of being forced into Citizens or struggling to find coverage at all. New entrants focused on high-need sectors—like condo associations or specialized commercial buildings—have widened the pool of options. Brokers now have more markets to approach and fewer roadblocks to securing viable coverage. Additionally, recent legislation removing the “diligent effort” requirement streamlines access to surplus lines—especially beneficial for unique or higher-risk properties. This agility matters: securing timely, gap-free coverage is critical for financing, closings, and ongoing asset management.

Risk Mitigation as a Value Driver
One thing hasn’t changed—Florida insurers remain laser-focused on resilience. Carriers are rewarding properties with hardened features: reinforced roofs, upgraded windows, elevated mechanicals, and other mitigation measures. Conversely, buildings with outdated systems or clear vulnerabilities face limited options or higher premiums. Public grant programs like My Safe Florida Home can help offset upgrade costs, but even without assistance, many improvements pay for themselves through long-term savings. Risk engineering is no longer optional—it’s a strategic lever for better pricing, stronger tenant appeal, and broader insurability.

Portfolio Strategy & Investment Outlook
The improving insurance climate is reshaping the investor mindset. Where national buyers and REITs once hesitated, many are now reconsidering Florida—especially in light of a relatively flat average premium increase (~1%) in 2024. While localized risks still matter (for example, premiums in Monroe County remain significantly higher than inland markets), insurance is no longer the automatic deal-killer it once was. The key is underwriting with clarity, pricing in risk accurately, and exploring value-add plays that include mitigation-driven savings.

Broker Strategy & Structuring Opportunities
With new carriers and products in the market, insurance brokers and advisors have more tools to deliver value. Aggressively shopping renewals, revisiting previously unworkable quotes, and rethinking program design—such as higher deductibles paired with parametric coverage or layered placements—can result in stronger outcomes. Insurers are showing renewed willingness to write well-managed risk, especially where mitigation and maintenance are evident. This is the moment for brokers to be proactive and strategic, not just transactional.

Looking Ahead: Cautious Optimism for the Long Term

Florida’s property insurance market may not be out of the woods, but 2025 marks a welcome pause in the volatility. A mix of meaningful legislative reforms, an influx of new capital, and a reprieve from major storm impacts has created conditions that industry experts now describe as “manageable” and “stabilized”—words not often associated with Florida insurance in recent years.

This stability has tangible benefits across the board. Homeowners are seeing more affordable options, businesses can forecast insurance costs with greater confidence, and commercial real estate transactions are no longer stalling due to last-minute coverage issues. It’s a rare moment of equilibrium in a state where the insurance conversation has often been dominated by crisis.

That said, the calm is cautious. The 2025 hurricane season is expected to be slightly above average, and the real test will come if (or when) a significant storm makes landfall. Insurers must demonstrate that their bolstered capital reserves, reinsurance arrangements, and stricter underwriting practices can hold up under pressure—not just theoretically, but in the face of real-world catastrophe exposure.

Regulators, for their part, are holding steady. There’s no push for sweeping new reforms at the moment, giving the market time to absorb and adjust to the changes already in place. It’s a deliberate “don’t rock the boat” stance heading into peak storm season—and given the market’s recent recovery, it’s a prudent one.

For commercial real estate professionals, the message is clear: now is the time to engage.

Reassess your coverage across the portfolio
Request updated quotes—especially from new entrants
Identify risk mitigation opportunities to strengthen negotiating positions

This environment presents a window for securing better terms, optimizing policy structures, and future-proofing properties ahead of the next storm cycle.

Mike Cliggitt, MAI, MRICS, CCIM

813.405.1705 | 863.661.1165 - Direct Lines

findvalue@cliggitt.com

Appraisal & Valuation Markets

Questions about our blog? Contact our Director of Sales & Marketing, Sydney Avolt.

Sydney Avolt

727.403.7418 - Direct Line

Sources:

Fitch Ratings analysis via Risk & Insurance (June 2025) – Florida insurers’ improved capital, 2024 storm losses, legislative reforms, reinsurance market trends riskandinsurance.com riskandinsurance.com .
Florida Office of Insurance Regulation data, reported by Florida Realtors (June 2025) – Stabilization of rates, number of insurers with no increases or reductions, new insurers entering market floridarealtors.org floridarealtors.org .
Florida OIR Press Release (June 27, 2025) – Confirmation of 14 new companies in Florida, improved industry finances, and nation-low average rate increases floir.com floir.com .
Florida legislation summaries (2024–2025) – Key bills on roofing improvements, surplus lines access, and consumer protections myfloridacfo.com myfloridacfo.com .
Lisa Miller & Associates Insurance Roundup (May 2025) – Insights on the defeat of litigation rollbacks and resulting market improvements (lower reinsurance costs, fewer lawsuits, new entrants) ricciinsurancegroup.com ricciinsurancegroup.com .

Florida Approves Conservation Purchase of 340 Acres in Hernando County

cliggittvaluation@verizon.net — Tue, 10 Jun 2025 19:27:35 GMT

In a surprising turn, Florida officials voted Tuesday to approve the purchase of 340 acres of forest land in Hernando County from Cabot Citrus, a luxury golf resort once at the center of a heated public lands controversy.

This time, there’s no land swap involved—just a straightforward acquisition aimed at expanding conservation efforts near the Withlacoochee State Forest. The vote came from the Florida Cabinet, with Gov. Ron DeSantis, Attorney General James Uthmeier, and Agriculture Commissioner Wilton Simpson all in favor.

If Cabot Citrus sounds familiar, it's because the resort drew fire last year after receiving initial approval to trade more than 300 acres of state-preserved forest for land it hoped to develop into more luxury golf amenities. The backlash was swift and widespread. After the Tampa Bay Times reported on the proposed trade, public outcry escalated, and Cabot quietly pulled the deal.

Though DeSantis didn’t comment on the Cabot purchase specifically during Tuesday’s meeting, his office later celebrated the conservation deal in a press release, grouping it in with other land buys.

Simpson, who previously supported the land swap proposal, offered a lengthy post-vote statement that subtly acknowledged the controversy and praised the new direction: “We paused, looked at alternatives, and ultimately arrived at a better path — one that serves the long-term interests of Florida and its people,” he said. He also commended Cabot for “shifting focus and prioritizing conservation,” calling the outcome a model for how land preservation decisions should unfold.

Notably, just weeks ago, Gov. DeSantis was photographed golfing in a Cabot Citrus hat alongside Florida Fish and Wildlife chair Rodney Barreto, further fueling speculation about the resort’s influence. The land now on the table for acquisition sits directly southeast of Cabot’s current footprint—home to multiple golf courses and luxury cottages starting at $1.7 million. It borders the same area the company previously sought to acquire via land swap.

The state still needs to appraise the land to determine its value. According to the Florida Department of Environmental Protection, the purchase price won’t exceed the appraised value. If the deal moves forward, the Florida Forest Service has agreed to manage the land and integrate it into the broader state forest system.

While many conservationists welcomed the move, they also expressed caution. Eugene Kelly, president of the Florida Native Plant Society and a Hernando County resident, said the shift is promising but remains wary: “It would be great to see the land added to the state forest,” he said. “But I see all these mixed signals coming from the state.”

Kelly has also called for full funding of the Florida Forever land acquisition program, urging lawmakers to allocate at least $100 million after earlier budget proposals offered none.

After a string of recent land-use controversies—including efforts to develop state parks and transfer pristine conservation land to mysterious LLCs—this decision marks a rare about-face. Whether it signals a long-term commitment to conservation or a one-time course correction remains to be seen.

Mike Cliggitt, MAI, MRICS, CCIM

813.405.1705 | 863.661.1165 - Direct Lines

findvalue@cliggitt.com

Appraisal & Valuation Markets

Questions about our blog? Contact our Director of Sales & Marketing, Sydney Avolt.

Sydney Avolt

727.403.7418 - Direct Line

St. Pete Beach Shuts Down Boutique Hotel Proposal

cliggittvaluation@verizon.net — Mon, 02 Jun 2025 16:58:56 GMT

Plans for a 104-room boutique hotel on the east side of Gulf Boulevard were unanimously rejected by St. Pete Beach city commissioners during a May 13 meeting, effectively halting the proposed Windward Pass Resort. The decision denied the developers a conditional use permit, a hardship variance, and access to room credits from the city’s lodging pool.

The project, which would have included six stories, waterfront boat access to McPherson Bayou, a three-story parking garage, two pools, a miniature golf course, bars on the ground and rooftop levels, a 12-slip dock, and more, was met with strong opposition. Developers sought 104 temporary lodging unit credits from the district’s 325-room allocation. However, with Hotel Zamora already approved for 64 units, only 261 credits remain for future projects—making this request a significant ask.

City Planner Brandon Berry reminded attendees that unlike the western portion of Gulf Boulevard—where lodging is permitted by right—the Bayou Residential District does not allow temporary lodging as a matter of course. “This is not a lodging-permitted area,” he explained.

The 2.67-acre site is one of the few remaining large, undeveloped waterfront parcels on the east side of Gulf Boulevard. Despite its size, project architect Jack Boziak argued that the site’s irregular shape—ranging from 293 feet wide on one end to just 125 feet on the other—left less than 40% of the land buildable after accounting for setbacks and drainage requirements. He called this a clear hardship.

But commissioners weren’t convinced. Commissioner Betty Rzewnicki emphasized that the lot consists of four separate parcels and is located in a clearly residential area: “You’re trying to introduce a commercial resort into a residential neighborhood. That’s not a hardship—that’s a zoning mismatch.”

Commissioner Joe Molholland echoed that sentiment, citing concerns about putting a large hotel with a rooftop bar in a low-density district. “This isn’t the western side of the beach where that kind of activity is expected,” he said. Commissioner Lisa Robinson also pointed to concerns about increased noise, traffic, and overall intensity: “A 104-unit condo hotel with multiple amenities is a lot for this area. The noise and density are already issues. Adding more would overwhelm the neighborhood.”

Environmental concerns played a major role as well. Mayor Adrian Petrila specifically called out the potential damage to the shallow bayou and its manatee habitat: “This isn’t just a question of land use—there’s a real environmental impact to consider,” he said. “Even the so-called 'quiet pool' won’t be quiet in practice. I’ve been to enough resorts to know better.”

In the end, the commission found that the proposal failed to adequately address community concerns or offer solutions to mitigate the negative impacts. Without clear benefits to the neighborhood and no meaningful compromises presented, all requests—including the rooftop bar and the 104-unit credit allocation—were firmly denied.

Source: Tampa Bay Times

Mike Cliggitt, MAI, MRICS, CCIM

813.405.1705 | 863.661.1165 - Direct Lines

findvalue@cliggitt.com

Appraisal & Valuation Markets

Questions about our blog? Contact our Director of Sales & Marketing, Sydney Avolt.

Sydney Avolt

727.403.7418 - Direct Line

Retrospective Appraisals for Commercial Properties in West Central Florida

Tue, 20 May 2025 13:59:50 GMT

In commercial real estate, understanding a property's value at a specific point in the past can be just as important as knowing what it’s worth today. Whether you’re dealing with an insurance claim after a storm, an estate settlement, or a legal dispute, retrospective appraisals can play a critical role—especially here in West Central Florida where market conditions shift rapidly and weather events are frequent.

What Is a Retrospective Appraisal?

A retrospective appraisal is exactly what it sounds like: an appraisal with an effective date in the past. It allows us to determine what a property was worth at a specific historical moment, based on the conditions and data available at that time. Unlike current or prospective appraisals, this type requires the appraiser to essentially “recreate” the market as it existed on that date—everything from sales comps to economic factors and the property’s condition.

These types of reports are essential in several scenarios:

Storm-related insurance claims : Establishing pre-loss value after hurricane damage
Estate settlements : Determining fair market value as of the date of death
Litigation support : Supporting disputes like business dissolutions or eminent domain
Property tax appeals : Contesting over assessed values from prior years
Financial reporting : Accurate historical valuations for audits or compliance

Why They Matter in Florida

Florida’s West Central region has seen rapid growth, market fluctuations, and its fair share of natural disasters. A solid retrospective valuation is often the foundation for a fair resolution—whether it's getting a tax adjustment or ensuring heirs aren’t hit with unnecessary capital gains.

For example, Pinellas County encourages owners to seek certified appraisals to verify a property’s value before a storm—especially if they’re trying to comply with FEMA’s 50% Rule for rebuilding. Similarly, when a commercial property is inherited, a date-of-death appraisal ensures tax basis is properly adjusted for the new owner, which can have long-term financial benefits.

Our Approach at Cliggitt Valuation

At Cliggitt Valuation, retrospective appraisals are one of our specialties. We’ve completed these assignments for everything from small retail buildings to complex industrial facilities across Tampa, St. Pete, and Lakeland. Every report we prepare is:

Detailed and data-driven , often requiring historical sales, old records, and archived financials
Tailored to the local market , reflecting our deep knowledge of past market cycles in West Central Florida
Credible and defensible , written with clarity and strong support so it holds up in court, with insurers, or in tax discussions
Responsive and timely , because we know how important deadlines are in legal or estate matters

We’ve helped clients with hurricane claims, tax disputes, estate transfers, and more. Each time, our goal is the same: to deliver a reliable and accurate value opinion that helps our clients move forward confidently.

Final Thoughts

Retrospective appraisals may look backward, but they’re one of the most forward-focused tools we have in real estate. When done right, they provide the foundation for sound decisions—financially, legally, and strategically.

If you need a retrospective appraisal or just want to talk through a situation where one might apply, don’t hesitate to reach out. We’re here to help you look back, so you can move forward with clarity.

Mike Cliggitt, MAI, MRICS, CCIM

813.405.1705 | 863.661.1165 - Direct Lines

findvalue@cliggitt.com

Appraisal & Valuation Markets

Questions about our blog? Contact our Director of Sales & Marketing, Sydney Avolt.

Sydney Avolt

727.403.7418 - Direct Line

Stepped-Up Basis Appraisals

cliggittvaluation@verizon.net — Tue, 13 May 2025 17:19:35 GMT

What is a Stepped-Up Basis — and Why Does It Matter for Commercial Property in Florida?

If you’ve inherited a commercial property in Florida — or you're advising someone who has — you’ve probably heard the term “stepped-up basis” come up. It may sound like accountant-speak, but it can save heirs and investors hundreds of thousands in capital gains taxes . Whether you're an estate attorney, CPA, heir, or investor, understanding how the stepped-up basis works (especially here in Florida) is crucial for avoiding tax surprises and making smart decisions with inherited income-producing properties.

Understanding the Stepped-Up Basis for Commercial Real Estate in Florida

When commercial real estate is inherited in Florida, it brings with it not only a valuable asset, but also a significant opportunity for tax savings through the stepped-up basis rule. This federal tax provision allows heirs to reset the “cost basis” of the inherited property to its fair market value (FMV) as of the date of death — often eliminating taxable gains accrued during the decedent’s lifetime.

Whether you are an estate attorney, CPA, investor, or personal representative managing an estate, understanding the implications of the stepped-up basis is essential for making informed, compliant, and tax-efficient decisions regarding inherited commercial property.

What Is a Stepped-Up Basis?

The stepped-up basis is a tax rule that adjusts the cost basis of an inherited property to its market value at the time of the original owner’s death. For capital gains purposes, this means the heir is treated as having acquired the property at its current fair market value — not its original purchase price.

Example:

A Tampa-area investor purchased a small office building in 1990 for $400,000. At the time of their passing in 2024, the property is appraised at $2.2 million. If the heir later sells the property for that same $2.2 million, there is no capital gains tax liability — because the sale price matches the stepped-up basis. Had the property been gifted before death, the original $400,000 basis would have carried over, resulting in a taxable gain of $1.8 million.

Why It Matters for Commercial Real Estate

The stepped-up basis can deliver substantial tax relief, particularly for heirs inheriting income-producing or significantly appreciated properties. Key benefits include:

Elimination of Historic Gains: Capital appreciation that occurred during the original owner’s lifetime is effectively erased for tax purposes.
Restarted Depreciation Schedule: The new owner can depreciate the asset based on the stepped-up value — a major advantage for income tax planning.
Accurate Basis for Future Transactions: Whether the property is sold, refinanced, or restructured, a clearly established fair market value ensures accurate reporting and compliance.

Who Benefits?

Heirs of Appreciated Commercial Assets: Individuals inheriting retail centers, warehouses, office buildings, or mixed-use developments that have significantly increased in value will benefit the most from this provision.
Surviving Business Partners or Co-Owners: In certain cases, surviving partners in real estate partnerships or LLCs may receive a basis adjustment on the decedent’s share, which can be critical for succession planning.
Real Estate Investors and Developers: Many investors structure their holdings with the intent of transferring assets at death, allowing their heirs to receive a full basis reset and avoid large capital gains exposure.
Estate Planning Professionals: Attorneys, financial advisors, and CPAs use stepped-up basis strategies to ensure their clients' estates are structured in a tax-efficient manner.

Why a Professional Appraisal Is Essential

The stepped-up basis hinges entirely on the fair market value of the property as of the decedent’s date of death. A professionally prepared commercial appraisal provides the credible, defensible documentation needed to support this valuation.

A qualified commercial appraisal:

Establishes a Legally Compliant Tax Basis: IRS regulations require valuations to be based on substantiated data. Online estimates and tax assessments are not acceptable for estate purposes.
Protects Against IRS Penalties: An inaccurate or inflated valuation can trigger audits and result in significant penalties. A third-party appraisal reduces this risk by providing an independent and well-supported valuation.
Facilitates Asset Distribution: In cases with multiple beneficiaries, an objective valuation aids in equitable distribution or buyouts of inherited interest.
Supports Future Financial Planning: Understanding the current market value of the asset can inform hold/sell decisions, refinancing options, and lease restructuring strategies.

When to Obtain a Commercial Appraisal

A commercial appraisal should be obtained at key points in the estate process:
Immediately Following the Property Owner’s Death: A date-of-death appraisal provides the basis value required for federal tax filings and capital gains calculations.
During Estate Planning: Property owners may obtain appraisals to assess potential exposure to estate taxes or to assist with gifting, trust funding, or business succession planning.
Prior to Selling an Inherited Property: If a date-of-death appraisal was not obtained, a retrospective appraisal can still be commissioned to establish the correct basis.
During Disputes or Legal Proceedings: A certified appraisal is essential if there is disagreement among heirs or scrutiny from tax authorities.

Specialized Expertise for Florida Commercial Properties

Florida’s commercial real estate market is highly dynamic, with regional variations in value influenced by location, zoning, tenant mix, and local economic drivers. Properties in Tampa, Clearwater, Sarasota, and other growing markets have experienced considerable appreciation in recent years.

Because of this, engaging a local, Florida-based appraisal firm with commercial expertise is vital. Appraisers familiar with the nuances of Florida’s market — including seasonal fluctuations, flood zones, and redevelopment potential — can deliver more accurate and defensible valuations.

Partner with a Trusted Commercial Appraiser

At Cliggitt Valuation, we specialize in commercial appraisals for stepped-up basis reporting, estate settlement, and tax planning throughout the state of Florida. Our licensed appraisers deliver detailed, compliant, and timely reports designed to withstand IRS review and support estate professionals and fiduciaries in their work. Whether you are managing a portfolio of retail assets, overseeing a family-owned industrial property, or guiding a client through estate administration, we are here to assist .

Mike Cliggitt, MAI, MRICS, CCIM

813.405.1705 | 863.661.1165 - Direct Lines

findvalue@cliggitt.com

Appraisal & Valuation Markets

Questions about our blog? Contact our Director of Sales & Marketing, Sydney Avolt.

Sydney Avolt

727.403.7418 - Direct Line

sydney@cliggitt.com

Tampa Bay’s Apartment Market Is Changing — and Private Equity Is Leading the Charge

cliggittvaluation@verizon.net — Thu, 24 Apr 2025 16:57:08 GMT

In recent years, Tampa Bay has become a hot spot for real estate investment — and not just from individual landlords or local developers. According to a new report from the Private Equity Stakeholder Project, nearly 25% of all apartment units in our metro area are now owned by private equity firms. That’s a major shift with big implications for renters, property owners, and real estate professionals alike.

Nationally, private equity ownership accounts for about 10% of all apartment units, but the concentration is much higher in Sunbelt cities like Tampa, where demand is booming and tenant protections tend to be weaker. As Jordan Ash, the report’s research director, put it: “States that have weak tenant protections is something that private equity companies are attracted to... and the other just being growing population, which creates more of a demand for rental housing.” These firms, including big names like Greystar and Blackstone, typically focus on maximizing returns — which often means increasing rents and cutting costs wherever possible.

We’ve seen how this plays out locally. Between 2019 and 2023, rents in the Tampa Bay area increased by 49% . While there are many factors driving that growth, the report suggests that private equity is playing a notable role. Some of the firms analyzed are even under scrutiny for using software like RealPage to help set rent prices, allegedly pushing rates to their maximum potential across the board. Ash noted, “It’s very clear, their business model is going to be how to make a property more profitable… The goal really is to sell the property.”

As a commercial real estate appraisal firm based right here in Tampa Bay, we’re watching these trends closely. Private equity’s growing influence doesn’t just affect rental prices — it also impacts how we value properties, assess market risks, and advise our clients. Whether you're investing, refinancing, or just trying to understand what your asset is worth in this evolving landscape, having a clear, up-to-date appraisal is more important than ever. At [Your Company Name], we’re here to help you navigate these changes with confidence.

Source : Tampa Bay Times

Mike Cliggitt, MAI, MRICS, CCIM

813.405.1705 | 863.661.1165 - Direct Lines

findvalue@cliggitt.com

Appraisal & Valuation Markets

Casualty Loss Appraisals Following the 2024 Hurricane Season

cliggittvaluation@verizon.net — Mon, 07 Apr 2025 19:27:30 GMT

Florida's 2024 hurricane season left many property owners dealing with significant damage. After the winds and floods passed, these owners were left not only with repairs but also questions about financial recovery. One form of relief might be a tax deduction for a casualty loss – essentially, the loss in your property’s value due to the hurricane. To claim this, you document the loss on IRS Form 4684, which is where a casualty loss appraisal comes into play.

What Is a Casualty Loss Appraisal?

Casualty losses are losses from sudden, unexpected events like hurricanes, floods, or fires that damage your property. If your home or other personal-use real estate in Florida was damaged by a 2024 hurricane (in a federally declared disaster area), you may be eligible to deduct the loss in value on your federal taxes. IRS Form 4684 (Casualties and Thefts) is used to calculate and report that loss. But how do you figure out the dollar amount of your property’s loss? This is where a casualty loss appraisal is critical. A casualty loss appraisal is a professional assessment of your property’s fair market value immediately before the casualty and immediately after. The difference between those two values represents your property’s decrease in value due to the disaster

In other words, it tells you (and the IRS) how much value your property lost because of the hurricane.

Form 4684 will ask for the fair market value (FMV) of your property before and after the casualty. The IRS defines FMV as the price a willing buyer would pay a willing seller for the property, with both having reasonable knowledge of the facts

For most homeowners, determining these values isn’t straightforward—you typically won’t know exactly what your home was “worth” right before and after the storm. That’s why the IRS and tax professionals often rely on a qualified appraisal to establish those numbers. According to IRS instructions, FMV is generally determined by a competent appraisal, considering sales of comparable properties around the time of the casualty and the specifics of your property’s condition In short, a casualty loss appraisal provides the official valuations needed to fill out Form 4684 accurately and substantiate your deduction.

Calculating Fair Market Value Before and After a Disaster

Calculating your property’s fair market value before and after a hurricane involves more than just guessing or looking at Zillow. A professional appraiser will assess your home’s condition, review comparable sales, and factor in the local real estate market to determine what your property was worth immediately before the damage and immediately after. The difference is your loss in value due to the casualty (subject to certain tax limits like your cost basis and insurance reimbursement).

It’s important to note that the appraisal must isolate the loss due to physical damage. The IRS explicitly instructs that the post-casualty appraised value must be adjusted to remove any general market decline that happened at the same time as the disaster

In plain English, this means the appraiser should not attribute a broad drop in market prices to your specific loss. For example, if an entire neighborhood’s property values fell because buyers became nervous about hurricane risks in that area, that general drop is not part of your individual casualty loss. Only the value drop caused by actual damage to your property counts. A qualified appraiser will understand this distinction and ensure your before-and-after values reflect solely the impact of the damage, not unrelated market fluctuations.

Example: Suppose your home was worth $300,000 before a hurricane. After the storm, with a torn roof and water damage, its value might be only $240,000. At first glance, it seems you lost $60,000 in value. However, imagine the hurricane also caused a general decline in home prices in your area (say, about 5% because the whole region was impacted). If similar undamaged homes went from $300,000 to $285,000 due to the market’s reaction, then your $60,000 drop isn’t entirely due to your property’s specific damage. The appraiser would adjust for that market effect – meaning they might conclude your home’s value after the physical damage (excluding the general market dip) would have been around $255,000. Thus, the loss attributable to your property’s damage would be $300,000 minus $255,000 = $45,000. This is the number that would go on your Form 4684 as the casualty loss (before any insurance or other adjustments). The key is that the appraisal parses out what portion of the value loss was due to your house’s damage versus the overall market downturn.

Using Repair Costs as Evidence of Loss

What if you’ve already started repairs? The IRS recognizes that repair bills can sometimes serve as evidence of your property’s loss in value. However, you can’t simply take any repair estimate and call that your loss – specific criteria must be met for the “cost of repairs” method to be valid. According to IRS guidelines, you may use the cost of repairs as proof of the decrease in value if and only if you meet all of the following conditions:

• The repairs are actually made: You must actually complete the repairs on the property.

• Repairs restore the property to its pre-casualty condition: The work done should bring your home back to the way it was immediately before the hurricane.

• The repair costs are not excessive: The amount you spend should be reasonable and necessary, not inflated.

• Repairs only fix the hurricane damage: You can’t include upgrades or unrelated improvements. The repairs should address only the damage caused by the casualty.

• Repairs don’t improve the property beyond its original value: After repairs, the property’s value should not be higher than it was before the disaster. In other words, you haven’t added value—just restored what was lost.

If all of these conditions are met, the total cost of repairs can be used as a measure of how much value was lost. This makes sense because if you fully restore your home to its prior condition, the money you spent should correspond to the value it lost (as long as you didn’t over-improve). Keep in mind, the repair-cost method is mainly useful as supporting evidence. You would keep copies of receipts and contractor bills to show the IRS if needed. Also note that if your insurance reimbursed you for some repairs, your deductible loss would be reduced by that amount.

For many large losses, especially if repairs are not completed by tax time, a professional appraisal is still the primary way to determine the drop in value. The repair costs method is just alternative evidence to bolster your claim. If your repairs meet the above criteria, you can use those figures on Form 4684 as evidence of the decline in FMV. But if the situation is complex (partial repairs, improvements mixed in, or market value shifts), it’s safest to get an expert appraisal.

Your Entire Property Is One “Item” for a Casualty Loss

When dealing with personal-use real estate (like your primary home), the IRS treats your property as one single asset for the casualty loss calculation. This means all the components of your property – the land, the house, the garage, the pool, the trees and landscaping, etc. – are considered together as one item for measuring the loss You do not calculate separate losses for each feature or improvement on that real estate. For example, you wouldn’t list the damage to your roof as one casualty loss and the damage to your fence as another. They’re part of the overall property loss. The logic here is that your home and its attached structures/improvements collectively contribute to the property’s value. So, you assess the decrease in value of the property as a whole. The appraisal will determine how the entire property’s market value changed due to the hurricane. (Personal belongings, however, are treated separately. If you also had damage to contents – say furniture or electronics – those would be itemized individually on Form 4684. The IRS gives an example that you would figure the loss separately for each piece of furniture, but not for parts of the real estate.)

For Florida homeowners, it’s important to understand this “one property, one loss” approach so you don’t mistakenly try to break out losses by component. On your tax forms, you’ll combine the damage to your house, landscaping, and other fixtures into one calculation for that property. This also means the $100 deductibility threshold (and the 10%-of-AGI rule if applicable) is applied per overall event, not per item, so you can’t bypass it by splitting items. The appraisal report you obtain will reflect the total impact on your property’s value, which is exactly what the IRS wants to see for a personal-use casualty loss.

Why a Qualified, USPAP-Compliant Appraisal Matters

A casualty loss appraisal isn’t just any home valuation – it needs to be done right. The IRS mentions using a “competent appraisal” for a reason. A qualified appraiser who is USPAP-compliant will ensure that the appraisal stands up to scrutiny. USPAP (Uniform Standards of Professional Appraisal Practice) is the industry’s code of ethics and guidelines that appraisal professionals follow to produce credible, unbiased valuations. When an appraisal is USPAP-compliant, you can trust that it has documented all the necessary steps, considered all relevant market evidence, and followed standardized methods. This level of professionalism is important not only for your own peace of mind but also if the IRS ever questions your casualty loss claim.

Remember, the goal of the appraisal is to prove your loss in value. An appraiser with experience in casualty loss valuations will know how to document the pre-disaster value (often using comparable sales from before the hurricane or reconstructed data) and the post-disaster value (accounting for the damage, as well as any repair estimates, and excluding general market drops as discussed earlier). The appraiser’s written report will typically include photographs of the damage, descriptions of your property’s condition, the methodology used to determine values, and references to comparable sales. This report becomes your evidence that “Yes, I really did lose $X in property value due to this hurricane.”

Using a qualified, independent appraiser also adds credibility. It shows you didn’t just come up with a number to maximize your tax deduction; a trained professional calculated it. In the event of an audit or review, a solid appraisal report can make all the difference. It’s worth noting that while appraisals cost a fee, they can potentially save you much more in taxes (and protect you from penalties for inaccurate claims). As the old saying goes, “document, document, document” – and a USPAP-compliant appraisal is the gold standard documentation for a casualty loss deduction.

How Cliggitt Valuation Can Help

Dealing with the aftermath of a hurricane is stressful enough without having to become a tax or appraisal expert overnight. That’s where Cliggitt Valuation comes in. We understand both the local real estate market and the specific requirements for casualty loss valuations. We regularly perform IRS-compliant casualty loss appraisals for homeowners and property owners looking to maximize their eligible deductions after disasters. Our reports are prepared in accordance with USPAP standards and tailored to meet IRS guidelines, so you can confidently use them in support of your Form 4684 claims.

We will walk you through the process: inspecting your property, researching market data, and explaining our findings in plain language. You’ll get an appraisal that not only provides the before-and-after values of your property, but also clearly documents how those values were determined. This gives you, your tax preparer, and the IRS a transparent record of your loss.

Don’t navigate the casualty loss process alone. If your Florida property was damaged in the 2024 hurricane season, let us help you assess and document your loss accurately. With our qualified team on your side, you can focus on rebuilding, while we handle the valuation details. Here’s to a smoother recovery and the confidence of having experts support your claim every step of the way.

Mike Cliggitt, MAI, MRICS, CCIM

813.405.1705 | 863.661.1165 - Direct Lines

findvalue@cliggitt.com

Appraisal & Valuation Markets

Questions about our blog? Contact our Director of Sales & Marketing, Sydney Avolt.

Sydney Avolt

727.403.7418 - Direct Line

Data from Yardi Matrix March 2025 Multifamily Report.

A look at Florida's Multifamily Market

cliggittvaluation@verizon.net — Sun, 06 Apr 2025 14:07:21 GMT

Florida Multifamily Outlook: Navigating Rent Growth and Supply Pressures in 2025

As we settle into Q2 of 2025, Florida's multifamily sector continues to demonstrate both resilience and volatility amid national economic uncertainty and shifting federal housing policy. The March 2025 data from Yardi Matrix provides a deeper look into how key Florida markets—like Tampa, Miami, Orlando, and Jacksonville—are stacking up against national trends.

Tampa’s Multifamily Market: Holding Steady Under Pressure

Tampa experienced a modest 0.8% year-over-year rent growth as of March 2025, bucking the trend of negative growth seen in other Florida metros. However, supply-side pressure remains significant: Tampa delivered 5.7% new inventory relative to total stock in the past 12 months—one of the highest delivery rates in the country.

Despite this, job growth in Tampa held at a healthy 0.8%, keeping demand relatively stable. Rent growth for the rest of the year is expected to soften, with forecasted gains of only 0.4% by year-end.

Miami, Orlando, and Jacksonville: Cooling Rents Amid Heavy Supply

Other major Florida metros are experiencing more pronounced challenges:

Miami rents fell 0.4% YoY, but expectations are slightly more optimistic, with a 1.4% increase forecasted for the year. Still, new deliveries make up 4.4% of stock—a major contributor to short-term softness.
Orlando reported -1.3% YoY rent growth, with 6.0% new stock added—placing substantial downward pressure on rents.
Jacksonville, which has been a consistent performer historically, slipped 1.7% YoY with no reliable forecast data available for YE 2025.

A common thread across these metros is aggressive inventory expansion without proportionate demand increases—especially as affordability remains a growing concern.

What This Means for Investors and Developers in Florida

The Florida multifamily market remains a strong long-term play thanks to favorable demographics and inbound migration, but short-term returns may vary significantly by submarket. Investors need to pay close attention to local fundamentals, particularly:

Supply pipeline saturation
Occupancy trends
Employment momentum and wage growth

Metros like Tampa with strong fundamentals may weather current conditions better than others facing steeper declines like Orlando or Jacksonville.

Final Thoughts

At Cliggitt, we’re closely tracking the balance of supply and demand across Tampa Bay and Florida to help investors, developers, and property owners make smart decisions in a rapidly evolving market. Whether you're navigating leasing strategies, repositioning assets, or exploring new acquisitions, we're here to help.

Mike Cliggitt, MAI, MRICS, CCIM

813.405.1705 | 863.661.1165 - Direct Lines

findvalue@cliggitt.com

Appraisal & Valuation Markets

Questions about our blog? Contact our Director of Sales & Marketing, Sydney Avolt.

Sydney Avolt

727.403.7418 - Direct Line

Data from Yardi Matrix March 2025 Office Report.

Tampa Bay’s Office Market in 2025: Rising Vacancies, Growing Coworking Spaces, and Investor Confidence

cliggittvaluation@verizon.net — Thu, 20 Mar 2025 15:04:21 GMT

The office market in Tampa Bay continues to evolve, reflecting national trends of rising vacancy rates, shifting work preferences, and the growing appeal of coworking spaces. While challenges persist, opportunities abound for businesses and investors adapting to these market shifts.

Vacancy Rates and Rental Prices: A Mixed Outlook

As of early 2025, Tampa’s office vacancy rate stands at 15.8% , reflecting a 260-basis point increase over the past year. This increase is aligned with national trends, where companies continue to adjust their office footprints in response to hybrid and remote work models.

Despite the rise in vacancies, listing rates in Tampa have increased by 3.8% year-over-year, reaching $30.23 per square foot. This signals strong demand for high-quality spaces, even as older properties struggle to attract tenants.

While Tampa’s office vacancy rate remains lower than the national average, the market must navigate increasing supply and shifting work trends to maintain healthy occupancy levels.

Coworking Spaces: A Growing Trend

One of the most notable trends in the Tampa Bay office market is the continued expansion of coworking spaces. Nationally, coworking locations increased by 25% year-over-year, with the Southeast leading the charge at 1,960 locations. This reflects a growing demand for flexible work environments that offer a balance between traditional office spaces and remote work.

Key Coworking Growth Metrics in the Southeast

Number of coworking locations: 1,960 (up 24.2% YoY)
Total square footage: 33.3 million (up 18% YoY)
Coworking as a % of total office space: 2.0% (up 30 basis points YoY)

Tampa Bay, with its thriving small business ecosystem and influx of remote workers, is well-positioned to benefit from this shift toward flexible office solutions.

Office Construction Pipeline: Limited New Supply

New office construction in Tampa remains relatively modest compared to other major Florida markets. Currently, 663,292 square feet of office space is under construction in Tampa, representing 0.8% of total office inventory. This is lower than Miami (1.67 million sq. ft.) but slightly ahead of Orlando (409,168 sq. ft.).

The slowdown in office construction aligns with national trends, as rising vacancies and economic uncertainty deter speculative development. For landlords and investors, this could create opportunities for repurposing or upgrading existing properties.

Tampa’s Office Sales Market: Investor Activity Remains Strong

Despite rising vacancies, Tampa’s office market remains attractive to investors. In early 2025, $145 million worth of office transactions were recorded, with an average price of $236 per square foot —one of the highest in Florida.

Tampa’s strong pricing reflects investor confidence in the market’s long-term potential, particularly for well-located Class A properties.

Final Thoughts: Where is Tampa’s Office Market Headed?

The Tampa Bay office market in 2025 is facing both challenges and opportunities. While vacancies are rising, coworking spaces are thriving, and investor activity remains strong. The city's appeal as a business-friendly destination, combined with a growing population, suggests that well-positioned office properties will continue to perform well.

For businesses and investors, strategic adaptation will be key. Owners should consider upgrading office spaces, exploring flexible leasing options, and capitalizing on Tampa’s strong market fundamentals to navigate these shifting trends.

Mike Cliggitt, MAI, MRICS, CCIM

813.405.1705 | 863.661.1165 - Direct Lines

findvalue@cliggitt.com

Appraisal & Valuation Markets

Questions about our blog? Contact our Director of Sales & Marketing, Sydney Avolt.

Sydney Avolt

727.403.7418 - Direct Line

Indian Rocks Beach Fights Back Against Vacation Rental Lawsuit

cliggittvaluation@verizon.net — Wed, 19 Mar 2025 18:53:56 GMT

On February 27, 2025, the Indian Rocks Beach City Commission voted 4-1 to reject a proposed settlement in a lawsuit from AP6, a company that owns a vacation rental property at 455 20th Ave. The lawsuit claims that the city’s 2023 short-term rental ordinance, which limits rentals to 10 guests, has caused a huge drop in the property’s value—about $2.65 million, according to court documents. The company argues that the city’s new rules are infringing on their property rights under Florida's Bert Harris Private Property Rights Protection Act. The Commission’s decision to continue fighting the lawsuit shows just how much tension there is between property owners and local governments over short-term rental regulations.

For local residents, the situation has sparked heated debates, especially over the rise of large "party houses" in formerly quiet neighborhoods. While the property owners are upset about the financial impact of the new rules, many residents are glad to see the city standing firm. “Your job as a commissioner is to represent your constituents,” said one resident, emphasizing the concerns of people living nearby. It’s clear that the local community is divided, with some in favor of more regulation and others defending their right to rent out their properties as they see fit.

For those in commercial real estate, this lawsuit highlights the growing importance of understanding local regulations, especially for vacation rental properties. As cities like Indian Rocks Beach crack down on short-term rentals, it could affect the value of these properties and their potential for income. This case could set a big precedent for how future cases like this are handled, so it’s important for investors and property owners to stay informed about how these regulations are shaping the market.

With mediation set for later this month, it seems like both sides are still digging in their heels. On one hand, property owners want to protect their investments, while on the other, residents want to keep their neighborhoods from turning into tourist hotspots. As local advocate John Pfanstiehl put it, “Legislators have woken up to the damage STRs (short-term rentals) do in residential neighborhoods.” It’ll be interesting to see how this case plays out and what it means for other cities and commercial real estate in the future

Source : Tampa Bay Times

Mike Cliggitt, MAI, MRICS, CCIM

813.405.1705 | 863.661.1165 - Direct Lines

findvalue@cliggitt.com

Appraisal & Valuation Markets

Self-Storage Market Trends in Florida: A Stronghold in a Shifting Industry

Wed, 19 Mar 2025 17:30:04 GMT

The self-storage industry continues to evolve amid economic fluctuations, shifting migration trends, and changes in housing markets. While the national market has seen some setbacks, Florida—particularly West Central Florida—remains one of the strongest self-storage markets in the country.

Florida's Self-Storage Market: A Leader in Growth

Despite national declines in self-storage revenue growth, Florida has remained resilient. Cities such as Tampa and Orlando have seen continued demand for storage units, driven by population growth, housing transitions, and disaster-related storage needs.

According to the March 2025 Matrix Self Storage National Report , Florida markets continue to show strength:

Tampa leads in rental rate growth , with a 3.1% year-over-year increase in advertised rates—the highest among top metros in the U.S.
Orlando and Miami also remain competitive , ranking among the strongest storage markets despite slight declines in rental rates.
Construction activity in Florida is high , with Tampa having 6% of existing storage stock under construction , second only to Phoenix.

Why Is Florida’s Self-Storage Market So Strong?

Several factors contribute to Florida’s consistent performance in self-storage demand:

Population Growth & Migration
Florida continues to experience above-average population growth , with steady migration from high-tax states like New York, New Jersey, and California. This influx of new residents increases the need for storage, whether for short-term moves or long-term downsizing.
Housing Market Trends
West Central Florida, particularly Tampa and Orlando , has seen significant home price increases, making self-storage an attractive solution for those in transition. Downsizers, renters waiting to buy, and new homeowners needing temporary space all contribute to strong storage demand.
Hurricane Recovery & Seasonal Demand
Florida's frequent hurricanes have made self-storage a critical resource for both temporary storage after disasters and seasonal storage needs for snowbirds and vacation homeowners.
Business and E-Commerce Expansion
Tampa’s growing economy, including expansions in logistics, e-commerce, and small businesses, has further fueled self-storage demand. Many businesses use storage units for inventory management, equipment storage, and temporary warehousing.

West Central Florida: A Key Market for Self-Storage Investors

Tampa stands out not only as one of the top self-storage markets in Florida but in the entire nation . In February 2025:

Tampa’s advertised rental rates increased 3.1% year-over-year —outpacing major markets like San Francisco, Chicago, and Washington, D.C.
The city has a higher-than-average supply pipeline , with 12.6% of inventory delivered over the past 36 months and 5.7% added in the last year .
The under-construction supply continues to grow , reaching 6% of existing stock —a sign of continued confidence in Tampa's self-storage market.

What’s Next for Florida’s Self-Storage Market?

Looking ahead, Florida's self-storage industry is expected to remain strong, but investors should be mindful of rising supply levels . While demand is currently outpacing new supply, oversaturation could become a concern in highly developed areas.

Key Takeaways for Investors & Operators:

Tampa remains a prime market with continued rent growth and high occupancy rates.
Orlando and Miami are seeing more supply coming online , which could lead to increased competition.
New developments should focus on high-demand areas with population growth and limited storage options.
Climate-controlled storage remains in demand due to Florida’s heat and humidity, making it a key differentiator for new facilities.

Conclusion

While national self-storage trends indicate challenges ahead, Florida—especially Tampa and West Central Florida—remains a powerhouse in the industry . Strong rental growth, ongoing migration trends, and business expansions continue to drive demand. Whether you’re an investor, developer, or storage facility operator, Florida remains a top market to watch in 2025.

Want to learn more about commercial real estate opportunities in Florida? Contact us today!

Mike Cliggitt, MAI, MRICS, CCIM

813.405.1705 | 863.661.1165 - Direct Lines

findvalue@cliggitt.com

Appraisal & Valuation Markets

Questions about our blog? Contact our Director of Sales & Marketing, Sydney Avolt.

Sydney Avolt

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Tampa Bay Rays Back Out of Stadium Deal: What Happens Now for the Gas Plant District?

cliggittvaluation@verizon.net — Thu, 13 Mar 2025 18:55:39 GMT

The Tampa Bay Rays Back Out of Stadium Deal

In a surprise move, the Tampa Bay Rays have announced they’re not moving forward with the new stadium and the huge development project planned for downtown St. Petersburg. After years of planning and talks, the Rays said they couldn’t continue with the project due to delays and rising costs. “After careful deliberation, we have concluded we cannot move forward with the new ballpark and development project at this moment,” the team said in a post on social media. This decision puts a stop to the hopes of revitalizing the Gas Plant District, which was supposed to bring in a new stadium, housing, and many businesses.

The Rays had been frustrated with how long it took to get approval for the project, and they said the delays made the cost of building the stadium way more expensive than expected. “The delayed votes caused cost overruns that the team cannot cover,” a spokesperson explained. Even though Pinellas County approved bonds for the $1.3 billion project, the Rays’ decision now leaves a lot of questions up in the air. Pinellas County Commissioner Chris Latvala, who’s been outspoken about the situation, didn’t hold back, saying the team’s owner, Stuart Sternberg, should be ready to pay for the “now-defunct deal.”

So, what’s next? With the Rays pulling out, it’s unclear whether the city will still go ahead with fixing up Tropicana Field or if they’ll come up with a new plan. But just days after the Rays announced they were backing out, there’s buzz about a potential new investor group interested in stepping in. Tampa attorney Carter McCain revealed on the JP Peterson Show that he's representing a group with local minority ownership interests, including someone with connections in both the MLB commissioner’s office and the baseball world. This group is eyeing a new stadium project but hasn’t yet said which county they’re looking at. McCain hinted at a major entertainment complex similar to the Sphere in Las Vegas, with the ballpark surrounded by hotels, restaurants, office space, and a music venue to make it a year-round, 24/7 entertainment hub. As the clock ticks toward the March 31st deadline, we might see this plan develop fast—especially since there are rumors that former MLB star Alex Rodriguez (A-Rod) has been spotted in the area recently. Could this be the beginning of a new chapter for the Rays in the Tampa Bay area? We’ll have to wait and see.

For people in the local real estate business, this news is a big deal. The idea of a new stadium was expected to bring a lot of new development to the area, but now that those plans are off the table, it’s uncertain what’s coming next for the area. With new investor interest on the horizon, though, it’s clear that the story is far from over.

Source : ABC Action News

Mike Cliggitt, MAI, MRICS, CCIM

813.405.1705 | 863.661.1165 - Direct Lines

findvalue@cliggitt.com

Appraisal & Valuation Markets

Proposed Bill Would End Citizen's Coverage for Noncompliant Condos

cliggittvaluation@verizon.net — Tue, 25 Feb 2025 17:42:28 GMT

Florida Lawmaker Proposes Cutting State Insurance for Non-Compliant Condo Associations

A new bill proposed by Miami Republican Rep. Vicki Lopez is making waves in Florida’s condominium market. The legislation, HB 913, aims to enforce compliance with updated building safety laws by preventing state-run property insurer Citizens from covering condominium associations that fail to meet inspection and budgeting requirements.

Background: Surfside Collapse Spurs New Regulations

Following the tragic 2021 collapse of a 12-story residential tower in Surfside, Florida lawmakers implemented stricter safety regulations for condominiums. The law mandates that condominium buildings of three stories or higher undergo safety inspections and conduct reserve studies to ensure they have sufficient funds for future maintenance and repairs. These studies were supposed to be completed by December 31, 2023, yet compliance has been sluggish.

According to the Florida Department of Business and Professional Regulation (DBPR), most of the 11,270 associations required to comply have not followed through. There are currently no criminal penalties for non-compliance, leading to concerns about enforcement.

HB 913: Tougher Measures for Non-Compliant Associations

Lopez’s bill seeks to address this issue by linking insurance coverage to compliance. If passed, condominium associations that fail to meet safety requirements would lose access to coverage from Citizens, the state-backed property insurer.

In a statement on social media, Lopez defended the bill, emphasizing its goal of modernizing condominium management and ensuring financial sustainability without state bailouts. “We’re not in the business of bailing people out who did not do the right thing from the get-go,” Lopez said at a recent Miami Realtors condo summit.

The bill also introduces new provisions for electronic voting and would permit associations to take on loans or levy special assessments without requiring membership approval. This measure aims to ensure critical repairs and maintenance can be funded without lengthy delays.

Opposition and Concerns

While proponents argue the bill promotes accountability, critics worry about its potential financial burden on condo owners. Miami-based Sen. Ileana Garcia has voiced strong opposition, warning that the proposal could displace thousands of Floridians.

“The bill ties insurance coverage to compliance, yet it fails to offer a feasible way for associations to fulfill these obligations,” Garcia stated. “Many Floridians could lose their insurance, compelling associations to implement steep special assessments that will hit seniors, retirees, and low-income residents the hardest.”

Garcia argues that Citizens has long served as a vital safety net for residents who might struggle to secure private insurance. She sees the bill as a move to push private insurers into the market, potentially leaving condo owners with fewer options and higher costs.

Implications for South Florida

Should Lopez’s proposal become law, it would have the greatest impact on South Florida, where over half of the 18,468 condominium buildings insured by Citizens are located. Miami-Dade, Broward, and Palm Beach counties would be particularly affected, as they house 4,213 condominium associations.

DBPR Secretary Melanie Griffin highlighted the challenge of tracking compliance. Of the required associations, only 4,096 have confirmed completing the mandated reserve studies. However, the department lacks the authority to verify the accuracy of self-reported information.

What Comes Next?

As Florida lawmakers continue to debate the bill, condominium associations and owners must prepare for potential changes. If the legislation passes, non-compliant associations will need to act quickly to secure alternative insurance or face steep consequences.

Lopez remains firm on her stance, insisting that financial bailouts are not on the table. With mounting concerns from both lawmakers and condo owners, the fate of HB 913 will be closely watched in the upcoming legislative session.

Mike Cliggitt, MAI, MRICS, CCIM

813.405.1705 | 863.661.1165 - Direct Lines

findvalue@cliggitt.com

Appraisal & Valuation Markets

Questions about our blog? Contact our Director of Sales & Marketing, Sydney Avolt.

Sydney Avolt

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Source: Tampa Bay Times

Self-Storage in 2025: Challenges, Trends, and a (Possible) Turning Point

Mon, 03 Feb 2025 22:23:38 GMT

The self-storage industry is stepping into 2025 with a mix of optimism and hesitation. High interest rates, shifting supply dynamics, and uncertain demand are all at play. After going through the Matrix National Self Storage Report – January 2025 , here’s what’s worth noting.

The Market Vibe: Some Good, Some Not-So-Good

Industry experts gathered in NYC earlier this month for the New York Self Storage Association and KeyBanc Investor events, and the mood was noticeably more cautious than in previous years.

The Good: Occupancy seems to be stabilizing, and rent growth is starting to turn a corner in some areas.
The Not-So-Good: The Sun Belt (Florida, Atlanta, etc.) is dealing with supply and demand imbalances, and high interest rates are making transactions tricky.

Still, storage operators expect 2-4% revenue and NOI growth in 2025, thanks to supply easing up and rent growth improving.

Rental Rates: Still Dropping, But Slowing Down

Decem ber marked the 27th consecutive month of year-over-year declines in rental rates, but here’s the silver lining: the rate of decline is slowing.

Nationally, rates dropped 2.3% YoY—not great, but better than the -3.5% average over the past 12 months.
Some bright spots: Tampa and D.C. actually saw non-climate-controlled (NCC) rates increase 0.2% YoY.
Larger storage units (10x20, 10x30) are performing better than smaller ones, which is worth keeping in mind.

Bottom line? Prices are still adjusting, but they’re not free-falling anymore.

Construction & Supply: Easing Up, But Still a Factor

Developers are tapping the brakes a little, which should help stabilize rental rates.

3.1% of existing storage stock is under construction, slightly lower than last month.
Tampa, Orlando, and Atlanta are still oversupplied, making rent growth tougher in those markets.
New York and Nashville had zero new deliveries in 2024, which helped rents hold up. That said, big projects are in the pipeline, which could shake things up.

Which Markets Are Thriving (and Which Are Struggling)?

Big winner: Tampa, with a 0.4% YoY increase in advertised rates, thanks in part to hurricane-driven demand.
Other standouts: Minneapolis had the strongest month-over-month rent growth (+0.6%), thanks to limited new supply.
Struggling markets: San Diego, Las Vegas, and Atlanta saw the biggest rent declines, largely due to an oversupply of new units.

Investing in Self-Storage: Capital’s Out There, But Deals Are Slow

There ’s still plenty of capital floating around, especially from private debt funds and new investors. But with high interest rates keeping some sellers on the sidelines , deals aren’t moving as fast.

What’s Next?

F or operators and investors looking to navigate 2025 successfully, here’s the game plan:

✅ Adjust pricing strategies based on regional demand.
✅ Focus on larger units, which are holding up better.
✅ Watch new supply closely—being in an oversupplied market could mean a tougher year.

Self-storage isn’t going anywhere, but the industry is definitely in a transition phase. The next 12 months will be all about playing smart, staying flexible, and keeping an eye on the long game.

Mike Cliggitt, MAI, MRICS, CCIM

813.405.1705 | 863.661.1165 - Direct Lines

findvalue@cliggitt.com

Appraisal & Valuation Markets

Questions about our blog? Contact our Director of Sales & Marketing, Sydney Avolt.

Sydney Avolt

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Tampa Bay 2025

cliggittvaluation@verizon.net — Wed, 22 Jan 2025 18:48:13 GMT

Tampa Bay Economic Prediction for 2025

The Tampa Bay area is on track for some big changes in 2025, especially when it comes to real estate and development. As more people move into the region, demand for housing and office spaces is growing quickly. “Tampa boasts a diverse local economy, a business-friendly climate, quality of life, 360 days of sunshine and no income tax,” says Joanne LeBlanc, vice president at Colliers (TBBW). With all these benefits, it’s no wonder that more people are choosing to make Tampa their home. The local real estate market is staying strong, and there’s no sign of it cooling off anytime soon.

In the residential market, home prices are expected to rise by 1.4% by mid-2025 after a small dip in 2024. This growth is supported by a healthy job market and more homes becoming available as new construction ramps up. On the commercial side, office spaces are also in high demand. New developments like Midtown, Water Street, and Heights Union are drawing a lot of interest due to their prime locations, modern amenities, and walkable environments. According to TBBW, “Companies are willing to pay upward of $60 per square foot” for space in these areas because they offer a lot of convenience and accessibility, which is attracting businesses from all sectors.

A major project to watch is the redevelopment of the Historic Gas Plant District in St. Petersburg. This $6.5 billion project, which includes a new stadium for the Tampa Bay Rays, will bring big changes to the area. While the project has faced some setbacks due to damage from recent hurricanes, it’s still expected to be a major development for the region. Additionally, the Gas Worx project in Ybor City is another game-changer. This 50-acre mixed-use development will feature thousands of new residential units, office space, and retail areas, along with a pedestrian-friendly design that connects Tampa’s historic districts with modern spaces. As developer Darryl Shaw notes, “Gas Worx will transform the area into a vibrant community with new spaces for living and working.”

With all of these developments in the works and a growing population, Tampa Bay is set for a strong year ahead. From new residential projects to commercial developments that cater to businesses and residents alike, the area is quickly becoming one of the top places to live and work in Florida. It’s clear that 2025 will be a year of growth and opportunity for the region.

Source : Tampa Bay Business & Wealth

Mike Cliggitt, MAI, MRICS, CCIM

813.405.1705 | 863.661.1165 - Direct Lines

findvalue@cliggitt.com

Appraisal & Valuation Markets

All Children's Hospital to Open a Pasco County Pediatric Center

cliggittvaluation@verizon.net — Wed, 22 Jan 2025 17:37:21 GMT

Families in Pasco County and surrounding areas will soon have greater access to specialized pediatric care as Johns Hopkins All Children’s Hospital announced plans for a state-of-the-art pediatric center in Wesley Chapel’s “Connected City.” Just one year after acquiring land in the area, the hospital has revealed its vision for a 56-bed facility aimed at meeting the needs of one of Florida’s fastest-growing regions.

Addressing the Region’s Growing Needs

Construction of the new hospital is set to begin this year and is expected to be completed within two years. The timing couldn’t be more critical as the number of children in Pasco and neighboring communities north of Tampa Bay is projected to grow by 12% over the next decade, according to All Children’s Hospital. Currently, about 93% of pediatric patients in Citrus, Hernando, and Pasco counties must travel outside their local area for specialty care.

“This is a historic time for our organization,” said Alicia Schulhof, president of Johns Hopkins All Children’s Hospital. “We are committed to filling the needs in the community and making it easier for families to access our care.”

What the Facility Will Offer

Strategically located near Interstate 75 and Overpass Road, the new facility will include:
A 16-room emergency department
Clinic space
Four imaging rooms
Four operating theaters

The Connected City corridor, where the hospital will be built, spans 7,800 acres and is designed to drive development through advanced infrastructure like high-speed internet to support businesses and residents alike.

A Broader Commitment to the Community

Johns Hopkins All Children’s isn’t just stopping with Pasco County. The hospital has announced several initiatives to expand its footprint and services, including:

Expanding its flagship St. Petersburg campus
Adding urgent care services in Tampa
Opening new clinics in various locations

These moves align with the organization’s mission to serve the evolving needs of communities across the region. “There is a profound need for specialized pediatric care in this growing community. We will be their children’s hospital,” said Justin Olsen, vice president and chief operating officer.

Pasco County’s Emergence as a Medical Hub

Johns Hopkins All Children’s is not the only major medical institution investing in Pasco County. Moffitt Cancer Center is currently building a 775-acre global innovation center in Central Pasco, focusing on cancer care and research. These developments underscore Pasco’s transformation into a regional hub for specialized medical care.

A Brighter Future for Families

For families in Pasco, Hernando, northern Hillsborough, Sumter, Citrus, Lake, Marion, and other nearby counties, the new pediatric hospital represents a monumental step forward. With a facility designed to bring Johns Hopkins-level care closer to home, parents will no longer need to travel far to ensure their children receive the best possible medical attention.

The new pediatric center is not just a building; it’s a promise to the community—a commitment to better health, easier access, and a brighter future for the next generation.

Thank you for your interest. If you are in need of Appraisal & Valuation services in the West Central Florida Market, contact:

Mike Cliggitt, MAI, MRICS, CCIM

813.405.1705 - Direct Line

findvalue@cliggitt.com

Source: Tampa Bay Times

Downtown Tampa’s Office Market: Trends and Highlights Entering the New Year

cliggittvaluation@verizon.net — Fri, 17 Jan 2025 21:20:42 GMT

Over the past few months, the dynamics of the Downtown Tampa office market have seen significant shifts, yet the submarket remains robust and continues to thrive. With a steady decline in office vacancies and substantial leasing activity, the area is positioning itself as a competitive and attractive destination for businesses.

Declining Vacancy Rates

Office vacancy in Downtown Tampa has decreased markedly since reaching a peak of 13% in late 2021, following the completion of Thousand & One Water Street. As of now, the vacancy rate has dropped to 7.7%, and it’s anticipated to decline even further in the coming quarters due to planned move-ins and expansions. This improvement reflects a healthy demand for office space in the area, which is encouraging for both landlords and prospective tenants.

Leasing Activity: A Mixed Bag

Leasing activity in 2024 has been a rollercoaster. The year started strong with over 350,000 square feet (SF) of leasing volume in the first quarter, marking one of the best quarters of the past decade. This surge was largely driven by Masonite’s 128,000-SF lease of K. Force’s former headquarters in Ybor City. Masonite’s occupancy in late 2024 has been a major factor in Downtown Tampa’s positive absorption rate over the past 12 months.

However, the second quarter saw a significant dip with less than 120,000 SF leased. This was followed by a rebound in the latter half of the year, with two consecutive quarters exceeding 200,000 SF of leasing volume. Notable contributions came from major renewals at Tampa City Center, including CliftonLarsonAllen, LLP, Hill Ward Henderson, and EY, which collectively accounted for 150,000 SF of leasing activity. Despite this momentum, new leasing activity remains constrained due to the lack of fresh construction in the submarket.

Upcoming Developments and Challenges

The highly anticipated GasWorx development in Ybor City is set to break ground on a new 115,000-SF office building, which is already 50% pre-leased to Grow Financial. However, speculative office construction remains challenging in the current tighter lending environment, making pre-leasing a necessity for new projects. Other office projects have been proposed in Downtown Tampa, but progress will likely be slow without significant tenant commitments.

Rent Growth and Market Trends

Annual rent growth has decelerated, with a 1.9% growth rate reported in the first quarter of 2025. The diminishing impact of new construction, which typically drives up rents, is a key factor. For instance, Thousand & One Water Street, the newest addition to the submarket, has asking rents starting at $64/SF on a full-service basis. Less than 60,000 SF remains available for lease in this premium property.

Overall, Downtown Tampa’s average asking rent stands at $37.00/SF, making it one of the most expensive office submarkets in the region. While GasWorx’s above-market rates are expected to elevate its profile, its limited availability will have minimal impact on the overall submarket average. Rent growth is forecast to continue slowing in the coming quarters.

Investment Activity: A Noteworthy Resurgence

After a long hiatus, Downtown Tampa’s office investment activity saw a resurgence in 2024, highlighted by the $151.3 million sale of 100 N Tampa in the second quarter. The Brookdale Group acquired the nearly 575,000 SF property from Prudential for $265 per SF. Prior to this, the submarket had gone nearly two years without a significant office tower trade. The sale of 100 N Tampa, one of the submarket’s premier office towers, could set a precedent for future transactions. Starting rents at this property exceed $45/SF, underscoring its position as one of the most sought-after office spaces in the area.

Conclusion

Downtown Tampa’s office market is navigating a complex yet promising landscape. Declining vacancy rates, significant leasing activity, and a resurgence in investment signal a market on the rise. While challenges such as limited new construction and slowing rent growth persist, the submarket’s resilience and appeal remain evident. As 2025 unfolds, the continued evolution of Downtown Tampa’s office market will be one to watch for businesses and investors alike.

Tampa's Office Market: Trends, Challenges, and Opportunities Heading into 2025

cliggittvaluation@verizon.net — Wed, 08 Jan 2025 17:05:50 GMT

Tampa’s office market is evolving, with clear distinctions emerging between the city’s primary submarkets—Westshore and Downtown Tampa—and its secondary suburban areas. These changes are shaping the way tenants and investors approach office space in the region.

Westshore and Downtown: Where Tenants Want to Be

Westshore and Downtown Tampa continue to dominate demand. With their central locations, new construction, and abundance of high-quality Class A buildings, these submarkets are firmly established as the region’s most sought-after areas. Tenants are drawn to the convenience and prestige these areas offer, but this popularity comes at a premium.

For those seeking more affordable options, secondary suburban submarkets provide an alternative. Companies with larger space requirements often find significant cost savings in areas like Northeast Tampa or Gateway, where rents are 20% to 35% lower than in Westshore and Downtown.

Absorption Hits New Highs

Over the past two quarters, Tampa’s office market has seen over 400,000 square feet of positive absorption—the strongest performance in over three years. Much of this growth was driven by the aerospace defense company CAE USA, which moved into its new 290,000-square-foot headquarters in Westshore. Looking ahead, other major move-ins, such as Masonite’s new 128,000-square-foot headquarters, will likely help Tampa record another year of positive absorption in 2024.

Vacancy Rates Reflect Submarket Disparities

Tampa’s overall office vacancy rate remains stable at 9.6%. However, there are significant variations across submarkets. Westshore’s vacancy rate has hit a four-year low at 12%, while Northeast Tampa has seen an increase, with vacancy rates now exceeding 15%. This highlights the impact of location, amenities, and building quality on tenant decisions.

Asking Rents and Growth Trends

After years of rapid growth, rent increases have slowed. As of the first quarter of 2025, asking rents have risen 1.9% year over year, averaging $30 per square foot across the market. Class A buildings in Westshore and Downtown remain at the higher end, with rates exceeding $40 per square foot. In some premium buildings, like Thousand & One Water Street and Midtown West, asking rents range from $60 to $70 per square foot.

Interestingly, 3-star buildings are now leading the region in rent growth, with a year-over-year increase of 1.5%. These properties, often considered more affordable, are finding their niche as tenants look for cost-effective alternatives without sacrificing too much on quality.

Construction Slowdown and Selective Development

New office construction in Tampa has slowed significantly due to tightening lending requirements and market uncertainty. Developers are focusing on projects with substantial pre-leasing commitments. Notable developments include:

Midtown East: A 430,000-square-foot office tower in the Midtown Tampa development, already 75% leased, with TECO as the anchor tenant.
Gas Worx: A mixed-use project in Ybor City featuring a 115,000-square-foot office building that is 50% pre-leased to Grow Financial.
Halcyon in St. Petersburg: A 130,000-square-foot speculative office building, the first in Downtown St. Pete in over 30 years, set to anchor The Central mixed-use development.

Sublease Space: A Double-Edged Sword

Tampa’s sublease market is showing signs of improvement, with available sublease space falling below 3 million square feet for the first time in two years. However, this still represents 23% of the market’s total availability, the highest concentration in Florida. Much of this space is in older, less competitive properties. High-quality sublease spaces, on the other hand, are attracting interest due to their lower asking rates compared to direct leases.

Investment Activity and Pricing Trends

Office investment activity in Tampa has slowed, with sales volume over the past year totaling $770 million, well below the five-year average of $1 billion. Cap rates have risen to 9.1%, reflecting the market’s cautious outlook. However, some high-profile transactions, such as the $151 million sale of 100 N Tampa, signal continued interest in premium assets. Pricing for office properties has declined, averaging $184 per square foot, down from a peak of $200 in 2022.

The Road Ahead

Market participants remain cautiously optimistic about Tampa’s office market. While demand is steady, many tenants are downsizing as they reassess their space needs. The lack of new supply could hinder Tampa’s ability to attract major corporate relocations, but it also limits oversupply risks.

Tampa’s office market continues to adapt to changing dynamics, with opportunities for growth in both primary and secondary submarkets. Whether you’re a tenant seeking space, an investor exploring opportunities, or a developer eyeing the next big project, understanding these trends is essential to making informed decisions in this evolving market.

Industrial Real Estate 2024: Trends, Resilience, and the Road Ahead

Tue, 07 Jan 2025 15:12:14 GMT

The industrial real estate sector entered a phase of stabilization and normalization in 2024, following several years of rapid growth. While challenges emerged, the sector demonstrated resilience and remained a critical component of the commercial real estate landscape. Here are the key takeaways from the latest National Industrial Report by Yardi Matrix ( Click here for full report ).

Supply Trends: A Slowdown in New Deliveries

The industrial construction boom that began in 2021 significantly slowed in 2024. Over 1.1 billion square feet of industrial space were delivered in 2022-2023, but only 330.7 million square feet were completed through November 2024. Despite the deceleration, this year will still finish with more completions than any pre-2020 year tracked by Yardi Matrix.

Higher borrowing costs and cooling demand led to fewer starts, with just 208.7 million square feet of new projects breaking ground year-to-date. This slowdown reflects developers’ cautious response to shifting market dynamics.

Vacancy Rates on the Rise

The wave of new supply has impacted vacancy rates nationwide. Two years ago, vacancies were below 4%, and many top markets had rates under 2%. By the end of 2024, the national vacancy rate climbed to 7.5%, with nearly every market experiencing increases in available space. This shift underscores the normalization of demand and supply in the industrial sector.

Sales Volume and Pricing

Through November, industrial property sales totaled $54.6 billion, closely mirroring 2023’s $62.8 billion. The average sale price increased by 2.7% to $128 per square foot, despite the high-interest-rate environment. This growth follows a modest 1.5% increase in 2023 and reflects sustained investor appetite for industrial assets. While these gains are modest compared to the explosive price growth of 2021 (25.6%) and 2022 (13.5%), they highlight the sector’s stability.

Resilient Supply Chains Amid Global Disruptions

Supply chain disruptions in 2024 tested the industrial sector’s resilience. Key events included:

• Attacks on ships in the Red Sea by Yemen’s Houthi rebels.

• A three-day labor stoppage that temporarily closed East Coast ports.

• A drought in Panama, reducing canal vessel transit by 29%.

• The collapse of the Francis Scott Key Bridge in Baltimore, which shuttered the Port of Baltimore for 11 weeks.

Despite these challenges, supply chains remained robust, avoiding large-scale bottlenecks and backlogs. This resilience is a testament to the adaptability of modern logistics networks.

Rent Growth: A Mixed Landscape

National in-place rents for industrial space averaged $8.27 per square foot in November, a 6.9% increase year-over-year. Miami led the market with an 11.1% annual rent increase, followed by New Jersey (10.5%), the Inland Empire (10.0%), and Atlanta (9.2%).

Conversely, Midwest markets experienced minimal rent growth. St. Louis had the lowest increase at 2.7%, followed by Kansas City (3.2%), Detroit (3.6%), and the Twin Cities (4.2%). These markets also showed the smallest spreads between in-place and new rents, with St. Louis reporting a negative spread of –$0.17.

E-Commerce Driving Industrial Demand

E-commerce sales surpassed $300 billion in Q3 2024, marking a 2.6% ($7.5 billion) increase from Q2. This represents the highest percentage growth since Q2 2023. Year-over-year, online sales increased by 7.4%, with e-commerce’s share of core retail sales rising to 19%. This is the largest share since Q2 2020, aligning with pre-pandemic trends.

The sustained growth of e-commerce bodes well for the industrial sector, as online retail requires three times more logistics space than traditional brick-and-mortar operations.

Outlook for 2025

As 2024 closes, the industrial sector appears poised for continued stabilization. Investors, developers, and tenants will likely focus on balancing supply and demand while navigating potential economic and geopolitical headwinds. With e-commerce and resilient supply chains driving demand, the industrial market remains a cornerstone of commercial real estate success.

Thank you for your interest. Have questions regarding the local market? Navigate the Industrial Real Estate Market with confidence, and contact us at Cliggitt Valuation for your appraisal, consulting, and valuation needs today.

Mike Cliggitt, MAI, MRICS, CCIM

813.405.1705 | 863.661.1165 - Direct Lines

findvalue@cliggitt.com

Pinellas County Approves Bonds for New Rays Stadium: What It Means for the Local Economy and Real Estate

cliggittvaluation@verizon.net — Thu, 19 Dec 2024 19:40:18 GMT

In an important decision that could revamp the Gas Plant District, the Pinellas County Commission has voted to approve bonds to help fund the construction of a new stadium for the Tampa Bay Rays. This stadium is part of a massive $1.3 billion redevelopment project that will bring not only a new and improved ballpark but also a new residential, entertainment, and business district to the area of downtown St. Petersburg. While the approval was a big step forward for the Rays and the Tampa Bay community, there is still a lot of uncertainty about whether the team will actually move forward with this project. Commission Chairperson Kathleen Peters made it clear that the next move is up to the Rays, saying, “the onus is on them” to decide whether they want to continue with the deal that they had already agreed to.

Despite the approval of votes (5-2), the Rays have expressed frustration with delays, which they say have pushed the stadium’s completion back by a year, now expected to be finished in 2029. According to Rays President Matt Silverman, these delays have caused a significant increase of price, totaling to an additional $200 million in construction expenses. He pointed the finger at the county for these delays, which he says the team cannot handle alone. However, some Pinellas County commissioners, such as Brian Scott and Chris Latvala, have been critical of the Rays’ statements, with Latvala even saying the team was trying to back out of a deal they had previously agreed to in July. According to the Tampa Bay Times, Latvala stated, “I hope our vote today helps set the wheels in motion for a new owner and a new era of the Tampa Bay Rays,” which really emphasized his frustration with the current ownership and how they have been handling this situation.

This decision has major implications for the future of the Tampa Bay area’s commercial real estate market. The new stadium and surrounding development are expected to bring new business opportunities, housing, and more to the area, making it a hotspot for investors and developers. However, there is still some risk that comes along with this. The Rays must meet certain conditions by March 31 in order to unlock the public funds for the project, and they have only met 4 of the 13 conditions (the 4 have not had documented proof). If they fail to do so, the deal would completely fall apart, and the county’s financial support would be taken back. As Commissioner Rene Flowers pointed out, “All eyes will now be watching to ensure that the Rays uphold their part of this deal.” For local real estate professionals, this project represents both potential growth and uncertainty, as the future of this massive development depends on whether the Rays can follow through with their obligations.

Source : Tampa Bay Times

Thank you for your interest. If you are in need of Appraisal & Valuation services in the West Central Florida Market, contact:

Mike Cliggitt, MAI, MRICS, CCIM

813.405.1705 | 863.661.1165 - Direct Lines

findvalue@cliggitt.com

What to Do If You’ve Received a Substantial Damage Letter: Next Steps for Property Owners

Tue, 17 Dec 2024 18:17:53 GMT

If you're a property owner in Florida and have recently received a substantial damage letter from your county Property Appraiser, you’re likely facing questions about what this means for your property and how to move forward. These letters are typically issued after a natural disaster, such as a hurricane or flood, and indicate that your property has sustained damage exceeding 50% of its pre-damage market value. These letters are currently being sent in the aftermath of Hurricanes Helene & Milton.

Understanding the implications of this letter and the FEMA 50% Rule is crucial for navigating the rebuilding or repair process. Here's a guide to help you take the next steps—and how Cliggitt Valuation can support you along the way.

What Does the FEMA 50% Rule Mean?

The FEMA 50% Rule is a regulation that impacts properties located in special flood hazard areas (SFHAs). According to this rule, if a property has been deemed “substantially damaged,” the cost of repairs cannot exceed 50% of the property’s pre-damage market value unless the property is brought into compliance with current floodplain management regulations.

For example, if your property had a pre-damage market value of $200,000, repair costs must remain below $100,000 unless you elevate or retrofit the structure to meet current codes.

Steps to Take After Receiving a Substantial Damage Letter

Understand Your Letter
Carefully review the letter from your county or municipality. It will outline the substantial damage determination and may include additional instructions or deadlines for compliance.
Consult with Your Insurance Provider
Contact your insurance provider to determine the extent of your coverage for repairs or rebuilding. This information will be crucial in planning your next steps.
Obtain a FEMA 50% Rule Appraisal
A FEMA-compliant appraisal is a critical step in determining your property’s pre-damage market value. This appraisal will provide the documentation needed to comply with the 50% Rule and is often required by the county or municipality to proceed with repairs.
Plan for Repairs or Compliance
Work with contractors or architects familiar with local floodplain regulations to create a repair or rebuilding plan that aligns with FEMA requirements.
Coordinate with Your Local Building Department
Submit the required documents, including the FEMA 50% Rule appraisal, to your local building department for review. You may need permits before beginning any work.

How Cliggitt Valuation Can Help

At Cliggitt Valuation, we specialize in FEMA 50% Rule appraisals for property owners facing substantial damage determinations. Here's how we can assist you:

Accurate Pre-Damage Market Value Assessments
Our team provides reliable, FEMA-compliant appraisals to establish your property’s pre-damage value. These appraisals are critical for ensuring compliance with the 50% Rule and avoiding delays in the rebuilding process.
Expertise in Local Regulations
With extensive experience in Florida’s real estate market, we understand the nuances of local floodplain management regulations and can provide insights tailored to your specific situation.
Timely and Professional Service
We know how urgent these matters are, and our appraisers work diligently to deliver accurate reports promptly so you can move forward with your recovery plans.

Take Control of the Process Today

Receiving a substantial damage letter can feel overwhelming, but you don’t have to navigate it alone. With the right guidance and documentation, you can comply with FEMA regulations and get your property back on track.

Contact Cliggitt Valuation today to schedule your FEMA 50% Rule appraisal. Let us help you move forward with confidence and clarity.

Thank you for your interest. If you are in need of Appraisal & Valuation services in the West Central Florida Market, contact:

Mike Cliggitt, MAI, MRICS, CCIM

813.405.1705 | 863.661.1165 - Direct Lines

findvalue@cliggitt.com

FEMA 50% Rule

The Trinity Project : Storyland Studios Announces 800+ Acre Sports Complex

cliggittvaluation@verizon.net — Mon, 09 Dec 2024 17:01:51 GMT

Trinity, Florida : The Future of Sports and Lifestyle Communities in America

Storyland Studios has just announced one of the most ambitious community projects in the U.S., with plans to turn over 800 acres in Pasco County, Florida, into the nation’s largest sports and lifestyle hub. Revealed at the 2024 IAAPA Expo in Orlando, the “Trinity” project is set to transform North Tampa into a year-round destination for sports fans, families, and other visitors. They are hoping to blend sports, arts, wellness, and sustainability in order to serve athletes, fans, and residents while promoting a dynamic, eco-friendly community in Florida’s rapidly growing area. The Trinity project is set to become the largest sports entertainment development in the U.S., covering a space that is six and a half times the size of Disney Springs

A Destination for Sports and Entertainment

The Trinity Project will feature a wide variety of sports facilities, including soccer and baseball stadiums, ice rinks, and basketball arenas, having events from youth tournaments to professional sporting events. The development will also include hotels, housing, retail, dining, medical, and cultural spaces, which will make it a multi-use destination for not only tourists, but locals as well. Some major highlights of the development will include a professional soccer stadium, a 7,500-seat baseball stadium, five ice rinks, a basketball arena, and a multi-field training center. There will also be an outdoor adventure park and a performing arts center for events. Matt Ferguson, Chief Innovation Officer at Storyland Studios, emphasized the project's goal to be a place where athletes, teams, and families can gather and create lasting memories. He stated that, "A story is waiting to be shared here by athletes, coaches, teams, and the families who will gather on these acres from across the country”.

A Community Focused on Health, Wellness, and Sustainability

While sports and entertainment are central to the Trinity project, Storyland Studios also aims to create a community that promotes a ‘healthy lifestyle’. The development will include wellness amenities like medical centers, parks, and open spaces for recreation, as well as opportunities for arts and cultural activities. This all resonates with their mission statement of creating “a better world by designing and creating immersive experiences that lift the spirit”. The project will also focus on sustainability, with plans to make Trinity carbon-neutral by using renewable energy, water conservation systems, and eco-friendly landscaping. CEO Johnny Scott stated that, "this project is a gift to our community, and we are committed to protecting and enhancing the region’s resources while welcoming visitors from around the world”. Truly emphasizing their commitment to preserving resources while welcoming visitors, and setting a new standard for sustainable development.

Economic Growth and Infrastructure Investment

The Trinity project is not just a sports and lifestyle destination but also an economic driver for Pasco County, located just north of Tampa. With thousands of visitors expected each year, it will create new job opportunities, boost local businesses, and attract more tourists. In addition to its sports and entertainment attractions, Trinity will address infrastructure challenges by investing in road upgrades, water systems, and power solutions. Orton Varona, Chief Strategy Officer for Trinity Development Initiative, stated that, “The core of this project is what Trinity needs.” The development will bring world-class facilities to an area that has been struggling with the infrastructure to support its growth. Ultimately, Trinity aims to transform the community, enhancing residents' quality of life while also positioning itself as a top destination within Florida’s rapidly growing “Sports Coast” region.

Controversy and Community Concerns

The Trinity project has sparked a lot of mixed reactions within the local community. While some residents are excited about the potential to boost the economy, providing many recreational opportunities, others are concerned about its impact on infrastructure, the environment, and the area's character. Many worry that existing roads and utilities are already stretched thin and that the 800-acre site could hinder many local wildlife habitats. Local resident Maria Stevens expressed concerns about traffic congestion, saying, “Our roads are already overwhelmed, and this project will only make it worse.” Environmental advocate Paul Hanson has similar fears, worrying about the long-term effects of paving over natural spaces. In response, Trinity Development Initiative (TDI) has promised to invest in infrastructure improvements and use sustainable practices in the design. As plans move forward, it remains to be seen if the development can balance growth with sustainability and meet the needs of both current and future residents.

A Promising Future, With Challenges Ahead

Overall, this project represents an ambitious vision for the future of sports entertainment and community development. While it promises to bring several benefits, such as economic growth, job creation, and state of the art sports facilities, it also faces challenges in terms of community engagement, environmental impact, and infrastructure support. As construction moves forward, collaboration between developers and residents will be crucial to addressing concerns and making sure the development meets the needs of all stakeholders. If this is successful, Trinity could become not only a top destination for athletes and sports fans but also a model for sustainable, community-centered developments. Trinity has the potential to redefine what it means to live, work, and play in a modern American community.

Sources : Storyland Studios | Welcome to Trinity | ABC Action News

Thank you for your interest. If you are in need of Appraisal & Valuation services in the West Central Florida Market, contact:

Mike Cliggitt, MAI, MRICS, CCIM

813.405.1705 | 863.661.1165 - Direct Lines

findvalue@cliggitt.com

Tampa’s Multifamily Market: Balancing Rent Adjustments, Occupancy Trends, and Development Growth

cliggittvaluation@verizon.net — Tue, 26 Nov 2024 15:14:31 GMT

Tampa’s Multifamily Market: Balancing Rent Adjustments, Occupancy Trends, and Development Growth

The multifamily housing market in Tampa is undergoing significant shifts as it adjusts to evolving supply dynamics and renter demand. While rent growth has cooled, the metro continues to show resilience in development activity and job market strength, creating a complex yet promising picture for the market.

Cooling Rents Amid Supply Expansion

Advertised asking rents in Tampa fell by 0.3% on a trailing three-month (T3) basis as of September, reaching $1,789—slightly above the national average of $1,750, which remained flat during the same period. Year-over-year, Tampa rents have declined by 2.3%, while the national average saw a modest 0.9% increase.

Both renter-by-necessity (RBN) and lifestyle segments contributed to the decline. RBN rents dropped by 0.4% on a T3 basis, with a 2.7% annual reduction, bringing the average to $1,499. Meanwhile, lifestyle rents decreased by 0.2% on a T3 basis and 2.0% year-over-year, averaging $2,021.

Stabilized Occupancy Rates Show Mixed Results

Occupancy rates in stabilized assets across Tampa held steady year-over-year at 94.3%, though this figure was 50 basis points below the national average of 94.8%. Performance varied by segment: the lifestyle sector saw an increase in occupancy by 40 basis points to 94.7%, while the RBN segment faced a decline of 50 basis points, dropping to 93.9%.

Job Market and Affordable Housing Momentum

Tampa’s job market continues to outpace national averages, supporting long-term demand for housing. In July, the metro’s unemployment rate stood at 3.8%, outperforming the national rate of 4.3%. Over the preceding 12 months, Tampa added 34,500 jobs, marking a 1.9% growth rate compared to 1.3% nationally. The education and health services sectors led the way, contributing 9,300 new positions—a notable 15.6% increase.

Affordable housing is also gaining traction in Tampa, with 22 fully affordable projects in the planning stages as of September. A standout among these is a 264-unit development by HP Capital Group, which is set to replace a former lumber yard. This project leverages a state law allowing affordable housing on non-residentially zoned lots, signaling innovative approaches to meet housing needs.

Development Pipeline Stays Strong

Tampa’s robust development pipeline reflects continued confidence in the market. Developers delivered 5,910 units by September 2024, with 23,700 units under construction and an additional 102,000 units in the planning and permitting stages. Transaction activity mirrored 2023 levels, with $1.4 billion in deals closed during the first nine months of 2024.

Opportunities and Challenges Ahead

Tampa’s multifamily market is in a state of recalibration, balancing a softening in rent growth and occupancy with strong job creation and development activity. Investors and property managers will need to stay strategic, particularly in positioning assets to appeal to diverse renter demographics.

With its dynamic mix of challenges and opportunities, Tampa’s multifamily market continues to be a compelling space for innovation and growth. Whether through affordable housing initiatives or tailored strategies for stabilized assets, the metro remains well-positioned for long-term success.

Thank you for your interest. If you are in need of Appraisal & Valuation services in the West Central Florida Market, contact:

Mike Cliggitt, MAI, MRICS, CCIM

813.405.1705 | 863.661.1165 - Direct Lines

This blog was developed using information from Yardi Matrix - a full copy of the Tampa Multifamily report can be found here .

Downtown St. Pete Apartment Complex Sells for $81 million

cliggittvaluation@verizon.net — Thu, 07 Nov 2024 18:50:12 GMT

930 Central Flats, a luxury apartment complex located in the heart of downtown St. Petersburg’s Edge District, has a new owner: Olympus Property. Based in Fort Worth, Texas, Olympus Property is a prominent residential real estate management group with a strong presence across over 15 states. Founded in 1992, the company specializes in acquiring, developing, and managing multifamily residential properties, and has built a reputation for its commitment to quality and customer service. Their goal is to create vibrant communities that enhance the living experience for residents. As part of its continued growth in Florida, Olympus Property recently acquired 930 Central Flats. The company has already established a presence in the state, owning 14 other complexes, and wants to expand its presence within the Tampa Bay area. According to Chase Bennett, Olympus Property’s Chief Acquisitions Officer, “The acquisition of 930 Central Flats is a significant milestone in expanding Olympus Property's presence in one of Florida's most dynamic urban markets.”( PR Newswire ). With this latest addition, Olympus now owns and manages over 5,500 units statewide.

On October 28th, Olympus Property purchased 930 Central Flats for $81 million, or roughly $371,000 per unit. The deal was partially financed through a $15.1 million loan from Berkeley Point Capital LLC, although additional debt may be associated with the transaction, which has not yet been filed with the Pinellas County Clerk’s office, according to St. Pete Rising. Olympus Property is no stranger to the Tampa Bay area. The company also owns Canopy at Citrus Park and Olympus Harbour Island, two other well-known luxury apartment complexes in the area. 930 Central Flats however, stands out, due to its great location and various amenities, which makes it a prime addition to Olympus’s portfolio.

Designed to enhance the living experience, 930 Central Flats offers a variety of one, two, and studio apartments, with sizes ranging from 587 to 1,294 square feet. Interior features include hardwood-style flooring, SmartRent home technology, white quartz countertops, stainless steel appliances, walk-in closets, glass-top stoves, and kitchen islands with pendant lighting. In addition to its impressive units, the complex boasts a wide range of community amenities, such as a two-story fitness center, a rooftop lounge, a resort-style pool with poolside entertainment, a private meeting and dining room, and a pet-friendly environment. The building also includes a coworking lounge and ground-level retail, dining, and entertainment spaces, enhancing its appeal to residents who value convenience and amenities.

One of the key selling points of 930 Central Flats is its location, adjacent to the $6.5 billion Gas Plant District redevelopment project. This highly anticipated development is expected to create 5,500 jobs and contribute $1.4 billion annually to the local economy, further solidifying the appeal of the surrounding area. This acquisition shows Olympus Property's commitment to expanding its presence in high-demand urban markets, particularly in the rapidly developing Tampa Bay area. By using its expertise in property management and customer service, Olympus plans to enhance the living experience at 930 Central Flats, aligning with its mission to exceed the expectations of residents, employees, and investors alike. Overall, with the acquisition of 930 Central Flats, Olympus Property continues to solidify its position as a leader in the multifamily real estate market, especially in Florida. The complex’s prime location, outstanding amenities, and the company’s proven approach to property management are sure to make it an attractive choice for renters looking for luxury living in the heart of downtown St. Petersburg.

Sources : St Pete Rising | Olympus Property | 930 Central Flats | Apartment Home Living | PR Newswire

Thank you for your interest. If you are in need of Appraisal & Valuation services in the West Central Florida Market, contact:

Mike Cliggitt, MAI, MRICS, CCIM

813.405.1705 | 863.661.1165 - Direct Lines

findvalue@cliggitt.com

Tampa Apartment Firm Invests $7 Million into the Buyout of Two Brandon Complexes

cliggittvaluation@verizon.net — Wed, 16 Oct 2024 20:49:10 GMT

American Landmark Apartments buys and combines two Brandon apartments for $7 million totaling 455 units

As of Monday September 30th, American Landmark Apartments, which is headquartered in Tampa, has bought two apartment communities located in Brandon (southeast quadrant of Interstate 75 and Causeway Blvd./Lumsden Road). One of the apartment communities, The Addison, is a 167-unit complex and was originally bought in February of 2018 for $167,665 per unit by LLCs by Westerville, Ohio multifamily investor White Oak Partners. The second community is a 288-unit complex named Courtney Trace and was also originally bought in February of 2018 by the same company for $160,590 per unit. Both of these complexes are located near Interstate 75 off Lumsden Road/Causeway Blvd. in Brandon, and are directly across Providence Lake Boulevard from one another. Although they announced the purchase of the complexes, they did not disclose the exact purchase price yet. American Landmark Apartments plans to invest $7 million in order to merge and revamp these properties into “The Griffin”.

The new development will offer a total of 455 units, with sizes varying from one to three bedrooms, and sizes ranging from 822 square-foot one bedrooms to 1,354 square-foot three bedrooms. Although the monthly rental prices are not posted on the website yet, apartments.com stated that, “the estimated monthly rental will be between $1,540 and $3,146 per month”. The $7 million that American Landmark is investing will be towards extensive upgrades. These upgrades for the units include bathroom and kitchen cabinetry, new countertops and appliances, LED lighting all around, electric locks and Wi-Fi enabled thermostats. According to the Griffin website some of the community features include, two resort-inspired pools, two fitness centers, leash-free bark park, clubhouse with resident lounge, community conference rooms, outdoor grilling areas, valet trash services and garages. Some of the apartment features include sleek granite or quartz countertops, in-home washer and dryer, screened in private patios or balconies, wood-style flooring and premium granite or stainless steel appliances.

American Landmark Apartments currently oversees around 36,000 apartment units across the southern half of the United States, with a total asset value of over $6 billion. The company stated that “this acquisition adds to the 30 deals currently under ownership/management in” the state of Florida. With this $7 million investment, The Griffin is set to become a modern and inviting community. Stay tuned for more updates!

Sources : Business Observer Florida | Yield Pro | American Landmark | The Griffin | Hillsborough Property Appraiser

Thank you for your interest. If you are in need of Appraisal & Valuation services in the West Central Florida Market, contact:

Mike Cliggitt, MAI, MRICS, CCIM

813.405.1705 | 863.661.1165 - Direct Lines

findvalue@cliggitt.com

A Refresh on Florida’s Condo Laws: What You Need to Know

cliggittvaluation@verizon.net — Thu, 29 Aug 2024 20:17:51 GMT

Condominium Associations must be in compliance with new requirements by 2025.

Back in May 2022, state legislators passed Senate Bill 4D, in aims to address systematic issues with how condominium properties are maintained and financed. The bill was brought to fruition after the tragic Champlain Tower South in Surfside collapsed and took the lives of 98 people three years ago. After the tragic incident, it was revealed that the condo association had underfunded reserves and postponed major necessary repairs to avoid raising assessments.

With the new requirements in place and after several small amendments to SB4D, new rules are as followed:

- Condos that are over three stories or higher must undergo inspections after 30 years, and every 10 years following. The inspection is to determine the structural integrity of the building and determine if any repairs are needed.

- Before the end of 2024, any condo building over 30 years must have an inspection completed.

- Condos three stories or more must review their reserve funds before the year end and every 10 years following to determine how much they must save to properly maintain the building. A budget must base budgets adopted om the findings and recommendations from the review of reserves.

- Condos three stories or more are restricted from waiving or under reserving funds.

Because of these new requirements which must be completed by January 1st, 2025, many are rethinking their condo ownership. Data from the Greater Tampa Bay Realtors shows condo and townhome sales increased 99% year over year as of May 2024. Sales fell 6% though, according to the data. 78% of condo unit listings within the area are 30 years or older according to Zillow data.

Certain repairs, such as concrete restoration can cost condominiums millions of dollars, and in older buildings many have had the mindset to not fix something until its broken to save condo unit owners from higher assessments. If the condo board hasn’t saved enough over the years to cover the bills for repairs, the cost will fall on condo owners.

It is expected that individuals will end up selling units at a loss, but there is not anticipated widespread price drops or fire sales. Condo associations that can navigate the transition into these new requirements will likely see higher values in the long term, and developers are hunting down older condos for redevelopment opportunities by buying condo owners out of their units and gaining majority ownership of the condominium to dissolve the association and demolish the old building to rebuild newer, and generally luxury units.

Thank you for your interest. If you are in need of Appraisal & Valuation services in the West Central Florida Market, contact:

Mike Cliggitt, MAI, MRICS, CCIM

813.405.1705 | 863.661.1165 - Direct Lines

MiTek to open a manufacturing plant and warehouse in Zephyrhills

cliggittvaluation@verizon.net — Tue, 06 Aug 2024 20:41:39 GMT

At the end of January, MiTek, an international building supply company purchased 4 parcels that total just over 110 acres of land known as the North Tampa Bay Industrial Park for $9,250,100. The purchase price comes at nearly $83,700/acre.

It has now been announced that a economic incentive deal between Pasco County, The City of Zephyrhills, and MiTek has been finalized with Pasco County Commission approving a 10-year, $3.15 million tax reimbursement package and workforce training grant.

MiTek will open a new $77.6 million, 480,000 SF warehouse and manufacturing plant on the site and will manufacture steel connector plates and builder products for the construction industry. The site is one of the properties that the Pasco County Economic Development Council had marketed as a “ready site” for a major manufacturing operation.

A requirement of MiTek for a new facility was to have the ability to connect to a current rail network with its own rail spur, and the site is near one of the main CSX lines, enabling the new site to be serviced. Bill Cronin, president and CEO of the economic development council expressed his excitement for the company to choose Pasco County for their Southeast Center of Excellence.

The new development allows MiTek to retain 125 jobs at facilities in Largo and Tampa and creates 25 additional jobs. A $2.9 million incentive package that waives or reimburses transportation impact and permitting fees was approved last month by the city and the City of Zephyrhills will provide a job creation incentive grant that equals 50% of property taxes paid for the first 10-year period. David Engel, the planning and economic development director for Pasco says the average wage at the facility will be just over $70,000 which is 125% above the average wage for Pasco County.

The first of three phases for site development that includes civil, geotechnical, and architectural research is already in process and phase two will follow once the company finalizes permits and contracts and they plan to break ground prior to the end of the year. MiTek has plans to complete the building by the end of 2025 and begin operations at the new facility sometime in early 2026.

Source: Tampa Bay Times | Pasco EDC | MiTek

For more information or to get help in determining the value of your property please call or email Mike Cliggitt, MAI, MRICS, CCIM!

Thank you for your interest.

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Pasco Real Estate Appraiser

Proposed land swap between Darryl Shaw and HCSO could see HSCO Headquarters move out of Ybor

cliggittvaluation@verizon.net — Thu, 06 Jun 2024 15:03:38 GMT

Later this month, the Hillsborough County Board of Commissioners will consider a land swap between Developer Daryl Shaw (Gasworx) and the Hillsborough County Sheriff's Office. The deal would lead to an eventual move of Hillsborough County Sheriff's Office out of their current location in Ybor to Grow Financials headquarters located at 9927 Delaney Lake Drive. Shaw is currently under contract to acquire the Grow Financial Headquarters, and that site is nearly three times larger with a decade's newer building in comparison to the Hillsborough County Sheriff's Office headquarters located at 2008 E 8 ^th Avenue.

Grow Financial has announced they will relocate their headquarters into a new office building in Ybor which will be a part of the Gasworx development and is planned to break ground later this summer.

Grow Financial currently resides on a nearly 24-acre site with a 5-story office building that is roughly 140,000 SF – which is twice the size of current HCSO headquarters. HCSO Headquarters is also only roughly over 8 acres. The Grow Financial site also has a three-story parking garage with around 500 spaces.

Commissioner Michael Owen says, “Public safety is and always will be my top priority – without it, nothing else matters, we have an opportunity here to pursue an innovative solution to our Hillsborough Sherriff’s aging facilities and provide his team with a home that will serve future generations.” Shaw was quoted as saying “Whenever there’s a chance to collaborate for the benefit of taxpayers, the Sheriff’s office, and Ybor City, we are always going to be interested in those opportunities, we are fortunate to have forward-thinking public partners who are open to exploring possibilities that could lead to long-term advantages for the community.”

Sheriff Chad Cronister is also in approval for the land swap, citing the potential for future growth and noting the lower costs for taxpayers.

If approved, Shaw would exchange the Grow Financial site in exchange for the HCSO Headquarters. The land swap would allow reconnection of 9 ^th Avenue to restore the historic street grid and foster redevelopment of the HCSO parcels with residential and commercial use. Shaw also notes that preserving the historic casitas on 19 ^th Street will be a critical element of any redevelopment project posed for the area.

The land swap is expected to be presented to the County Commission on June 20 ^th .

Source: Tampa Free Press

Federal meteorologists release the most aggressive pre-season hurricane forecast in history

cliggittvaluation@verizon.net — Thu, 23 May 2024 17:10:17 GMT

The Atlantic Ocean is currently heating to levels that are typically seen in August, and this morning federal meteorologists have predicted the most aggressive pre-season hurricane forecast ever.

Experts at the National Oceanic and Atmospheric Administration (NOAA) are predicting the Atlantic hurricane season could have up to 25 named storms, calling for an above average 2024 season. 13 of these storms could spin into hurricanes, and up to seven could even become major hurricanes ranked at a Category 3 or higher.

The probability of an above average season is sitting at around 85% probability, which is notably the most confidence the agency has had for a storm outlook. Rick Spinrad, the head of the administration, is urging everyone to get and stay prepared as we head into the start of hurricane season which is just days away beginning on June 1 ^st .

Just last month, Colorado State University issued an early outlook that predicted 11 hurricanes – the most the university has ever predicted. Weeks later, the University of Pennsylvania released an aggressive prediction of their own with 33 named storms. The cause behind these predictions is not only a warmer Atlantic, but the emerging La Nina weather pattern.

Brian McNoldy, a senior research associate at the University of Miami has said the ocean is “already in the heart of hurricane season. It’s three months ahead of pace.” In terms of ocean heat content, it already looks like early August. Waters between the Caribbean and the coast of Africa are at record or near-record heats.

Rapid intensification, which occurs when a storm’s top wind speeds rise by 35 mph in a single day, is tied closely to ocean temperatures, experts said. Ken Graham, director of the National Weather Service, said the strongest storms over the last century have all been fueled by rapid intensification.

An active season does not necessarily mean a hurricane will directly impact our area, but it does increase the odds. Colorado State University have predicted a 50% probability that a named storm will come within 50 miles of Hillsborough and Pinellas Counties this season, and a 11% probability for a major hurricane to hit the Tampa Bay area.

This week, Mayor Ken Welch and 12 other Pinellas County mayors have penned a letter to Washington to ask for more storm-hardening funds. The mayors cited that FEMA grants are “woefully underfunded” and urged the agency to prioritize resilience programs for local governments. “We are not seeking a handout but rather a partnership in protecting our communities,” the letter states.

Now is the time to prepare for any potential storm. The Housing and Education Alliance has a comprehensive guide on how to best prepare for the event of a storm, which can be found by clicking here .

Cliggitt Valuation Inc. is here to assist with your appraisal and valuation needs when they arise, and we have experience performing both Replacement Cost New (Insurable Value) and FEMA 50% Rule Appraisals . Contact us today for a free quote.

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Source: Tampa Bay Times

Governor DeSantis signs bill aimed at lessening the amount of policies at Citizens Property Insurance

cliggittvaluation@verizon.net — Tue, 14 May 2024 15:21:32 GMT

HB 1503 was signed by Governor Ron DeSantis on Friday, along with a provision. The bill says that lightly regulated insurance companies will be able to soon take over policies from Citizens Property Insurance Corporation. Under the bill, the insurer must have an A-rating by the AM Best Rating Agency and they must have OIR approval for their takeout plan. Citizens’ properties that have a homestead exemption will not be available for takeover by surplus line carriers.

Surplus lines are insurers that have not been admitted to the state market. Regulation does not approve their rates, and dispute over a claim with a surplus carrier must take place in a court outside of Florida. Despite being out-of-state insurers, surplus lines are still subject to Florida regulatory oversight in some areas. Surplus carriers will insure risker and more expensive homes that the domestic market won’t cover.

Domestic carriers in the state have already been allowed to take over policies from Citizens once OIR approves. Customers at Citizens must opt out of the process if they do not want to join the new company, but the law states Citizens’ customers have to go to the private market if they are offered a rate that is within 20% of what Citizens’ rate is.

Citizens has around 1.19 million policies (as reported by data on their website), and lawmakers have been working to reduce the number of polices under Citizens to reduce the risk of assessments of homeowners’ policies in the event a major hurricane or series of storms wiped Citizens’ out of their ability to pay claims.

Citizens Insurance has seen policy counts jump in recent years as the private market has struggled. Thousands of homeowners have been left to find last minute coverage when their policy holder has gone bust or imposed large rate hikes. In 2021, Citizens had just over 540,000 policies – and that number has more than doubled.

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Source: Florida Politics

Jim & Heather Gills YMCA property proposed for renovation and redevelopment

cliggittvaluation@verizon.net — Tue, 07 May 2024 17:36:15 GMT

Sourced from St. Pete Rising Exclusive Release

**Images in slideshow belong to: Vickstrom Engineering Services, Place Architecture, Google Earth, & FK Architects

St. Petersburg investor Blake Whitney Thompson and multifamily developer Greystar Real Estate Partners have formed a joint venture with hopes to redevelop a portion of the Jim & Heather Gills YMCA at 3200 1 ^st Avenue South into a vibrant live-work-play neighborhood across 4.5 acres of the 11.5 acres the YMCA sits on.

Blake Investment Partners (BLAKE) was selected in 2023 to redevelop a portion of the YMCA property, and now they have submitted a special exception application to the City of St. Petersburg’s Development Review Committee to redevelop the property alongside Greystar.

The project has been dubbed Whitney Village and could add 375 apartments, a parking garage, and 32,000 SF of retail space. The 55,000 SF YMCA would also undergo an extensive renovation funded by proceeds from the sale of 4.5 acres of the property for the mixed-use development. Part of that renovation includes installing an artificial turf field fronting 1 ^st Avenue South.

The east side of the property will have a 32,000 SF pedestrian-only retail village. Above the retail space, the developers have proposed 50 smaller apartments and studio units, at an attainable price point. The units are designed to help local employees – such as those of the YMCA find attainable housing.

The southeast corner of the property would then have a five-story apartment community to be named The Bellamy at Whitney Village. This development would have 325 apartments, with a mix of units ranging from studio up to 3-bedroom units. Residents at the community would receive YMCA memberships to take advantage of the amenities.

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Three new projects announced at Tampa's Water Street

cliggittvaluation@verizon.net — Mon, 29 Apr 2024 19:53:59 GMT

Source : WTSP

Strategic Property Partners has revealed plans for three new Water Street projects. Water Street has been a massive area of redevelopment and growth in Downtown Tampa and now developers are focusing on adding three new buildings. The projects will expand the area considered to be Water Street out to another block north and west with a focus on making Water Street an entertainment, sports, and business hub.

Across from Amalie Arena there are two parking lots where SPP plans to build an “entertainment destination which builds on the energy and excitement" of the arena, according to a release from the company. The property will be mixed use and have a multi-level parking garage, offer a variety of entertainment-oriented uses, and a select service hotel.

The second planned project is a high-rise condo building which is planned to be the tallest at Water Street Tampa. The building will also include a club concept that has a social and fitness focus. A third tower that is in the works will be a trophy office building – of which is 90% leased already. The property will have retail and green space on the ground floor.

SPP has said utility and road work has already been started, and the utilities/road work for the three properties can be expected to be completed by spring of 2025.

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Tradewinds St. Pete Beach Expansion Vote Delayed - Tampa Bay Business Journals

St. Pete Beach TradeWinds’ resort expansion vote postponed

cliggittvaluation@verizon.net — Tue, 16 Apr 2024 14:28:49 GMT

Images are renderings completed by Nunzio Marc DeSantis Architects

St. Pete Beach faces another major resort redevelopment as TradeWinds Island Resort seeks city council approval for an expansion, adding 629 rooms across three towers and revitalizing existing accommodations over a potential two-decade timeline. The project includes amenities like parking garages, conference spaces, retail areas, and three pools, with a unique public rooftop terrace. The proposal involves infrastructure upgrades like a new internal roadway and improvements to Gulf Boulevard, aiming to integrate the expansion seamlessly with the surrounding area while enhancing stormwater management.

Additionally, TradeWinds has created a website to outline to project, and allow for further community outreach. The website can be found here: Next Generation TradeWinds

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Darryl Shaw’s Ybor Harbor gets first approval from City Council

cliggittvaluation@verizon.net — Fri, 12 Apr 2024 14:29:30 GMT

Ybor Harbor, Darryl Shaw's waterfront vision, gets preliminary nod from Tampa City Council - Tampa Bay Business Journal

Darryl Shaw's vision for downtown Tampa's waterfront, known as "Ybor Harbor," received initial approval from the Tampa City Council. The approved plan includes a comprehensive amendment and rezoning to develop approximately 33 acres along the Ybor Channel. The centerpiece will be a public waterfront area featuring 100,000 square feet of open space with amenities like a boardwalk, restaurants, retailers, and green areas. Additionally, the project will incorporate 500,000 square feet of office space, 800 hotel rooms, 150,000 square feet of retail space, and 4,750 residential units, with 10% designated for affordable housing. More information can be found with the Tampa Bay Business Journals at the link above.

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Sugar Hill Group releases new plans for Tangerine Plaza

cliggittvaluation@verizon.net — Wed, 10 Apr 2024 21:17:17 GMT

Sugar Hill Group has new plans for Tangerine Plaza : Tampa Bay Business Journal

The Sugar Hill Group, chosen by former Mayor Rick Kriseman nearly four and a half years ago, has unveiled their third set of plans for the redevelopment of the Tangerine Plaza shopping center in South St. Petersburg, once home to a Walmart Neighborhood Market. The new plans include a 10,000+ square foot grocery store and 115 units of affordable housing. Roy Binger and Rev. Louis Murphy of Sugar Hill, joined by a partnership with New Urban Development, are rallying community support ahead of their presentation to the city council in the coming weeks. Despite negotiations with potential grocers, concerns from some council members linger regarding project delays and the viability of securing a long-term grocery tenant for the space.

BayCare to expand with its first hospital in Manatee County

cliggittvaluation@verizon.net — Wed, 03 Apr 2024 19:55:57 GMT

BayCare Health Systems has revealed construction plans for a new $548 million hospital – the first one for the Health System in Manatee County. The facility will have 154-beds and is planned to be on Moccasin Wallow Road, a growing area north of the intersection of I-75 and I-275, making it accessible to residents in southern Pinellas County.

BayCare Hospital Manatee will have an emergency room and facilities for orthopedic and specialty surgery, urology, gastroenterology, cardiology, diagnostic and interventional imaging, obstetrics, and neonatology according to a press release. Additionally, there will be a 45,000 SF building with outpatient services and offices for physicians.

Construction is slated to begin in October.

“At BayCare, our mission is to serve the community’s health and we are so excited to be deepening our commitment to the residents of Manatee County,” said Stephanie Conners, BayCare president and CEO in a statement. “As West Central Florida continues to grow and thrive, we are committed to investing in our communities to bringing high-quality and compassionate care closer to our communities.”

The new hospital will be the first in Manatee County built north of the Manatee River, an area that has been seeing lots of development in the past two decades. It will also be the first non-profit owned hospital in the county. BayCare says the hospital shows signs of commitment of the Health Care System to meet the needs of fast-growing communities in and around Tampa Bay.

Source: TBT

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Construction on $25 million Lakeland Industrial Park to begin later this year

cliggittvaluation@verizon.net — Wed, 03 Apr 2024 18:34:14 GMT

Fort Lauderdale-based BBX Logistics Properties and Jacksonville-based FRP Development have formed a partnership to build a new 213,500 square-foot industrial park off Interstate 4 in Lakeland.

The industrial park will be located on 22.5 acres of land at 8255 State Road 33 N., north of the interstate and close to an Amazon facility. The land was purchased for $2.8 million last month to an LLC that shares an address with BBX. Previously, it was purchased in 2008 for $1.35 million. The deed shows that the sale included 5 parcels, as well as a portion of a sixth. Business Observer Florida is reporting that the parcel with the address of 8255 N State Road 33 will contain the industrial park. A copy of the deed can be downloaded here.

A news release for the park did not provide many details but described the project as a “state-of-the-art logistic” facility. A spokesperson has said the estimated development cost for the project is around $25 million.

Despite the vast expansion of industrial areas along the I-4 corridor connecting Tampa and Orlando, a report from CBRE in October revealed that East Polk County saw the delivery of 897,000 square feet of industrial space in the third quarter. However, the construction pipeline remained largely stagnant, with only one 80,000 square foot rear load building breaking ground. CBRE is set to handle leasing for the project once it is completed.

BBX Logistics is a division of BBX Capital Real Estate and was founded in 2021. The company has described itself as specializing in “high-barrier, infill locations with direct proximity to ample labor pools, highways, port and airport infrastructure, and densely populated areas.”

FRP Development has offices in Jacksonville, FL and just outside of Baltimore, Maryland. FRP’s website says the company specializes in “investment, development, management and disposition of mining, industrial, office, flex, mixed-use and residential real-estate along the Eastern Seaboard of the United States.”

Source: Business Observer

The U.S. Office Market Continues to see steady or climbing rents despite concerns surrounding high vacancy rates

cliggittvaluation@verizon.net — Tue, 26 Mar 2024 20:13:38 GMT

According to the Wall Street Journal, U.S. office markets are facing significant challenges with rising vacancy rates, an unprecedented amount of sublease space available, and increasing defaults. Despite these challenges, office rents remain stable or are even on the rise.

Data from CoStar Group reveals that the average asking rent for U.S. office spaces is currently $35.24 per square foot, up from $34.92 in the fourth quarter of 2019. This increase in asking rents highlights the unique dynamics of the commercial real estate market. Rents play a crucial role in determining a property's value, and property owners are reluctant to reduce them. This reluctance stems from the fact that lowering rents can negatively impact the appraised value of their buildings, potentially leading to loan defaults or difficulties in refinancing, as noted by David Bitner, head of global research for Newmark Group.

Experts anticipate that office rents will eventually decline, especially as property owners and lenders are compelled to restructure mortgages or sell distressed properties. In the meantime, landlords are offering attractive incentives to lure tenants, such as costly interior build-outs, extended periods of free occupancy, and other perks. Phil Mobley, CoStar's national director of office analytics, mentioned instances where tenants were offered a year of free rent for a 10-year lease term, a departure from the previous standard of one month free rent for every two years.

However, this strategy of offering incentives may be reaching its limits. Record-high office vacancy rates continue to climb as companies, many of which have adopted flexible workplace strategies during the pandemic, require less office space. According to CoStar, businesses occupy 200 million square feet less than they did before the recession, with an additional 150 million square feet of "negative absorption" expected in the next two years.

The delinquency rate for office mortgages that have been securitized has surged to 6.63%, more than triple the rate of 1.87% in January 2020, according to Trepp. As a result, some properties will undergo restructuring, sales, or foreclosures, resetting property values to reflect actual market conditions rather than inflated rents. An MSCI index indicates that the average value of office buildings in central business districts has dropped by nearly 41% from July 2022 to the beginning of this year.

As new owners acquire properties at these reduced prices, they will have less need to maintain high rents. In fact, they may be incentivized to lower rents to attract tenants away from competitors. Cities like San Francisco, which has experienced distressed property sales, are already witnessing sharp declines in asking rents. CoStar reports that average prices have fallen to $53.78 per square foot in the first quarter of this year, down from $75.93 in the fourth quarter of 2019.

Adyen, a global fintech firm, recently secured 150,000 square feet of sublease space in San Francisco for its North American headquarters. Davi Strazza, president of Adyen North America, acknowledged that the deal reflected the current market conditions. With more than 70% of current office leases signed before the pandemic, many businesses are poised to benefit from softer market conditions when their leases come up for renewal.

Companies adopting hybrid workplace strategies are also contributing to the downward pressure on office rents. According to Scoop Technologies, which tracks workplace strategies, companies with hybrid approaches required employees to be in the office an average of 2.57 days in February, only a slight increase from 2.49 days a year ago. As these companies renew their leases, they tend to occupy less space, further pushing down rents, as observed by Rob Sadow, CEO of Scoop.

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Mixed-use project on vacant lot near Dunedin Causeway gets community support

cliggittvaluation@verizon.net — Mon, 25 Mar 2024 20:46:20 GMT

Townhouses, a hotel, and a winery could soon occupy an empty lot at 265 Causeway Boulevard . The lot is located just off the Dunedin Causeway and has been vacant for over a decade.

The Local Planning Agency heard from residents and unanimously approved a design review of the proposed 1.5-acre, four-building, mixed use project that will include townhomes, swimming pool, a hotel, surface parking, and a wine shop, and other amenities.

The Dunedin City Commission will have a hearing on the $14 million project on April 4. Setbacks were one of the more prominent concerns, but speakers at the meeting expressed support for the project. The zoning of the property is tourist facility, which allows a maximum building height of five stories.

The project in total is proposed to have:

-Two residential buildings – each with four townhomes. Both buildings are proposed to be 3-stories, with 2 floors of living area and rooftop patios over the ground floor parking.

- A three-story mixed-use building, which will have four townhomes and a 1,796+ SF winery. The townhomes will have two stories of living area, and the winery will consist of two floors, including ground floor parking and a rooftop patio.

- A four-story, seven room hotel with three floors of guest rooms over ground-floor parking. According to managing partner for development and construction with Coastal ICF, Doug Anderson says the hotel will be utilized by the Blue Jays organization along with the public when the Blue Jays are not occupying the rooms.

- Surface parking, a swimming pool, and cabana.

“Staff has determined that a three- or four-story mixed-use at the proposed density and intensity on this property, together with what’s going on around it, does comply and is consistent with our compatibility requirements in our comprehensive plan,” said Joseph DiPasqua, assistant director of community development.

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Source: Tampa Bay Times

YMCA mixed-use redevelopment project in Tampa Heights gets preliminary approval from City Council

cliggittvaluation@verizon.net — Fri, 22 Mar 2024 14:37:45 GMT

Source: TBBJ

Tampa City Council has granted initial approval for Central City YMCA's redevelopment endeavor, encompassing 6.2 acres along North Florida Avenue. The comprehensive project, spanning 1.25 million square feet, will feature a substantially larger YMCA facility as its centerpiece. Approval was secured for rezoning the property, vacating nearby alleys, and amending the city's comprehensive plan to alter the land use designation. The development, which includes diverse components such as a rooftop pool, a luxury hotel, residential units, office and retail spaces, and green areas, aims to revitalize the area while preserving historic structures like the Standard Oil building.

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Trader Joe's announces new location in Palm Harbor

cliggittvaluation@verizon.net — Fri, 15 Mar 2024 16:26:36 GMT

Trader Joes to Open Palm Harbor Location - Tampa Bay Business Journal

Trader Joe’s has confirmed plans to open a new store in Palm Harbor at the former Stein Mart location on 33591 US Hwy. 19 N. The company aims to continue its tradition of offering quality products at affordable prices while creating a welcoming and enjoyable shopping experience. While the specific opening date is not yet determined, the store is expected to debut sometime in 2024. Additionally, Trader Joe’s commitment to community welfare includes participation in a Neighborhood Shares program, donating unsold yet consumable products to local nonprofit organizations. This marks the second Trader Joe’s location in Pinellas County.

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Blue Sky Communities and St. Petersburg Housing Authority Partner on 95-Unit Affordable Housing Project “The Hartford”

cliggittvaluation@verizon.net — Tue, 05 Mar 2024 21:32:52 GMT

A new affordable housing community for family and senior apartments will be built on a 1.35-acre site at the corner of Hartford Street N. and 32nd Avenue N in St. Pete. The project will bring a total of 95-units, thanks to the city council approving a rezoning request for the site on February 15th which allowed for higher density at the location. The original plan only included 47 units.

Blue Sky Communities Partner Scott Macdonald said in a release “We are very excited to reach this milestone and begin working with the St. Petersburg Housing Authority, the need for this housing in St. Petersburg is enormous.”

The land is currently owned by the St. Petersburg Housing Authority (SPHA) and the project will also include recreational space for pickleball and shuffleboard. As a part of the same project, the team will also renovate the SPHA property located at 3475 32nd Avenue (Saratoga Apartments), an affordable community with two two-story apartment buildings. 34 one and two-bedroom apartments are spread amongst that apartment community.

SPHA serves over 4,000 low-income households throughout St. Petersburg. “We could not be more thrilled to pursue this development opportunity as the latest step in fulfilling our mission to provide safe, affordable housing to the residents of St. Petersburg, especially in a time of such great need,” SPHA Board Chairman James Dates said in a release. “Our board will always lend our support in this critical effort.”

Source & Resources: SPHA | TBBJ | Blue Sky Communities

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Sirata Beach Resort Expansion Approved

cliggittvaluation@verizon.net — Thu, 29 Feb 2024 15:03:25 GMT

A 3-2 vote on Tuesday evening (February 27 ^th ) by the St. Pete Beach City Commission ended months of deliberation and testimony from the public and involved parties with approval for the Sirata Beach Resort expansion. A conditional use permit (CUP) for the construction of a 290-key luxury JW Marriott Hotel, 130-key Hampton Inn, and revamp of the existing 382-key resort was approved.

Tuesday’s decision came after a five-hour discussion and was a continuation of a nearly 11 hours hearing last week where commissioners deferred the decision. Commissioners Nick Filtz and Mayor Adrian Petrila were in opposition of the approval, citing concerns of traffic backups, designs of each hotel, and obstruction of views that the expansion will cause for neighboring developments.

The plans were initially filed in early 2023 and called for over 50 rooms at the Sirata Beach Resort to be eliminated and replaced with a freestanding pool and restaurant. The proposed JW Marriott hotel would have a permitted fourth floor rooftop deck with a bar and dining area at the northern portion of the property. The Hampton Inn hotel will rise at the southern end of the property. The Sirata Beach resort is located at 5300 Gulf Boulevard.

When completed, the development will contain 646 hotel rooms, an increase from the existing 264 units. Kentucky-based hotel management company, Columbia Sussex, purchased the hotel in 2022 for $207 million and plans to pump $250 million into the expansion plan.

The Sirata expansion plans also include construction of a public boardwalk that runs along the beach which is fully funded by the developer. Additionally, they plan to widen sidewalks along Gulf Boulevard to 10 feet, have on-site parking, and add lighting restrictions and special film on the new building's windows for sea turtle nesting safety.

Commissioners made comments on redesigning certain aspects of the project, such as the parking garages, and have asked developers to go back to the drawing board. The developers will host a design charrette soon to get community feedback on the parking garage design. The Sirata does not conform to today’s building codes, so they are unable to rebuild without a conditional use permit. The commissioners considered more than 40 proposed building conditions, including a wind impact study, which Columbia Sussex rejected as it would delay the process by at least nine months. The developer will now begin permitting the project, though a construction timeline has not yet been announced.

Source: St. Pete Rising

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Hillsborough School District will draft millage increase to appear on November ballot

cliggittvaluation@verizon.net — Tue, 27 Feb 2024 15:26:47 GMT

Today, Hillsborough County Public Schools will work on a millage referendum that they would like to place on the November ballot. The millage increase would cost the average homeowner around $.40/day, coming out to around $146/year. The increase would fund recruitment and retainment efforts of teachers, administrators, and staff in the district.

Hillsborough County school board members asked voters for an increase in taxes back in 2022. That referendum was held at the peak of the inflation spike and at a time when the board was negotiating with teachers for a pay raise. That referendum failed to pass by less than 600 votes.

Vice Chair of Hillsborough County Public Schools, Jessica Vaughn, says now that inflation has cooled, and voters have seen other districts increase teacher pay, it could motivate voters to support the millage increase. “I think people really got to see, like if Pasco has gone out for it, if Pinellas has gone out for it, if Orange County has gone out for it, if Miami-Dade has had to go out for it, it’s not reflective that it’s just something here in Hillsborough. This is a statewide issue,” Vaughn said. “And I do think our community, above everything else, wants to make sure that we have a very healthy, accessible, quality public education system to offer our students and our kids.”

In order to get the millage increase on the ballot in November the school board has to draft language of the referendum which is expected to begin on Tuesday.

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Source: Spectrum News

Joint Venture between the Related Group and Tampa Housing Authority breaks ground.

cliggittvaluation@verizon.net — Fri, 23 Feb 2024 16:14:18 GMT

On Thursday morning, the Tampa Housing Authority broke ground on 188 affordable apartment rentals. The development is located at 1103 W. Main Street and is part of the ongoing effort to expand the revitalization of downtown west of the Hillsborough River, known as West River. The groundbreaking marks phase 2 of the development process.

The project will include two towers that are complete with a pool, fitness center, and library. They will serve families earning between 22% and 80% of the local AMI. One tower will span five stories with 158 apartments with a mix of 1, 2, and 3 bedrooms. The second tower will be three stories with 30 larger units that include 24 four-bedroom homes at 1,400 SF each.

The project is mainly funded by tax-exempt bonds through the Housing Finance Authority of Hillsborough County. The City of Tampa also contributed $75,000 to the new towers. The West River development spans around 200 acres between I-275 and Columbus Drive and was formerly home to an aging apartment tower for seniors and the North Boulevard Homes, the oldest public housing project in the city.

The development in total will deliver around 1,700 mixed-income rental homes, in addition to 68 homes for ownership. 815 units are completed and 744 are under construction now with the project set to be completed by the end of 2025. A housing authority spokesperson said a Publix Grocery is also in the pipeline.

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Source: TBT

Former St. Pete Hospital receives funding approval from Pinellas County for redevelopment into affordable senior housing units

cliggittvaluation@verizon.net — Wed, 21 Feb 2024 18:23:37 GMT

The St. Petersburg Housing Authority (SPHA) is embarking on an ambitious project to breathe new life into the historic Edward White Hospital site. The former hospital, a landmark in St. Petersburg, is set to undergo a transformation into a vibrant multi-story affordable housing complex.

This exciting venture will see the six-story, 121,000-square-foot building refurbished to offer 71 apartments tailored for low-income seniors, alongside professional office spaces. Notably, SPHA itself will relocate its administrative offices to this innovative development, fostering closer connections with the community it serves.

Located in the bustling North Kenwood district of St. Petersburg, the site boasts convenient access to the city's amenities and thriving businesses. Situated adjacent to Booker Creek Park lake, residents will enjoy serene lake views and easy access to recreational facilities like walking trails, basketball courts, and more.

The renovated building will prioritize accessibility, with ADA-compliant features ensuring inclusivity for all residents. Additionally, pedestrian access will be enhanced to promote a seamless connection with the surrounding neighborhood.

Inside, residents can expect modern comforts and conveniences. The ground floor will host a welcoming lobby and dining hall, complete with a catering kitchen for communal gatherings. Essential amenities like a mailroom, bike storage, and housing management offices will be conveniently situated for easy access.

SPHA's commitment to community well-being extends beyond housing. The upper floors will house a library, computer lab, and fitness center, promoting holistic well-being among residents.

As part of its revitalization efforts, the building's exterior will undergo a makeover, reflecting the vibrant spirit of downtown St. Pete. From fresh paint and new windows to captivating murals and landscaped grounds, every detail will contribute to the building's renewed vitality.

With this transformative project, SPHA is not just creating affordable housing; it's fostering opportunities for stronger, more inclusive communities. As the vision unfolds, the Edward White Hospital site will stand as a testament to the power of revitalization and community-driven initiatives.

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Source: SPHA

Affordable townhome project in West St. Pete is closer to happening

cliggittvaluation@verizon.net — Tue, 13 Feb 2024 18:17:12 GMT

Affordable Townhomes in West St. Pete inch forward - Tampa Bay Business Journals

The City Council of West St. Petersburg will review a proposal for a 105-townhome affordable housing development located at 7045 Burlington Avenue N. The property, currently owned by St. Petersburg College and formerly the Gibbs Wellness Center, is slated for purchase by the city for $4.2 million. Plans include constructing workforce housing with 30% reserved for SPC staff and students, targeting individuals at or below 120% of the area median income. Following the purchase agreement approval in November, the city intends to issue a request for proposal (RFP) to solicit bids from developers, subject to review and approval by the Development Review Commission and City Council.

Source: TBBJ

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State Representatives Pitch a Fix for Floridians & Homeowners Insurance

cliggittvaluation@verizon.net — Fri, 09 Feb 2024 17:06:23 GMT

Representatives Spencer Roach (Fort Myers) and Hillary Cassel (Dania Beach) have proposed to lawmakers in Tallahassee that state-run Citizens Property Insurance Corp. should cover wind claims for anyone in the state who would want the option.

Roach has personal experience with hurricane damage as his home was destroyed by Hurricane Ian, and Cassell is a lawyer who used to work for insurers and now represents homeowners. Roach said, “These premiums that people would pay for this coverage would continue to build and build and build and could be used subsequently to pay off these claims instead of having those profits siphoned off to either another corporate entity or management company," he said. "Then those collateral reserves are not there when the claims need to be paid out. That's the problem we’re experiencing in Florida. You would not have that problem if you had universal wind coverage under Citizens”.

According to Roach the concept has been used in California and Texas, and when claims were only provided for natural disasters and left the rest to the private market, rates dropped like a stone. Tim Cerio, CEO of Citizens said that the proposal would increase the reinsurance costs by 645%, from $650 million last year, to $5.6 billion.

Cerio said of the proposal, "This is a very different change in direction that would fundamentally change the mission of Citizens, the bottom line to all of these points is that assessments, or the potential for assessments, is going to increase exponentially."

Both Roach and Cassel have said predictions of massive reinsurance costs are overblown. Cassel specifically stated “Now is our opportunity to create a program where Florida saves Florida, we protect our neighbors, and we create a fund that will be there for us and a rainy day when these insurance companies leave us high and dry."

Some lawmakers are not keen on the idea. Florida CFO Jimmy Patronis said he does not believe it is a good idea. The bill is not scheduled for any committees at this time however both Roach and Cassel have said they will continue to discuss it because it is a problem that’s not going away.

The Citizens’ board, made up of political appointees, has not yet taken a position on the idea. Cerio has continuously cautioned that a major storm could leave the state on the hook for billions in assessments, which are then levied onto all Floridians with auto or home insurance policies.

A similar idea was brought up nearly 15 years ago. The idea that was brought up in 2006 by Rep. Don Crane was to combine Citizens’ and the Florida Hurricane Catastrophe fund, creating a new entity that only offered hurricane insurance and leaving private carriers to handler more predictable forms of homeowners insurance such as fire and theft. Instead of Floridians having windstorm premiums going to profits, they would be pooled into a common fund.

Florida went on to go 10 years without a major storm (2007-2017), and projected funds if the program had gone through would prove the fund was self-sustaining in its 10 ^th year, with a projected surplus of $82 billion. That would have been more than enough to cover the estimated $13 billion in insured losses from Hurricane Ian, or the $9 billion from 2018’s Hurricane Michael.

The plan was vetted in 2011 by Florida TaxWatch and found to be viable. It was also the only solution with mathematical modeling backing it up.

The plan did have its downsides though. It projected premiums to go up for the short term, although rates would eventually go down. Some expressed concern with the state taking on such high risk and felt it should be spread out amongst private companies. It also required an agreement with the federal government that involved them loaning money to the fund if the state could not pay out in the event of a catastrophic storm.

Large insurers such as State Farm and Allstate privately supported the idea, and while the companies did not publicly endorse it, State Farm agents came out in support. Domestic insurers were adamantly against it. If the state offered only hurricane insurance, domestic insurers would stand to make less money.

Thanks to Roach and Cassell, the idea is now being spoken about again. The legislation is House Bill 1213 and will not pass this session. It has not been heard for a vote in any committee, and Tuesday's hearing on the matter was simply a workshop that was restricted to 30 minutes – 10 for Cassel & Roach, 10 for Citizens, and 10 for lawmakers to ask questions.

Source: Fox13 | Tampa Bay Times | House Bill 1213

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Live Local Act amendment unanimously approved by Florida Senate

cliggittvaluation@verizon.net — Thu, 08 Feb 2024 18:28:00 GMT

Source : Tampa Bay Business Journals , Florida Senate

The Florida Senate unanimously approved amendments to the Live Local Act, aiming to foster more affordable and workforce housing in the state. SB 328, passed with a vote of 40 to 0, modifies the Act to offer incentives for developers and apartment building owners. The amendments address concerns over overdevelopment from municipalities and uncertainties among developers by reducing parking requirements for mixed-income projects near transit hubs, clarifying height entitlements, and prohibiting short-term rentals from participating in the Act. The bill also allocates $100 million for 0% interest mortgages for first-time home buyers and offers property tax abatements for newer buildings that reserve units as affordable or workforce housing. The bill awaits Governor Ron DeSantis's signature after discussion in house committees.

Sources: TBBJ | The Florida Senate

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Clearwater Waterfront Parcel Purchased for Record $24.75 Million

cliggittvaluation@verizon.net — Mon, 05 Feb 2024 16:07:32 GMT

A 3 + acre waterfront parcel located at 805 S. Gulfview Boulevard in Clearwater, FL sold for $24.75 million last Wednesday (January 31, 2024). According to property records the sale is the most expensive vacant lot sale in Clearwater Beach.

The buyer, 805 Gulfview Owner LLC, has ties to two real estate firms known for luxury condo development. The firms are BH3 Management (Fort Lauderdale-based) and U.S. Development (New Jersey-based). The companies have partnered to develop condos on the site. The development will include two nine-story buildings with waterfront vistas in every direction, a resort style pool deck, and a 270' wide private beach. There will be 86 units that range from 2,000 to 5,500 SF and cost between $2 to $10 million each according to a news release .

BH3 Management co-founder Gregory Freedman released a statement saying "In many ways, our team is introducing an entirely new market segment in Clearwater Beach, which has been overlooked as a luxury market even as successful high-end projects come to life in neighboring communities."

The property was once home to waterfront restaurant Fisherman's Wharf, which had been established in 1963 by Dalip Tzekas and shut down in 1990. Several other businesses occupied the property in the years that followed but the building was eventually demolished in 2020 leaving the property vacant.

Sylvia Tzekas of the Tzekas family and Kelly Montgomery were the listing agents for the property. Sylvia said in a statement "Representing this listing is particularly meaningful for me, as the property has been a cherished part of my family's history. The sale not only marks a significant chapter in the evolution of this property but also exemplifies our commitment to preserving its legacy."

U.S. Development is set to begin pre-development site work and launch sales later this year. CEO John Farina released a statement saying "Tampa Bay is one of the fastest growing regions in the country and Clearwater Beach is consistently ranked among the best beaches in the U.S., which is why we've had our sights set on this property for years."

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Source: Tampa Bay Times

Prime Retail Space Shows Signs of Intensifying

cliggittvaluation@verizon.net — Mon, 29 Jan 2024 18:59:05 GMT

Retail property owners/landlords slashed rent prices as they struggled to fill storefronts during the first year of the COVID-19 pandemic. Some even accepted portions of monthly sales versus fixed rent from tenants whose businesses collapsed due to social distancing and government mandated closures. These deals helped retailers stay afloat and helped landlords keep valued tenants.

Now, prime retail space is filling much easier causing property owners to shed discounts and other concessions previously offered. Ed Coury, Senior Managing Director at firm RCS Real Estate Advisors says landlords are now telling tenants “Covid’s over; those days are done,”. The increase of leverage for landlords is a sign of retail real estate’s recent strength. Store openings have outpaced store closures for the second year in a row in 2023 after years of net closures according to Coresight Research.

In 2023, consumer spending remained resilient despite high inflation and recession concerns, and with scant new construction of retail real estate landlords remain optimistic retailers will be competing for the limited available space for the foreseeable future.

U.S. shopping centers saw vacancies fall to 5.3% in the fourth quarter, the lowest rate since Cushman & Wakefield began tracking metrics in 2007. Average asking rents rose to $23.70/SF – nearly 17% more than 2019 levels. Retail’s strong position stands in contrast of office real estate, where property owners are grappling with oversupply and drops in demand. To sign leases office landlords are now upping concessions such as cash gifts or month(s) of free rent to tenants.

Retail real estate has only recently seen a turn of events, having struggled for years with retailer bankruptcies, changing shopping habits, and the rise of e-commerce. The pandemic delivered a short, but huge blow to the retail sector and tenants that did renew leases or open new shops during this time were often able to secure favorable lease terms.

In 2020, landlords sought to keep restaurants and other retailers from going out of business. The percentage of sales agreements proliferated during this time and enclosed malls, which experienced prolonged closures during the pandemic, saw revenue from percentage of sales rent agreement jump in 2021 according to data firm Green Street. It was thought that percentage of sales agreements would become the new normal of retail real estate. Now nearly four years later, in person dining and shopping are booming and landlords are not likely to sign leases that leave rent collection subject to unpredictable ebbs and flows of the tenants monthly sales.

Percentage of sale arrangements can also lead landlords to uncomfortable conversations with a tenant if they do not believe a tenant is doing everything possible to maximize sales, therefore maximizing rent payments. Lenders also don’t like these rent structures, which make it increasingly difficult for landlords to finance or refinance loans of retail properties with these rental agreements in place.

This newfound negotiating power for retail landlords is not absolute. Older, tired properties will still need to offer concessions and accept lower rents to attract tenants. Most landlords are continuing to spend on renovating or building out retail spaces for new tenants and these costs have escalated along with construction prices. While percentage of sales arrangements are more common now than they were in the past, they often take the form of tenants paying a base rent along with a percentage of sales once tenants hit a certain threshold. When a restaurant or retailer has a strong year, the landlord collects and benefits from the “overage “rent”.

The percentage of sales agreements also gives a glimpse into retail real estate strengths. Even owners of enclosed malls, who historically have been more open to percentage-of-sales agreements, have been pushing to convert leases to fixed-rent structures with overage rent, said Vince Tibone, Green Street’s head of U.S. retail and industrial research.

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Commercial Real Estate Transactions Fall, Bargains Remain Elusive

cliggittvaluation@verizon.net — Wed, 24 Jan 2024 18:45:54 GMT

$374 billion of commercial real estate sold in the United States in 2023, according to MSCI data. While this seems like a sizable number it is a 51% drop compared to 2022. Notably it is also 14% lower than 2020 – a time when some prospective buyers couldn’t view buildings for most of the year due to COVID-19 restrictions. Property investors seemingly sat on the sidelines last year, and the 2009-style discounts they hoped for never materialized for the real estate they want to own.

The RCA CPPI National All-Property Index tracked that U.S. Commercial Real Estate prices are down 11% from peaks during the period the Federal Reserve began raising interest rates in early 2022. While some real estate has gotten cheaper, it is mainly the riskiest type. For example, offices in oversupplied business hubs, such has San Francisco, have fallen 40% in value since March 2022. Major reinvestment will be needed to attract tenants.

Apartments have slipped 15% from their peak. Apartments became widely overvalued as strong rent growth attracted speculative investors during the pandemic. E-commerce warehouses haven’t lost any value, and hotels seemingly have not budged either. Hotels look to benefit from a crackdown of Airbnb rentals in cities – especially New York City, where prices took a hit during the pandemic. Niche real estate like self-storage is also holding value as investors seek properties with low operating costs and reliable income streams.

High interest rates have not yet triggered the same type of distressed sales that were seen pushing prices down during the 2008 financial crisis. Economic growth continues to be somewhat healthy in the U.S. and most tenants continue to pay rent. Landlords are becoming more stretched, and rental income was equivalent to around 1.6 times mortgage costs at the end of October, compared with a long-term average of 2.1. The ratio is above the minimum lenders require to underwrite a loan. This goes along with the “1% Rule”, in which if a potential investment is to pass the 1% rule, its monthly rent must be equal to or no less than 1% of the purchase price. ( Rocket Mortgage )

Owners that sold property in last years weak market needed to raise cash quickly – for different reasons. Their bank could have asked them to inject more equity into a different property for refinancing or they had to sell assets to meet investor demands. BREIT – Blackstone’s non-traded real estate fund sold around $12 billion of U.S. property last year to meet redemption requests, many consisting of high-quality buildings that did not need heavy discounting.

In unloved sectors, prices are likely to keep falling. The gap between what a buyer is willing to pay and what a seller is willing to accept is still wide in city-center offices and prices may need to come down a further 20%. Dry powder data from Preqin shows investors have raised $240 bullion to pour into U.S. real estate. The current stall in deal activity has echoes of what happened in the last financial crisis when some of the most profitable property deals in modern history were made. However, a much more troubled economy needs to be introduced to throw up similar bargains in 2024.

Cliggitt Valuation Inc. would like to note that the opinions formed from the above provided data are those of the Wall Street Journal. This blog is simply intended to be informative for general purposes and should not be taken as investment advice. If you are in need of investment advice for a specific West Central Florida market, please contact us today so we can hear more of your needs!

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FEMA announces changes to make financial assistance for disaster victims come easier

cliggittvaluation@verizon.net — Mon, 22 Jan 2024 19:12:17 GMT

Across the United States, FEMA helps states and communities recover from hurricanes, wildfires, and other weather-related disasters. FEMA Administrator Deanne Criswell told reporters “We can do better. Survivors deserve better…. We are breaking records year after year with these disasters, and we need to be better prepared and informed to recover faster and more effectively".

FEMA assists survivors in finding and paying for short term housing while state and local government lead recovery efforts. Many survivors, however, face nightmares when it comes time to turn to FEMA for relief. Survivors have found themselves bounced between agencies, which results in delays and denials of critical funding when its needed the most. Thousands also get denied an adequate amount to find new housing. Climate change has only gotten worse, and we have seen storms become more frequent and destructive as well as costly. More victims, especially those in vulnerable populations, fall further through the cracks when it comes to getting assistance.

In response to this, FEMA will begin offering more flexible forms of assistance that aim to get money to survivors faster. Criswell, who began her job in 2021 traveled to disaster zones and listened to the frustrations and criticisms of victims, nonprofits, and local officials who all voiced frustration of people left for months struggling to receive aid. Experts and aid organizations have said America’s disaster response – particularly with the need for immediate housing is broken. Communities struggle to get back on their feet because local and state governments get overwhelmed by the scale and cost of recovery and federal resources do not fill the gaps.

Experts say housing is the backbone for a community to recover and survive after a natural disaster. When there is a shortage of housing, people end up in unsafe conditions or opt to move away. When people stay away for too long, they often do not return. The goal of disaster recovery is to return communities to normal functionality including its schools, hospitals, businesses, and other essential services.

FEMA’s overhaul of the Individual Assistance program includes eliminating steps, such as first requiring states to apply for a cash relief program, which often slowed and complicated federal money getting to victims. Now, the revamped Critical Needs Assistance program will automatically give eligible households $750 to assist in covering immediate expenses and necessities.

For those who need immediate access to housing, FEMA has removed some documentation requirements. They are also doing away with documentation that requires survivors to prove they spend their aid on rent to make them eligible for continued assistance. Displaced victims will also have more say in where they stay such as with family and friends, with FEMA giving the money upfront rather than making displaced victims lodge in specified hotels.

A long-term source of confusion with FEMA was the involvement of the Small Business Administration, with the agency first having to reject a victim's loan application before the person could get assistance with FEMA. That is now a removed process. Additionally. Victims who have disabilities can now use FEMA funds to make homes more accessible after a disaster.

Another process that has changed is how FEMA works with insured residents in disaster zones. Previously if insured, residents who got a certain amount of money from their carrier were ineligible for federal assistance, even if payouts didn’t make a dent in repairs. Now FEMA will pay up to $42,500 toward damages that insurance does not cover. The agency previously had an assistance cap of $42,500 per disaster, meaning if your insurer gave you a payout of $45,000 for $80,000 of repairs, you were then ineligible for assistance from FEMA. Under the new rule, you can apply for further assistance of up to $42,500 from FEMA.

New rules will take effect March 22, 2024. Changes are estimated to cost $671 million per year, with $159 borne by states and tribal nations where disasters occur.

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Over $2.2 Trillion of Commercial Real Estate Debt Set to Mature Before 2028

cliggittvaluation@verizon.net — Thu, 18 Jan 2024 16:53:19 GMT

In an already troubled market, commercial real estate will brace for a record amount of maturing loans, increasing the probability of a surge in loan defaults as owners of commercial real estate are forced to refinance at higher rates.

Date firm Trepp reports that 2023 saw the highest amount of debt backed by office buildings, hotels, apartments, and other forms of commercial real estate come due at $541 billion in a single year. Commercial debt maturities are anticipated to see continued rising with over $2.2 trillion coming due between now and the end of 2027. Many of these loans have been repaid or extended. In 2022 and 2023, many owners were able to tap into one- or two-year extensions that were built into their original loans.

Now, however, those extensions are expiring. Many borrowers are now confronting the higher rate environment, and they are also met with higher vacancies and a weakening cash flow – depressing property values. Owners and creditors are also grappling with challenges of expiration of deals made early in the pandemic, allowing them to delay payments until the worst of the pandemic passed.

Home mortgages have a principal that is paid off over time. Most commercial mortgages include ballon payoffs at 3, 5, or 10-year timeframes and some loans are interest only, meaning that when the debt matures the borrower has no option but to refinance or pay off the principal. Office buildings have been arguably hit the hardest due to remote and hybrid work, but damage to commercial real estate is widespread. Some multifamily markets are seeing an increase in vacancy rates, making it harder for landlord to increase rents or make payments on floating-rate debt. Additionally, industrial space is beginning to show signs of weakness.

Fitch Ratings are projecting the delinquency rate of commercial real estate loans that have been converted to securities will increase to 4.5% in 2024, then to 4.9% in 2025 which is more than double the 2.25% rate in 2023 as of November. Retail, hotel, and office delinquencies are all expected to rise according to Fitch. A decline in inflation and interest rates in recent months has somewhat eased the pain of refinancing, but borrowers will still have to refinance at much higher rates than those of their maturing loans.

Financial regulators are also expressing concerns that commercial property losses will spill into the broader financial system. Financially distressed properties can lead to a more widespread downward valuation spiral, which can reduce municipalities property tax revenues. In the 2023 annual report from the Financial Stability Oversight Council, a federal organization created after the 2008-2009 financial crisis to monitor risks to the financial system, the council warned financial institutions that they need to create more understanding of their exposure to commercial real estate. They were also warned to examine loans they made to other real-estate creditors.

Over $50 billion of loans maturing this year are from non-bank lenders, such as private equity firms and mortgage real estate investment trusts according to Trepp. Refinancing is the preferred route when loans mature, but it is a tricky road to navigate now with creditors coping with the Federal Reserve’s fastest hike in interest rates since the 1980’s.

There is an upside to all of this, though. Many commercial-property borrowers will have to work out deals with existing creditors when loans mature. Lenders will often agree to extend loans if owners agree to contribute additional capital. There are times where parties are not able to come to terms, or borrowers will prefer to hand property keys over to creditors rather than putting good money after bad. A weak property sales market has complicated negotiations, making it harder for borrowers and lenders to agree on what a property is worth. Borrowers tend to view property values in a more optimistic light than lenders, who look for worst-case scenarios. Thaddeus Wilson a partner at law firm King & Spalding, has been involved in nearly 50 workout negotiations in the past year. “At some point borrowers are going to have to come to grips that their lenders might be right about the values and look at it from the worst-case scenario,” he told the Wall Street Journal.

If you own Commercial Real Estate in West Central Florida, Cliggitt Valuation, Inc. is prepared to perform preliminary research and provide you with an accurate timeline for completion and a fair price for your appraisal and valuation needs. You can find our market areas by clicking here or click here to reach our contact page . Helpful information to include in your request is either a property address or parcel ID number, your name, email, and phone number, and other relevant information such as what you intend to use your appraisal for. We look forward to the opportunity to work with you!

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St. Petersburg City Council seeks options to elevate city prominence with Tampa Bay Rays

cliggittvaluation@verizon.net — Thu, 21 Dec 2023 18:15:47 GMT

Last week during a city council meeting, council members voted to seek options in the Rays future with the city – including a potential name change. Council member Gina Driscoll brought forward a proposed name change to the team, citing that many constituents think Tampa Bay means the City of Tampa.

Tampa Bay Ray’s team co-president/owner Brian Auld told the council a name change requirement would see the team pull out of the redevelopment project in its entirety. “We are the Tampa Bay Rays. Our name is deliberately inclusive. Our fans live throughout Tampa Bay and central Florida,” said Auld, noting that other local professional sports teams are the NFL’s Tampa Bay Buccaneers and Tampa Bay Lightning of the NHL. “There will not be a new ballpark nor development project if there’s a requirement to change our franchise’s name.”

A new proposed $1.3 billion stadium will be located just next to the current Tropicana Field. Eventually, the domed stadium will be demolished. A new stadium will lock in the Ray’s in the city for another 30 years beginning in 2028. The proposal of a name changes saw supporters and opposer's. Supporters of the name change cite that St. Petersburg will be fronting $417.5 million in tax dollars for the deal, and the name should come first as they believe it would help boost the city’s national profile and tourism industry.

A notable opposer of a name change was Mayor Ken Welch. Welch has made the stadium a cornerstone of the redevelopment and to require a name change would be detrimental to the promise of redevelopment. Additionally, Pinellas County is putting up $312.5 million for the new stadium and shares no interest in changing the team name.

Janet Long, the chair of the Pinellas County Commission says she would not support a name change unless the Rays “don’t want the money from the county.” A resolution was met at the meeting and Driscoll amended her resolution to include other possibilities for the city including having the city in the new stadium name, or having players wear city-branded uniforms occasionally.

The resolution was adopted by the City Council and Welch’s staff will prepare a report on the matter by January 4 ^th . More information regarding the development, and an opportunity to provide feedback can be found here: Historic Gas Plant District Redevelopment

Source: Bay News 9

St. Petersburg's Cordova Inn Expansion Opening Delayed 9 months

cliggittvaluation@verizon.net — Mon, 18 Dec 2023 18:17:17 GMT

The Cordova Inn, a historic 32-room hotel has announced that a 67-room vertical addition opening has been pushed back to open by September 30, 2024. The original estimate put an opening date by January 1 ^st . Economic and supply-chain problems have put the opening further down according to Tommy Del Zoppo, CEO & Co-Founder of St. Pete-based New Hotel Collection – the owner of Cordova Inn.

New Hotel Collection purchased the Cordova Inn in late 2020 for $3 million ($93,750 per room). They also own the New Hotel at the Harbourside Resort at Indian Rocks Beach; the New Hotel at Indian Shores; and the Central Hotel at Sevierville, Tennessee. Del Zoppo told the Business Observer that 2024 could bring two new Florida additions to the hotel company but did not name the potential locations.

Del Zoppo aims to offer guests a unique boutique experience when they stay at a New Hotel location and aims the brand will go above and beyond corporate standards. According to Del Zoppo, guests come first, and their word of mouth is vital to the brand. The company has been able to remain profitable without pricing out middle-income customers when increasing room rates. The company has rebounded from the pandemic, bringing in a 2022 revenue of $18 million, a near 40% increase from 2021’s $13 million revenue.

Del Zoppo spent 30 years on Wall Street and came to St. Petersburg in 2015 when his wife received a job offer with HSN. In 2017, Del Zoppo co-founded the New Hotel Collection and took on the task to raise the capital the company needed to purchase the Cordova Inn and the adjacent property for a total price tag of $6.5 million. That price has allowed the company to spend a bit more on construction of the new addition to the Cordova.

The Cordova Inn expansion began in April of this year, adding 65 new guests rooms, a roof top bar, and ground floor restaurant that will be tucked inside the wrap around veranda. A lush new garden will be between the existing structure and the new wing on the inn. A fifth-floor rooftop bar will invite guests to enjoy views of downtown St. Petersburg and Williams Park.

Reno Boyd Building Co. is leading construction on the project, following design created by Place Architecture. The design stays true to the original Cordova while fitting in with neighborhood aesthetics. The new wing could have been taller, but Del Zoppo and his team kept the expansion at just five stories to better fit in with the neighborhood. The new rooms will be larger with modern amenities. There will be more family-friendly rooms, with slide-away walls connecting adjoining rooms versus a door to creating one large space for friends and family to enjoy – versus two separate but connected areas. The goal remains to provide a 5-star hotel and a 3-star price.

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Source: Business Observer | I Love The Burg

Hybrid work has left many offices empty. Some cities have fared better than others.

cliggittvaluation@verizon.net — Wed, 13 Dec 2023 19:43:57 GMT

When the Covid-19 pandemic brought the world to a halt, it seemed the two-week experiment would remain temporary, until those two weeks turned into months and created a new way of working for employees once required to be in the office daily. The hybrid/remote work environment remains strong, and highly desirable for employees. Return to office mandates have failed to increase office-utilization rates for most office markets in the United States, and the levels of those in office on any given day are still 30-40% lower then 2019 levels.

Employers have begun adjusting their office needs based on the hybrid work models they follow, sending office vacancy rates and space available for lease to historic highs for many major U.S. cities. Some cities have been hit harder than others, and it’s time for property owners to begin asking what they can do with their property to adjust to the new normal.

Coastal U.S. markets felt the impacts of hybrid work earlier on, such as New York or San Francisco where the things that made these cities great and thrive ceased to exist under lockdown orders. The southeast, meanwhile, mainly sunbelt cities, saw higher levels of in-migration and job growth helping to offset reduced demand for office space. Cities like Charlotte, Miami, and Nashville are not off the hook though, as office space is a problem for them. A large amount of new office developments in these areas have come online in recent years, adding more vacant space.

San Francisco has seen the worst of the office market slow down. Many of the city’s office tenants are in the tech industry, which has been consistently more open to welcoming hybrid or fully remote work environments for employees. Additionally, many tech workers are seeing lay offs resulting in less office space needing to be leased. San Francisco now has an availability rate greater than 30%, the highest in the country.

New York has started to bounce back after several years of office demand disruption, though there remains more vacant space than before Covid. The city has a diverse economy with several large financial services present, and the finance industry has been more adamant of employees returning to the office.

The main question the office sector now faces is what to do with all the unused inventory? Converting office space to other uses, such as office-to-residential conversions is a first thought for many. Housing shortages and affordability are plaguing many big cities. The conversion of these properties is not as simple as It sounds. For starters, there are structural differences in office and multi-family developments and unless and office is fully torn down, conversion can be nearly impossible. Additionally, developers can face zoning challenges when attempting to change use from commercial to residential.

Municipalities continue to attempt changing zoning regulations to allow conversions, but there is a cost hurdle that may not be enough for a developer or investor to overcome in the absence of government incentives. These conversions may occur marginally, but they will not start a movement for housing or cause a significant reduction in office inventory for several years.

On the bright side, newer office space with modern amenities are facing more demand then lower quality buildings, since companies seek to provide employees with attractive alternatives to working from home. Owners who invest in modernizing space could see more space occupied versus those who do not.

Occupancy losses in the United States show that the office market is in a generational shift of demand. Negative demand has happened before, in 2001 and in the beginning of 2009. It took six quarters for both cases, for the abandoned space to be reabsorbed into the market. From the second quarter if 2020 through 2021 tenants said goodbye to over 133 million square feet of office space. Since 2022’s second quarter, 71 million square feet of space has been added to that number. By the end of 2023, the nations office market will have seen a 3% decline in occupancy – around 200 million square feet. Only two of the nation’s 20 largest office markets have avoided a loss of occupancy – Austin and Miami.

Trends point to more negative absorption to be on the way. Nationally, should the historical quarterly average of 17 million square feet of positive absorption resume at the beginning of 2024, it would still take three years to recover the occupancy lost since 2020 and an additional 18 months to return to the equilibrium vacancy rate of 10.9%.

Source: CoStar , Wall Street Journal

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Proposed Bill Seeks to Reduce Condo Insurance

cliggittvaluation@verizon.net — Mon, 11 Dec 2023 18:51:56 GMT

Florida has seen large condominiums be hit hard with the ongoing insurance costs across the state. A pair of bills filed with the Florida Legislature seeks to make windstorm insurance coverage more affordable and available for condominiums if passed.

The bills would create a pilot program that requires Citizens Property Insurance Corp. (state owned) to cover roofs of condominium buildings at the actual cash (depreciated) value, versus the full replacement cost. The program would be created by the Office of Insurance Regulation and multiple situations have encouraged this bill to be brought forward to legislators.

One situation brought forward by the South Florida Sun Sentinel highlights Rick Engles story. Engles sought to sell his ate mothers condo unit this past summer. The buyers lender declined a mortgage loan when it was revealed the condo association’s insurer canceled the windstorm insurance during the hurricane season. The insurer had discovered several roofs had reached the end of their useful lives but they weren’t scheduled to be replaced until next year. The association board decided the roofs would be left uninsured and they would take the money saved from not spending on insurance and put it into their operating account for use of any needed repairs. Engles lost out on $40,000 on the condo unit when he was then forced to sell for cash-only.

Republican Senator Ana Maria Rodriguez and Representative Hillary Cassel filed the bills. Eligibility for the bills would require a majority vote by association members and roof inspections every 2 years. The actual cash value of the covered roof would need to align with reserves required by Florida law, meaning reserves must cover the remainder of the cost of a new roof after an actual cash value claim is paid by Citizens.

Fewer private market companies have been willing to cover large complexes and the complexes who have sought to be covered have seen steep premium increases, leaving unit owners (typically retirees) with higher association fees, and sometimes fees that are no longer affordable. Citizens has continued to see unprecedented growth with commercial condominium policies. The Florida Office of Insurance Regulation released data showing commercial condo policies increased 148% from 1,947 to 4,824 during the third quarter of 2022 to 2023. The dollar value of these properties has more than tripled during this time as well from $17.6 billion to $78.6 billion and policies for these properties went up nearly five times from $117.3 million to 666.9 million.

Michael Peltier, Citizens spokesman, attributed last month that a disproportionate rise in covered property values and premium to an increase in the number of buildings they insure with a replacement value surpassing $10 million. This increase is due to associations struggling to find full limits for wind coverage. Coverage for commercial buildings valued at $10 million or more is not capped, and premium increases are not as limited as compared to Citizens covered single family homes.

A pilot program would go into effect on July 1 of 2024 and last through 2029 as proposed by the bill. This would be too late for condo associations looking to renew policies prior to the June 1 start of the hurricane season. Citizens director of legislative and cabinet affairs, Candace Bunker, will meet with Rep. Cassel next week to learn more about what is envisioned by the bills.

Dulce Suarez-Resnick, an insurance agent based in Miami, considers the current bill not without merit but finds it lacking clarity on several crucial fronts. She raises questions, such as if Citizens will have the liberty to provide wind-only coverage beyond designated areas. In certain counties like Broward, Miami-Dade, and Palm Beach, policyholders are obliged to purchase two separate policies—one for wind coverage from Citizens and another multiperil policy from Citizens or another insurer. Furthermore, concerns remain regarding depreciation calculations for different roof types, the specified deductible for wind-only coverage, and policy cost fluctuations as roofs age.

Source: Tampa Bay Times

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State considers easing growth limits in the Florida Keys

cliggittvaluation@verizon.net — Tue, 05 Dec 2023 21:23:38 GMT

The Florida Department of Commerce is planning an amendment of some of the most restrictive growth rules in the state, in the Florida Keys. It could potentially open the door for as many as 8,000 new homes and businesses supercharging Monroe County’s construction industry and economy in one of Florida’s most famous tourist destinations. The Key’s is a hot zone for hurricanes, and is experiencing tidal flooding, and faces billions of dollars’ worth of projects to raise roads and repair aging wastewater and water supply systems. Packing more people into the zone also increases worry of the impacts it would have on declining coral reefs, fish populations, and sea grass beds.

Getting people out of the Keys during tropical storms and hurricanes is always a challenge for the area in a 113-mile-long chain that has been hit/brushed by tropical storms/hurricanes 10 times since 2000 and only has one major road in and out.

Landowners denied building permits are expected to support easing building rules, but longtime residents and environmental groups argue easement of rules would be the wrong move. Environmental attorney Richard Grosso has represented several residents of the Keys in litigation against state efforts to increase development told the Miami Herald “With rapid intensification of tropical storms into major hurricanes becoming a worsening problem, how does anyone justify increasing or removing the evacuation-based development limits in the Keys”.

The keys were declared an area of critical state concern in the 1970’s in response to surging development that included plans to build high rises in Marathon. The designation aimed to protect marine systems and ensure resident safety when it came to giving residents enough opportunity to evacuate the archipelago along the overseas highway within a 24-hour window. All development under the critical concern designation meant all development was regulated by a complicated law called the Rate of Growth Ordinance (ROGO), requiring that property owners go through countless steps that can take decades to navigate before receiving a building permit.

The existing rules have not made building in the keys impossible, but development has slowed to a trickle. The once-seasonal tourist economy of the keys has become a year-round destination and people buying permanent and vacation homes has continued to grow, driving up demand for real estate and prices. The law was intended to be revisited every decennial census, putting growth rules back up for review.

Any proposed changes to the rules must be approved by Florida Legislature and the governor. The latest census recorded a population of nearly 80,000 – around 10,000 more than the 2010 census, and the state is studying plans that reflect the increase of population. Numerous plans could be up for discussion, such as clearing the way for construction permits on almost evert undeveloped lot purchased over the years in the Keys. The Florida Department of Commerce has recorded 7,954 undeveloped lots.

The process was outlined on the department website this month and included possible changes to hurricane evacuation timing: “An analysis of the updated hurricane evacuation modeling, along with public comment and local government input, will be used to make policy and rule recommendations to the Florida Governor, Cabinet, and Legislature.”

Shillinger, Monroe County attorney believes that the county will push for a compromise that would not allow every lot to suddenly be allowed to obtain building permits. A careful look at the rise of vacation homes will specifically be looked at. “While we’re seeing an increase in Census population, we’ve also seen an increase in the numbers of second and third homes,” Shillinger said. “How do they factor into the model? Well, the standard for 24 hours is permanent residents, so, theoretically, a vacation rental doesn’t count in the 24-hour evacuation period.” Even allowing half of the number of lots to be developed would transform communities and represent a major surge of construction.

Permitting and evacuation issues are likely to be discussed during the December 13 ^th Monroe County Commission meeting. This meeting will likely see a vote for a recommendation to pass on to the legislature when it comes into session in January.

Additionally, under current rules Monroe County is supposed to cease granting new building permits for undeveloped properties after 2023, which exposes both the county and taxpayers to billions or more in liability in takings from lawsuits from landowners who are flat-out refused permits. If the government prohibits owners from developing land, by law, they must pay what a court decides is fair market value for the property. Thousands of cases could be faced if the 2023 deadline is maintained. In the end, according to the Key West attorney David Paul Horan, local governments will have to issue all withstanding building permits or pay landowners market value for their properties.

Those who oppose a revision to the law say people gambled on obtaining rare building permits when they went through with land purchases in the keys. A state review in 2012 allowed limited new permits and called for a permanent building cap to kick in 2023. Concerns beyond pollution and overuse of marine ecosystems include that new bursts of building would strain the Key’s already stressed infrastructure. Drinking water, sewage systems, roads, and schools all need expansions or overhauls already. Three consecutive breaks in the underground freshwater main occurred in March alone and created an emergency system for thousands from the Upper Keys to Key West.

Additionally, parts of the centralized wastewater system – only five years old – began leaking sewage into nearshore waters and it carries a $16-million repair price tag. Looming bills for projects intended to create a buffer from impacts of climate change pushed Monroe County to raise sales taxes by 1%, placing much of the costs on tourists.

Another worry is public safety changes to timelines for hurricane evacuations. A state proposal could up allowable evacuation time for those on the Keys to go from 24 to 31 hours, meaning emergency managers must make evacuation calls sooner. Some argue that this would underestimate real-world evacuation challenges, seeing as people trying to flee Monroe would meet congestion from those fleeing South Florida areas such as Miami, Homestead, and West Palm Beach. The Overseas Highway, spanning one lane each direction for most of the way between Key West and Key Largo sees frequent backups from increasing visitors and residents.

These are all major points that will need to be considered by the State if easing growth limits for development.

Source - Tampa Bay Times

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Wood-frame construction is still popular among new builds in Florida

cliggittvaluation@verizon.net — Mon, 04 Dec 2023 16:23:10 GMT

Despite Florida’s high risk, hurricane prone environment developers continue to roll out new homes with wooden frames, even though wood is less reliable than other materials that have more ability to withstand hurricane-force winds. Wooden frame homes are cheaper and faster to build than concrete frame homes, making it a norm for much of the United States.

The national Oceanic and Atmospheric Administration states that Florida gets 40% of direct hits from hurricanes, which is significantly more than any other state. The climate continues to warm, and Atlantic hurricanes are expected to bring more rainfall rates than present-day hurricanes with more intense higher peak winds, and lower central pressures on average.

In South Florida, contractors have phased out wood-frame construction after Hurricane Andrew flattened communities constructed from the material in 1992. Florida changed building codes shortly after, and wood-frame construction has declined dramatically since. Despite this, wood-frame construction is still permitted state-wide. Waterfront communities such as Tampa have seen a revival of wood-frame constriction.

CoStar data shows that 1,700 apartment buildings are of wood-frame construction, about 8% of the state's inventory. 13 buildings and over 3,700 units are under construction with wood frame construction in the state. 2 dozen such buildings have been built on or near the coast since 2015 according to the data. Labor and material costs associated with home building have been rising at steady paces, so savings offered by wood frame construction have been attractive in the current market. Lumber prices saw sharp decreases after reaching record highs in 2021, and with a shorter build time wood is an appealing option for waterfront communities to quickly rebuild after suffering effects of storms.

Developers who utilize wood-frame construction for homes say the process has gotten considerably sturdier. Building codes have added provisions requiring stronger connections between wood planks, and homes must have hurricane-proof windows. Architects and structural engineers also say wood-frames can be built to withstand hurricane-force winds. However, there is little room for error. Most engineers agree that concrete construction with offer the strongest protection against powerful winds, and the slightest flaw of design or construction with a wood-frame home/building could cause it to collapse in a disaster such as a fire or hurricane. Wood frame homes are also susceptible to water intrusion and termites, which can weaken the structure.

Insurance costs have also skyrocketed across the state, boosting the price of buildings with wood. Premiums have typically increased for nearly everyone, but especially wood-frame structures. Among the largest wood-framed projects currently under construction is a 495-unit wood-frame apartment complex with a wood frame on top of a concrete parking podium on the water. Mid-America Apartment Communities is behind the project, and they are self-funding the project and forgoing hurricane insurance to make it happen – signaling the struggle to finance wood-framed developments. Mid-America did not respond to a request for comment from The Wall Street Journal, but a project engineer for the apartments stated the complex “is as extreme as you can find in wood construction. It’s like six stories and right on the water. Wind speed is going to be very, very high up there.” It is up to code, however. Additionally, a similar project across the street is unable to get funding to move forward as no one will insure it. Developer Dan Kodsi, who builds wood-frame apartment complexes in Orlando says he thinks it is a mistake to build stick on the coast.

Shown above is the project under construction by Mid-America Apartment Communities at 5440 W. Tyson Blvd. The property previously belonged to Orion Marine Construction and was sold in June 2021 for $23.5 million according to property records. The site is nearly 18.5+ acres breaking the sale price down to around $1.27 million/acre. The pictures above are from a Google Street View in September 2023 and the most recent aerial image from the Hillsborough County Property Appraiser.

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Canadian golf development company unveils plans for luxury Brooksville course.

cliggittvaluation@verizon.net — Thu, 30 Nov 2023 20:06:11 GMT

What was formerly known as World Woods will soon be unveiled as Cabot Citrus Farms. The Cabot collection has courses from Scotland to St. Lucia, and their newest project in Brooksville will be the first Cabot property on US soil. The site will reemerge as a 1,200-acre community. A central, walkable village will feature 57 holes of golf, luxury accommodations, wellness, adventure and culinary diversions, and a limited collection of new homes providing modern-day renditions of southern living.

According to the Cabot Citrus Farms brochure, the property will have a laid-back country feel, with large oak trees, stand-alone structures, and brick walkways. The resort will have a central clubhouse with a vibrant village of cottages. Specialty retail, farm-fresh culinary offerings, and a general store are on site for everyday essentials, and low-slung buildings that reflect the charm and character of rural Florida.

Those who absolutely love the village will have an opportunity to call it home with a rare first-phase ownership opportunity with two and four-bedroom residences in simple traditional cottages. The cottages are situated throughout the village with distinct orientations including homes along golf holes, homes fronting the main street, and homes on the edge of the open space inviting homeowners and guests to step outside and join spontaneous cornhole and bocce ball games.

There will be 2 18-hole course offerings – the Cabot Barrens and the Cabot Oaks. Cabot Barrens will have a dynamic layout with large dramatic sandy hazards and rhythmic energy. Cabot Oaks will lead players down broad fairways with native flowering dogwood trees and moss-draped live oaks – both courses ultimately offering profound connections to nature.

Additionally, there will be “The 21”, and innovative course fitting as many great golf holes in 100 acres as possible. This will be first in the industry, with the majority of the 21 holes being nontraditional half-par. Standing out are the fourth and fifth holes. The fourth hole will resemble greens and landforms of Ireland and the fifth hole will be reminiscent of the Sandbelt in Australia.

Cabot will be only a 50-minte drive from Tampa.

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Source: Cabot Citrus Farms

Truist sued by Tampa Senior Living Facilities Operator

cliggittvaluation@verizon.net — Tue, 28 Nov 2023 19:47:16 GMT

Tampa Senior Living Operator sues Truist : TBBJ

Validus Senior Living's co-founder, Mario Garcia Jr., has filed a lawsuit against Truist, alleging the bank pressured an appraiser to devalue a Validus facility, resulting in defaulting on a lending agreement. Truist, declining to comment on the matter, is accused of attempting to sever ties with Validus to appease Wall Street analysts, pushing for loan repayment despite modifications during the pandemic. Garcia asserts Truist's actions stem from disinterest in the senior living sector, prompting litigation seeking relief to maintain operations and refinance with a new banking partner. Attorney John Anthony represents Garcia and Validus in the ongoing legal battle.

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Apartment Developer Purchases land in Independence Park

cliggittvaluation@verizon.net — Mon, 27 Nov 2023 18:33:52 GMT

Apartment Developer pays $21 million for Westshore Office Park Land - Tampa Bay Business Journal

Northwood Ravin, a developer from Charlotte, NC, has acquired 9.26 acres in the Westshore business district's Independence Park for $21 million, intending to construct a 385-unit apartment complex. Situated near Memorial Highway and Independence Parkway, the complex will feature various unit types, including two-bedroom, studio, three-bedroom units, and townhomes, wrapping around a retention pond. The sale marks the final portion of Independence Park owned by Highwood Properties, with Crescent Communities concurrently developing Novel Independence Park nearby.

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JP Morgan commits $250,000 towards housing affordability study

cliggittvaluation@verizon.net — Wed, 15 Nov 2023 20:44:46 GMT

The Tampa Bay Partnership has found households spend 54 cents of every dollar on housing and transportation. A new and extensive housing affordability study will help the partnership evaluate housing affordability issues. JP Morgan has committed $250,000 for the partnership to identify the regions housing stock and the number of homes that will be needed to keep pace with unparalleled growth.

The investment funds five years of affordable housing research in Pinellas, Pasco, and Hillsborough Counties. The partnership’s 2023 regional competitiveness report displayed the challenges Tampa Bay faces with the influx of new residents depleting housing supply and straining transportation systems, resulting with area living costs to soar nearly 30%.

That same report has also underscored the need for the housing study, with median home prices reaching $400,000 in Tampa Bay and the average resident earning just $57,000 annually. Tampa Bay has experienced growth this past year incomparable to any other. Additionally, the three counties are in talks to form a regional Metropolitan Planning Organization. According to Bemetra Simmons, president of the Tampa Bay Partnership 54% of local incomes go towards transportation and housing affordability, and the study could aide these efforts.

The five-year study will first define and categorize available or proposed attainable housing units, then asses the number of new homes needed to sustain the region’s growth, and then present public and private stakeholders with findings and gather feedback. The assessment is expected to release in August 2025.

Relating to the need for this study is research conducted by Market Stadium ranking Tampa Bay as one of the most gentrified cities in the United States. If you are unfamiliar with the term, Gentrification is a demographic and economic shift that displaces established working-class communities and communities of color in favor of wealthier newcomers and real estate development companies (as defined by National Geographic).

Source : St. Pete Catalyst | Market Stadium

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Pinellas County Commissioners to vote on land purchase for new government headquarters

cliggittvaluation@verizon.net — Fri, 10 Nov 2023 21:33:23 GMT

Next Tuesday, Pinellas County Commissioners will vote on the purchase of a 21-acre parcel of land off Ulmerton Road. The land is just east of U.S. 19, and they consider it the ideal home for their new government campus.

The land purchase would be over $33 million, and commissioners showed little hesitancy while discussing the prospect during a work session Thursday. They are aiming to have the deal closed prior to the end of the year if the vote goes well. This marks a significant step forward for the county as they have long been aiming to move out of Clearwater and closer to the center of the county.

The new potential site is located at 13600 Icot Blvd., just near where a consulting firm determined is the Pinellas weighted population center. The site is near major roads, and it is in a spot that is more conveniently accessible for residents, making it an appealing location.

Commissioner Brian Scott did voice concern about overpaying, as previous valuations for the site valued it at about $27 million. Assistant County Administrator Keven Knutson pointed out the appraisal did not account for the ramifications of Florida’s Live Local Act – which took effect early this year and allows affordable housing on land that is not zoned for residential use. The Icot Blvd. site is zoned for office space, but thanks to the Live LocalAct, nonresidential land is more valuable and more appealing. County appraisers agreed $33 million was a fair deal.

The land was last purchased for almost $11 million in 2015. The land was once used as a car lot but is now the headquarters of a health care management firm and a flea market on the weekends. The building that is on the property now would be demolished. The county hoped to find a property with existing buildings they could refurbish, but there was nothing that met their needs available.

A move out of downtown would be transformative for the city of Clearwater, as development would be more than possible in the buildings the county currently occupies. The sales would also help with the cost of a new campus, which is estimated to cost between $263 and $334 million.

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Source: Tampa Bay Times

WeWork Files for Chapter 11 Bankruptcy

cliggittvaluation@verizon.net — Tue, 07 Nov 2023 16:19:09 GMT

Amid a historical downturn in the office market, WeWork has filed for Chapter 11 bankruptcy in the state of New Jersey on Monday. In the filing, they seek court approval of rejection for 69 commercial real-estate leases they say are underperforming. Over half of these leases are in New York.

Chief Executive David Tolley says 90% of the company’s lenders will convert their debt into equity, eliminating $3 billion in debt. Today WeWork has said most existing shares will be deemed worthless as part of the reorganization plan that is proposed, besides shares held by SoftBank, who holds over 50% of the company’s common shares. Instead, SoftBank will cancel its existing debts and retain the existing shares, announced WeWork. According to court papers, subsidiaries of SoftBank’s vision fund owns approximately 56% of the company’s shares outstanding.

WeWork was valued at $47 billion during its peak, and now faces the harsh consequences of rapid, excessive expansion leaving the company with an abundance of unprofitable locations. Hundreds of long-term office leases were signed by the office-space provider at the top of the market in the late 2010’s. demand for desks fell while vacancies reached historical highs during the pandemic, and WeWork remained on the hook for billions of dollars of rent payments to landlords. Losses totaled $16 billion in June, as the company churned through all the money raised from investors and lenders over the past decade.

Under co-founder Adam Neumann, who was forced out of the company in 2019, WeWork had agreed to corporate lease guarantees that often amounted to years of rent, leaving the company with no easy way to ditch and renegotiate unprofitable leases. WeWork first signaled back in August that they were at high risk for going out of business due to the continuing decreased demand for office space and a higher then expected member loss. Despite amending or cancelling hundreds of leases since 2019, the high cost of rent and low occupancy remained a challenge and ultimately led to company to where they are today.

In 2019, at the peak value, the company was working towards a highly anticipated initial public offering, which was scrapped and WeWork went public years later at a fraction of the former $47 billion valuation. Under Neumann, WeWork had indulged in pricey diversions including investing in an artificial wave company, and large purchases such as a $63 million jet. During Neumann’s stewardship, the company lost a dollar for every dollar it took in for years. When Neumann was eventually forced out, WeWork attempted to clean up the management team and cut out side investments made by Neumann but the business model, which was vulnerable to any softening in the office market, ultimately failed.

WeWork subleased space to small tenants at high rates for as little as a month at a time. Customers could ditch their desks in the event of a downturn, and WeWork remained on the hook for rent payments. Because the office market derailed during the pandemic, and WeWork remained a bit too optimistic regarding the return to office measures companies would take, it is an opinion that WeWork did not work as aggressively as they could have earlier on to terminate or renegotiate ongoing leases.

40 of the 69 leases that WeWork has filed to reject are in New York. The company is also actively negotiating with over 400 landlords to amend existing leases. Tolley had previously told the Wall Steet Journal in in August that the company was seeking to avoid filing for chapter 11 by negotiating leases and reducing rental costs, but court papers field Tuesday exhibit that the company’s limited financial resources didn’t have the sufficient runway to complete and out of court rationalization of their lease portfolio. Locations outside of the US and Canada are not impacted by the bankruptcy filing.

Court documents state WeWork owns around $15 billion in assets and carries debts totaling $18.6 billion. The business reports they owe over $100 million in unpaid rent and lease termination fees to various real estate companies and property owners, some of which will dispute before the bankruptcy court.

Over 400 corporate entities affiliated with WeWork filed for bankruptcy as well on Monday, such as the individual subsidiaries WeWork established to run their properties around the world. WeWork has filed a motion to consolidate all of these cases to be managed as a single bankruptcy proceeding.

WeWork has a Tampa location at 501 East Kennedy Blvd., Tampa, FL 33602

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Hillsborough County Seeks Master Developer for MOSI’s 67 acres in the Uptown District

cliggittvaluation@verizon.net — Mon, 06 Nov 2023 19:20:46 GMT

Beginning today (November 6, 2023) Hillsborough County is beginning advertising for an RFP for development of 67 acres surrounding MOSI (Museum of Science and Industry) in Tampa’s Uptown Innovation District. The County has previously requested development proposals for all 74 acres including the museum, but now the museum is going to stay put on the 7+ acres they lease.

A news release from the county stated, “As part of the Uptown Innovation District, proposers are asked to submit innovative and inclusive development plans with a mix of uses including hospitality, entertainment, retail and public spaces that embrace transit and sustainable mobility."

The museum is located at 4801 E. Fowler Ave., Tampa FL 33617 . E. Fowler Avenue is a major arterial roadway, and the 67 acres allocated for redevelopment have high visibility. The property is adjacent to USF and connects with a pedestrian bridge going over E. Fowler Avenue. The average annual daily traffic count on E. Fowler Avenue by MOSI and USF is 65,500.

MOSI has been a closely watched piece of real estate over the last decade. The museum is a prime infill property and is in close proximity to several economic drivers of the community including Moffit Cancer Center, M2Gen, USF School of Medicine, James A. Haley VA Medical Center, Advent Health, the USF Research Park, and 50,000 USF students.

It is requested that proposals maximize the site’s proximity to the economic drivers surrounding the property, and incorporate bioscience, cybersecurity, and other advanced industries. Hillsborough County is currently ranked 10 ^th in the U.S. for population growth, and leads the state in STEM jobs, and was ranked the 2 ^nd best community for young entrepreneurs by Forbes/NerdWallet.

The Uptown district has a slow moving transformation underway, with Fowler Avenue epitomizing suburban sprawl. Fowler is as wide as eight lanes in some stretches, lined with surface parking lots for strip centers, restaurants, and drive-thru pharmacies. Developers and business leaders for Uptown envision the day Fowler Avenue is lined with mixed-use high rises with apartments and medical space above street level retail options and parking decks.

Fowler Avenue has been a puzzle for real estate and transportation experts. A more pleasant experience for pedestrians, cyclists, and motorists would be to downsize the road, but economic drivers in the area such as USF, Moffitt Cancer Center, and Yuengling Brewing Co. rely on Fowler Avenue to handle tens of thousands of cars. FDOT controls Fowler and is currently working on a multi-phase plan to reimagine Fowler Avenue.

The most recent study completed in September by FDOT determined that one lane each way on Fowler would be transformed into a transit-dedicated corridor with an estimated price tag of $25 million. HART (Hillsborough Area Regional Transit Authority) plans to use the lane which will run from Nebraska Ave. & Bruce B. Downs as part of a larger rapid transit service running from Downtown to USF.

The USF area (such as Fowler Ave.), despite having a high AADT of over 65,000 vehicles, has a disproportionate amount of population with zero cars in Hillsborough County. USF also plans to open an on-campus stadium by 2026 which will only welcome more traffic into the area, so having transit options for the public will be a necessity for local residents in the Uptown district. It is clear that while transformation here is underway, the Uptown district has a long road of development and revitalization ahead of it.

Sources : TBBJ | TBBJ | Hillsborough County

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72 Acres in Zephyrhills Airport Industrial Park Acquired by Brazilian Foods Manufacturer

cliggittvaluation@verizon.net — Tue, 24 Oct 2023 15:46:29 GMT

Bauducco Foods, a Brazilian food manufacturer, is planning to build a $200 million facility in Zephyrhills. The company acquired 72 acres of the Zephyrhills Airport Industrial Park, where the facility will produce and distribute products across the United States. The property is a part of Pasco’s Ready Sites program, which prepares large, vacant pieces of land for industrial development. Ready Sites was approved by Pasco County Commissioners in April 2016.

Bill Cronin, the CEO of the Pasco Economic Development Council, asks the county’s largest landowners to work with the EDC and county administrators to position and market their land to commercial developers – and often for less money than what they may get from a residential developer. The most luck of the program according to Cronin, has come from landowners who see commercial development boosting property value of property they want to sell to residential developers since job creation drives demand for new housing.

The Bauducco Foods facility will create 600 jobs. The company is the largest producer of panettones in the world, and they also make biscuits, wafers, and breads. Zephyrhills will vote on an economic development incentive deal this week. The facility will open in phases with the first phase open and operation by late 2024/early 2025, and the second phase opening by 2028.

CEO of Bauducco USA released a statement revealing the company considered seven states for the production facility. The company has a total of five production facilities, with the only other one in the United States located in Miami. The 72 acres acquired were part of a larger 442-acre vacant and divisible site.

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Rendering of the Dunedin Mix

Food Halls are becoming a hot investment for suburbs

cliggittvaluation@verizon.net — Mon, 23 Oct 2023 18:54:28 GMT

The rise of hybrid work and those wanting to try more diverse foods are inspiring developers to capitalize on food halls, once a staple of primarily large cities. Now suburbs are seeing a rapid increase in food halls. Food halls create an opportunity for a collection of small diverse restaurants to offer shared seating with a variety of diverse cuisines. National fast-food chains are usually avoided in food halls, and local restaurateurs, craft beer, and a modern inclusive environment draws in patrons inviting them to try cuisines they may not have before.

Currently, the U.S. has at least 364 food halls with 120+ anticipated to open by the end of 2024 according to Cushman & Wakefield’s food-hall development consulting group – the Colicchio Consulting Group. This is 10x+ the number of food halls that were open a decade ago, with a chunk of them being in New York. Now, they are scattered everywhere.

The COVID-19 pandemic fueled the growth of food hall expansion, as they weathered the pandemic better than the broader restaurant industry. According to Trip Schneck, executive managing director at Cushman & Wakefield, only a couple dozen food halls have closed since 2020. During the pandemic’s rise of remote work, an influx of people moved from major cities to suburbs for more space. This caused an increase in demand for food halls in the suburbs as people wanted a place to socialize and experience unique cuisines.

Successful food halls need a popular bar, regular events such as trivia or live music, and events that attract consumers beyond the lunchtime crowd. Food Halls do remain a large, up-front investment for owners, as they build out kitchens and buy equipment used by each vendor. Some food hall owners may even pay for utilities and maintenance.

Tampa and surrounding areas have been a part of the food hall boom. In Tampa alone, there are two of them - Armature Works and Sparkman Wharf. Food Halls typically utilize buildings that have been previously occupied and are converted into an area with numerous stalls for vendors, and seating areas for patrons.

Before Armature Works functioned as a food hall it was TECO’s streetcar warehouse, originally built in 1910. Tampa Armature Works, a phosphate machinery manufacturing company, purchased the building In 1960, and eventually the building was sold to developers Chas Bruck and Adam Harden of SoHo Capital. They invested $20 million to remodel the building and add additional structures. The walls of the food hall are the original and retain the original paint from the streetcar barn, and the old wooden roof was milled down to be used as hardwood flooring throughout the hall. The walk in safe also is now used as storage for bottles of wine. Armature Works is now a popular destination in the Heights suburb of Tampa.

Another popular food hall and Tampa’s only outdoor food hall is Sparkman Wharf, which opened in November 2019. Sparkman Wharf was one of the first concepts of Water Street to open. The park is made up of 10 chef-driven restaurants in repurposed shipping containers, a covered biergarten, an outdoor stage with live music, and an expansive lawn with games, fitness events, and waterfront views right off Cruise Terminal 2. On any given day, spectators may get to witness cruise ships dropping off/picking up guests. Sparkman Wharf is a popular destination for those in Tampa's downtown area.

In Dunedin, a newly built food hall with a carousel bar, 4 food vendors, plus retail options will open in December. The concept, called the Dunedin Mix , is inspired by classic New Orleans architecture, is just another example of the driving demand to bring food halls to suburban communities.

Armature Works

Sparkman Wharf

Read the State of Food Halls 2023 from the Colicchio Group here!

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Office Market - Polk County, FL 2023 Data & Trends

cliggittvaluation@verizon.net — Fri, 20 Oct 2023 15:10:55 GMT

Office Buildings from 1,000 SF to 5,000 SF in Size (Data & Charts from CoStar)

The above chart displays the sales price trend based on the average price per square foot for smaller offices in Polk County, Florida. Over the last decade the small office market has experienced an upward trend in the average price per square foot of building area. The average price per square foot ranged from $70/SF to $165/SF from 2012 through most of 2015 with an abnormality in 2015. In 2017 prices began escalating out of that range of the prior 4 years. In 2021 and 2022, sale prices per square foot leveled out for an average of $150/SF, and in 2023 prices have began to jump up nearly $100 more at almost $250/SF.

Average Office Prices ($/SF) – 1,000 SF to 5,000 SF Office Buildings

2014 - $75/SF to $125/SF
2015 - $90/SF to $190/SF
2016 - $65/SF to $105/SF
2017 - $75/SF to $165/SF
2018 - $105/SF to $175/SF
2019 - $90/SF to $105/SF
2020 - $90/SF to $250/SF
2021 - $110/SF to $150/SF
2022 - $145/SF to $150/SF
2023 YTD - $155/SF to $245/SF

The above chart displays the total dollar volume of transactions that have occurred over the last decade for small office properties ranging in size from 1,000 SF to 5,000 SF. The overall trend in $ volume of transactions has been upward over the last 10 years. The last 3 quarters of 2021 volume jumped and ranged between $6.5 million and $9 million per quarter with the 3 ^rd quarter of 2021 having over $9 million in transaction $ volume. Sales volume declined in 2022 and 2023 with an abnormality in the second quarter of 2022 at nearly $10million in transaction $ volume. The below chart overlays the trend in average price per square foot with the trend in total dollar volume of transactions.

Asking rents for small office space in Pasco County have also been on a rise over the last decade. From 2012 to 2017 asking rent nudged upward year over year. Then in 2018 and through 2019 average asking rents for small office spaces jumped $15 to $18 per square foot and then stabilized more dramatic increases in 2020 from $18 to over $22 per square foot. Rent decreased in early 2021 and gradually increased and stabilized in 2022 from $19 per square foot I mid-2021 to an average of $21 per square foot in 2022. In 2023, we have seen asking rents jump up to just over $24/SF.

The vacancy rate for small office space in Polk County has trended downward over the last decade after reaching a high of 15% vacancy in 2013. By 2018 average market wide vacancy had reached 4% to 5% range and stabilized at that level for a few years until 2020 where a abnormal 7% high came on. More recently over the 2nd half of 2022 and 1st half of 2023, vacancy rates for small office space (1,000 SF to 5,000 SF) in Polk County dropped from 4% to sub 2%.

The graphic above displays the average sale price per SF for office space in Hillsborough County , Pinellas County , and Polk County starting from 2016. One thing to keep in mind in regard to the sales price per SF is the vacancy rate in each county. Pinellas and Hillsborough County have seen an influx of businesses relocating or starting up in the area, therefor an increasing demand for office space can be noticed in the trends. Polk County has also seen an increase of sale price per SF, just not as prominent as Hillsborough and Pinellas County.

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Related, launching cold storage distribution facilities

cliggittvaluation@verizon.net — Thu, 19 Oct 2023 18:51:52 GMT

New York-based firm Related is launching a business called RealCold, intended to be a network of cold storage distribution facilities to meet consumer needs from the rise of online grocery shopping. RealCold will break ground later this year on the first two cold storage locations with one in Lockhart, Texas and the other in Lakeland, Florida.

The warehouses will be over 300,000 square feet and can store food at temperatures from -20 degrees to 55 degrees Fahrenheit. The Cold storage sector is a highly specialized sector of the $20-trllion commercial real estate industry. Property investors such as Related believe supply chain changes with a growing number of consumers will boost the business thanks to more and more consumers wanting more local foods and diverse brands.

E-commerce and remote work have shifted other aspects of commercial real estate, online activity is not expected to make comparable shifts in demand for cold storage. That is not to say that cold storage is not experiencing huge changes. More consumers have begun ordering groceries online, changing the role physical stores play along the supply chain. Additionally, consumers tastes have diversified. Big food companies are no longer the first option for shoppers as more and more find newer brands to be better and more innovative.

Cold storage inventory fell 7% during the pandemic as warehouses shifted shipments from restaurants to home deliveries and stores. As of late though, conditions and profitability have improved, and the development pipeline of sold storage facilities has ramped up since 2021. The cold storage business is risky since it requires a lot of upfront investment, and they cost two to four times more than regular warehouses to develop on a per-square-foot-basis.

Americold and Lineage Logistics is the world’s largest cold storage provider with over 400 facilities. The company does not typically build new facilities unless they are pre-leased given the high cost of creating numerous ranges of temperature-controlled environments. RealCold will spend around $150 million on the first two warehouses with plans to expand to over 10 facilities in 6 markets by the end of 2025. Not all space is leased in the first two projects – which will be completed in two years.

The Lakeland location will be 376,000 SF. There will be two 8,000 SF offices, and a 2,000 SF dock office. There will be 40+ dock doors with 50' clear heights. There is also 43,000 Pallet Positions with 96in openings. The location is described as strategic by RealCold as the location is close to the Tampa, Orlando, and Lakeland MSA's. It is expected that the location will be open by January 2025.

A PDF can be downloaded here: Real Cold Lakeland, Florida.

Source: Wall Street Journal

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Office Market - Pinellas County, FL 2023 Data & Trends

cliggittvaluation@verizon.net — Wed, 18 Oct 2023 17:21:16 GMT

Office Buildings from 1,000 SF to 5,000 SF in Size (Data & Charts from CoStar)

The chart displayed above represents the sales price trend based on the average sales price per square foot for smaller offices (1,000 to 5,000 square feet) in Pinellas County, Florida. Over the last decade, the small office market has experienced an upward trend in the average price per square foot of building area. The average price per square foot ranged from $90/SF to $140/SF from 2012 through most of 2016. In 2017, prices began escalating out of the range of the prior 4 years. In more recent quarters from 2021 through 2023, the average price per square foot has ranged from around $160/SF to nearly $280/SF. This change in prices represents a near doubling in the average price per square foot for small office space in Pinellas County over the last decade.

Average Office Prices ($/SF) – 1,000 to 5,000 SF Office Buildings

· 2014 - $90/SF to $160/SF

· 2015 - $80/SF to $140/SF

· 2016 - $120/SF to $135/SF

· 2017 - $150/SF to $220/SF

· 2018 - $130/SF to $190/SF

· 2019 -$150/SF to $160/SF

· 2020 - $135/SF to $240/SF

· 2021 - $160/SF to $230/SF

· 2022 -$230/SF to $250/SF

· 2023 YTD - $210/SF to $270/SF

The above chart displays the total dollar volume of transactions that have occurred over the last decade for small office properties ranging in size from 1,000 SF to 5,000 SF in Pinellas County, Florida. The overall trend in $ volume of transactions has been upward for most of the last 10 years. The fourth quarter of 2021 had the highest sale volume of just over $35 million in transactions. In 2022, sales volumes began to decline slightly, ranging between $14 to $24 million in sales volume for the year. Sales volume decreased in the first two quarters of 2023, and the second quarter recorded $9 million in transactions, the lowest since the second quarter of 2020. The third quarter of 2023 saw an increase in sales volumes, jumping up to $17 million. The below chart overlays the trend in average price per square foot, with the trend in total dollar volume of transactions.

Asking Rents for small office space have also been on the rise over the last decade. From 2012 to 2018, asking rent nudged upwards year over year. In the beginning of 2019 through 2020 average asking rents for small office spaces jumped from $17 to $22 per square foot. Since 2021, asking rents have continuously risen from a low of $21/SF in the first quarter of 2021, and a high of $29/SF in the third quarter of 2023.

The vacancy rate for small office space in Pinellas County trended downward and stabilized between 2014 and 2018, with an increase in vacancy beginning in 2019 and peaking at just over 7% in the first quarter of 2021. A sharp decline was seen after the first quarter of 2021, reaching a low of nearly 2% in the second quarter of 2022. After the second quarter of 2022, vacancy rates slightly increased to just over 3%, and it is projected that vacancy rates will increase to nearly 4% by 2024 and remain stabilized.

For more information or to get help in determining the value of your property please call or email Mike Cliggitt, MAI, MRICS, CCIM!

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Report shows transportation fees need to increase 50% to account for city needs in Tampa

cliggittvaluation@verizon.net — Mon, 16 Oct 2023 15:34:48 GMT

The City of Tampa has not updated what they charge developers for the burden they place on strained transportation networks in decades. The city has grown by more than 100,000 residents since the last update (1989) and the transportation impact fees have not budged since then making Tampa’s impact fees significantly lower than neighboring jurisdictions and cities throughout the state of Florida.

Transportation firm Fehr and Peers draft report for the city states that fees need to increase by over 50% to meet city needs. The report is considered an initial step for the city as they consider fee updates. The city has collected at least $42 million in transportation impact fees between 2004 and 2017, and if the fee had been adjusted annually to meet inflation, the city could have collected an additional $2 million per year according to the draft.

It is anticipated that Tampa will welcome an additional 100,000 residents by 2045, and while some believe higher transportation fees will pay for infrastructure costs needed to support the addition, others worry that developers will shift those costs to homebuyers and tenants, or just take business elsewhere.

Nathan Hagen, cofounder of Tampa’s chapter of YIMBY Action, said “Higher fees provide an opportunity for waiver incentives for ‘good development’ that aligns with our planning goals for affordable housing and safe, walkable communities,”. At a national level, YIMBY typically opposes increased impact fees if they will be a major contributor to housing costs but in Tampa, one-time fees charged to developers are “one of the few opportunities” to raise revenue for transportation.

Tampa adopted a roadway impact fee program in 1986, and updated it three years later, In 2014, the roadway impact fee converted to a program that paid for bike lanes and pedestrian safety, not just road expansions. Money in the impact fee program cannot be used to pay for deficiencies unrelated to the development either. The city only charges fees when a new project agreement is signed in any of its six impact fee districts. Four zones – East Tampa, West Tampa, Ybor City, and Drew Park have no fees charged. City officials also do not have a centralized database on who pays, according to the draft report. All compliance is manually tracked.

State law dictates a fee increase of more than 50% is only allowed under extraordinary circumstances and requires two public hearings and two-thirds approval from the City Council. Tampa’ fee model, like Hillsborough County, uses a consumption approach. This bases the proportion of person miles traveled that new development would consume per lane mile of the transportation network. Another option for the city would be a “project list approach”.

The project list approach uses a set of priorities that the city identified to be necessary for supporting growth. Cost estimates for these projects would then be allocated to specific developments. It was recommended that the city considers a way to establish a fee for inflation that would not require city council approval, and to update a project list every 5 years.

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Source: Tampa Bay Times

Mill Creek Residential Purchases Encore District Lot, Plans for Market-Rate Multifamily Project

cliggittvaluation@verizon.net — Thu, 12 Oct 2023 20:30:56 GMT

Boca Raton-based multifamily developer Mill Creek Residential has closed the purchase of Lot 8 in downtown Tampa’s Encore District for $8.6 million. The developer secured a $77 million mortgage from Pacific Life Insurance Co., according to Hillsborough County property records.

Tampa Bay Housing Authority sold the lot. The Encore District is a master-planned community that was developed in a partnership with Tampa Housing Authority and Banc of America Community Redevelopment Corporation. The district has both affordable and market-rate residential units. The district spans a total of 40 acres and is north of the Channel and Central Business Districts.

Lot 8, which the developer purchased, is 1.95 acres and Mill Creek is planning a 304 unit, eight-story apartment building with structured parking and amenities according to plans that were filed with the city. The multi-family development will be built under Mill Creek’s Modera banner and will be named Modera Encore. This sale is the latest of transactions in the Encore district and Leroy Moore, the COO of THA announced the remaining lots were all under contract back in late 2022. Moore expects that the district will be fully built by 2025.

Dr. Kiran Patel closed on Lots 5&12 in late January for $8.2 million. Patel filed plans for lot 5 back in 2022 for 213 micro condos and 19,000 square feet of retail space. Lot 12 is designated as future development in Encore Site plans filed with plans for Lot 5.

Miami-based L&D closed on 1101 E Harrison Street with plans to build a $200 million mixed-use project back in April. The 2 acres cost $10 million, and the developer had previously announced plans to build a luxury 28-story, 365-unit apartment building with 45,000 square feet of amenity space, a 178-key hotel, and 32,500 square feet of street level retail space as well as a 586-space parking podium

For more information or to get help in determining the value of your property please call or email Mike Cliggitt, MAI, MRICS, CCIM!

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Source: TBBJ

Tampa’s newest addition to sports- a Women’s Pro Soccer team, want to play at Blake High School

cliggittvaluation@verizon.net — Wed, 11 Oct 2023 16:27:37 GMT

The Hillsborough County School Board will vote on a proposal to expand Blake High School’s riverfront football stadium to have a seating capacity of 1,800 to around 5,000 at their October 17 ^th meeting. The expansion, along with other enhancements, would satisfy capacity requirements of the upstart professional women’s league as they seek Division I certification from USA Soccer. The games would mainly be played on Saturday nights, so little impact would be made to the school.

The field is located across the Hillsborough River from Armature Works. The use of the field for the team would be temporary as the tams plans a soccer-only stadium and a practice facility in Ybor has already been proposed. Developer Darryl Shaw , Bern’s Steak House owner David Laxer, and former BluePearl executive Jeff Fox co-own the team and the name, logo, and colors are all to be revealed in coming weeks according to press releases.

The USL Super League will have an initial 8 teams and five more trams are expected to be added in the coming years, including a Jacksonville team co-owned by Tim Tebow. The 8 initial teams are in:

Charlotte, North Carolina

Lexington, Kentucky

Phoenix, Arizona

Spokane, Washington

Tampa, Florida

Tucson, Arizona

Washington, D.C.

Dallas-Fort Worth, Texas

Using the Blake High School field would include upgrades to the fields turf and beautification projects on Blake’s campus. The school board will vote on a memorandum of understanding with Florida Community Events LLC, which was established by Shaw in September. There will also be a vote on amending deed restrictions with the City of Tampa to accommodate the team. The request will permit greater access to the Riverwalk according to an agenda.

The teams inaugural season will begin in August 2024.

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Hillsborough County Denies Rezoning Request of Ace Golf Driving Range

cliggittvaluation@verizon.net — Tue, 10 Oct 2023 18:23:02 GMT

The Hillsborough County Commission has rejected a request from Mattamy Homes Tampa/Sarasota to rezone 18 acres along Boyette Road that would allow the Ace Golf driving range to become a mixed-use development consisting of 86 townhomes and up to 20,000 square feet of commercial buildings.

Commissioners had previously delayed ruling on the rezoning request and at a March hearing they had asked the developer to reduce the number of proposed homes. Mattamy Homes returned Tuesday with a plan that included the same 86 townhomes, but instead said they would not develop an assisted living facility for one of the commercial uses. Commissioner Harry Cohen said that “This could have been killed when it came up, but the board was attempting to work with the applicant”. The land is owned by Ace Golf, and has functioned as a driving range since 2003.

Owner of Ace Golf, Bill Place, also owns the Pebble Creek Golf Club near New Tampa which has since been shuttered and pegged for redevelopment as well. In an email to the Tampa Bay Times, Place stated “We purchased our golf range properties knowing that at some later date they would appreciate as commercial/residential properties. They are in high traffic locations...”

Commissioners say the development is just not compatible with existing surrounding development. The request sought to develop more homes than would typically be allowed on 18 acres, abuts a regional water facility, and is near a neighborhood of single-family homes.

Source: Tampa Bay Times

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Foodhall to open in Downtown Dunedin

cliggittvaluation@verizon.net — Thu, 28 Sep 2023 20:20:24 GMT

A food hall with a rotating carousel bar and event space is anticipated to open in December. Located in downtown at 990 Broadway, The mixed-use concept will be called “The Mix” and is inspired by classic New Orleans architecture. The building will wrap around an interior open-air courtyard that will have a carousel bar with a French/industrialist/mixologist theme. The concept is a family-owned project between Brandon Stanley, his wife Ashley Stanley, and Brandon’s mother Kristen Ernst. The property was purchased for $680,000 in May 2018 and according to Stanley, $2.5 million has been invested into the project.

The food hall will have four food venders and two boutique tenants on the first floor. The second floor will have event and banquet space. It is anticipated that that the Dunedin Mix will open in December, but no official date has been announced yet.

When the Stanley’s purchased the property, they wanted to do a mixed-use project but after seeing Armature Works and enjoying the concept they decided to bring the project to Dunedin. Dunedin also does not have a true event venue so the project will cater to many purposes for those in the area.

The property used to hold an old home that had been converted into a business. The Stanley’s demolished it, and after dealing with delays related to COVID-19, began moving forward with creating the food hall concept. The building is around 10,000 SF including the courtyard and balconies and has a capacity of 200.

2 tenants have been revealed for the food hall so far: Huli Bowl & Rotisserie and Al Dante Pasta and Pizza. More tenants will be revealed in the coming weeks. According to Stanley, everyone will do fun to-go style concepts for their menus versus large entrees. One area in the food hall will also be reserved for cooking classes. Stanley’s construction company, Paramount Construction Group, is the general contractor. They are finishing buildouts for tenants at cost to keep the price point down.

You can learn more about the project here at the venue website: The Dunedin Mix

If you are in need of Appraisal & Valuation services in Pinellas County, please contact:

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Multi-Million Dollar Pickleball Facility approved in Pinellas Park

cliggittvaluation@verizon.net — Tue, 26 Sep 2023 15:49:21 GMT

Announced back in April this year, the Pickleball Club received support from the Pinellas Park Council on September 14 ^th and will soon be headed to the Gateway Centre Business Park now that they have preliminary site plan approval for the site. The facility will be 41,316 square feet. The Pickleball Club was founded in 2019 and develops and manages pickleball facilities throughout Florida.

The group announced two new projects in April, one in Venice and one in Pinellas Park. The Pinellas Park project will span 8 acres with 16 indoor courts, a player's lounge mezzanine, outdoor activity area with pickleball and bocce ball courts, and a pro-shop and café. The Venice facility is expected to open in July 2024 on 5.5 acres with a 40,000 square foot facility with 14 courts, and an outdoor section with pickleball and bocce ball courts among other amenities.

The first Pickleball Club facility opened in Sarasota this spring. Port St. Lucie, Bonita Springs, Fort Mers, and the Villages also have facilities planned – all between 34,000 and 50,000 square feet. Pickleball is the fastest growing sport in the United States and has been for the past 3 years. Founders Bryan McCarthy and Matt Gordo say they are the market leader in the development of indoor club facilities in the U.S. and they have over 100 individual equity investors supporting expansion of the company.

The Lakewood Ranch (Sarasota) club is currently the only open location. If membership fees follow suit to this club, members can expect to pay a $1,500 initiation fee (onetime fee per household), and Membership fees are as follows:

Adults - $1,380 Annually (Anyone 18+)

Family - $2,200 Annually (Two Adult Memberships in the same household)

Youth/Student -$690 Annual (Children 8-17. Parent does not have to be a member; student memberships are for those 18-25 enrolled in a full-time program).

Social Membership - $690 annually – for members interested in all amenities minus the pickleball. Social membership must be tied to a pickleball membership.

See our original blog post regarding the facility here: Indoor Pickleball Facility Planned in Pinellas Park

Source: TBBJ

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Hillsborough County Commissioners approve $9 billion budget

cliggittvaluation@verizon.net — Tue, 26 Sep 2023 14:21:51 GMT

Last week Hillsborough County commissioners approved a $9 billion budget. Notably missing was a $10 million appropriation meant for affordable housing with Ken Hagan, chair of the board, made a motion to have $8 million of those dollars into road repair and sidewalks. Hagan considered the fact that Hillsborough is seemingly already making significant investments towards more affordable housing when he explained his rationale for the motion.

The motion was passed in a 4-3 party-line vote. Members of the Hillsborough Organization for Progress and Equality (HOPE) expressed opposition to the motion during public comment. Pastor Michael Price, member of HOPE, compared the BOCC to thieves that rob from the poor to give to the rich.

Commissioner Michael Owen says that while he recognizes the need and importance for affordable housing, the county has long neglected roads, public safety, and infrastructure. Additionally, thanks to the new Live Local Act, more developments will be continued that the board may not have otherwise approved. More affordable housing will be approved this year than ever before, with a lot of it coming from the live local act.

The county has increased their budget by $537 million this year. Revenue growth for the 2024 fiscal year is expected to grow slower, but will remain positive. The millage rate is the same, 5.7309 for county funding and 4.3745 for the unincorporated general fund. The increase of property taxes has also helped the county’s revenue, but cost increases are cutting into expenses. Hillsborough county has a stockpile of $2.3 billion in reserves with a AAA bond rating. Sprawled out infrastructure will command more dollars from future budgets, especially with no dedicated revenue stream to address the issue.

The Live Local Act (SB 102) appropriated $711 million for housing projects through the Florida Housing and Finance Corporation (FHFC). Notably, this is the largest investment in housing in state history. $259 million is allocated for the SAIL program for low interest loans to developers. $150 million of this Is for specified uses. $252 million is allocated to the SHIP program for local government incentives to create partnerships with the intention of preserving and producing housing. $100 million is allocated to the Hometown Heroes Program, providing down payment and closing cost assistance for hometown heroes wanting to purchase their first home. $100 million is allocated to the FHFC so they may implement a loan program to alleviate inflation related cost increases for FHFC-approved projects.

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Rays hope improving transit will benefit new stadium

cliggittvaluation@verizon.net — Thu, 21 Sep 2023 15:37:32 GMT

On Tuesday it was announced that the Tampa Bay Rays will remain in St. Petersburg and build a new $1.3 billion stadium next to the current site of Tropicana Field. From a business standpoint the announcement was great news. But many fans of the team have shared the same concern – the distance to the ballpark and the worsening traffic and lack of transit. Rush hour traffic across Old Tampa Bay is only worsening and increasing traffic to the weeknight 6:40p.m. games has become more and more unattractive to those wanting to catch a game.

Elected officials believe that the new portion of the Howard Franklin Bridge, Cross Bay Ferry, and the SunRunner transit line are all potential solutions to the concerns of fans. St. Petersburg Mayor Ken Welch said Tuesday that transportation connectivity between Tampa and St. Petersburg is improving. There is currently more then $2 billion of regional transportation projects underway according to Pinellas Executive Director Whit Blanton.

Transit leaders are looking at express bus service along I-275 versus light rail. Light rail is not in the works and likely will not be for quite some time since significant capital dollars would be needed and local governments currently do not have that. The new Howard Franklin Bridge is expected to open before the end of the 2027 season for the Rays and it will include express lanes. Additional express lanes in Pinellas are also being explored with an end goal of connecting downtown Tampa and St. Petersburg.

The Rays/Hines project is expected to generate $55 million in property taxes for the Pinellas Suncoast Transit Authority over 30 years according to Rob Gerdes – administrator for St. Petersburg. PTSA, however, does say the agency has not received any projections.

A Ybor City stadium would have helped with the issue of so many Rays fans being in Tampa. Options for a stadium there have been floated around for years. Hillsborough leaders verbally offered between $150 to $200 million upfront of public money compared to the $600 million combined offer from Pinellas County and St. Petersburg. The Rays cut off stadium communications in the summer according to commissioner Ken Hagan. Hagan does believe that the Rays would have recouped more money in Tampa then St. Pete in the long term and it is a possibility Stu Sternberg will sell the team since a new stadium increases the value of the Rays. St. Petersburg has the land and a development partner in place, so in terms of a deal it was easier to be made in St. Petersburg.

Source: Tampa Bay Business Journals

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Tampa Bay Rays announce stadium deal in St. Petersburg

cliggittvaluation@verizon.net — Tue, 19 Sep 2023 17:18:45 GMT

This morning the Rays have officially announced that they have reached a deal with Pinellas County and the City of St. Petersburg to build a new $1.3 billion stadium in the Historic Gas Plant District – home to the current home of the Rays, Tropicana Field. The team along with development firm Hines were chosen to redevelop the 86-acre Gas Plant district back in January into a mixed-use district anchored by a ballpark.

The entire investment into the redevelopment of Tropicana Field is estimated to exceed $6 billion. Construction will begin the fourth quarter of 2024 and opening day of 2028 will be spent in the new stadium. Staying on Tropicana property also means the team will be entitled to half of the development proceeds from the new district.

The new stadium will be a fixed-dome roof situated next to the current site of Tropicana Field. It will have a 30,000 seat capacity, and windows will allow natural sunlight to enter the stadium. The Rays are expecting to receive $600 million of public funding split between Pinellas County and St. Petersburg. Team ownership will contribute the remaining $700 million, in addition to any budget overages. Private financing and selling off partial ownership stakes will help with the process for owners.

Despite the Rays success over the last half-decade and being one of the top teams in the MLB, they struggle to fill stadium seats. Fewer than 18,000 fans show up per home game despite a successful season. This is not only because of the undesirable aesthetics of Tropicana field, but also traffic and transit problems in Tampa Bay that make the site incredibly difficult to access. Principal owner Stu Sternberg hopes the new stadium alone will draw in more fans, despite many expressing the want for a stadium in Tampa.

The announcement brings 15 years of stadium negotiations and proposals to an end. Reactions from Tampa Bay residents are mixed – some are delighted the team is staying in the region while even more appear disappointed the stadium would not be moving to Tampa. Here is a recap on the entire Hines/Rays development of the Gas Plant district that will be anchored by the new stadium:

The team proposed a 7-million SF redevelopment plan for a mixed-use community that will surround a new ballpark for the Rays. The development will be one of the largest in St. Petersburg’s history and sets the stage for the next chapter of the city. Besides a new baseball stadium, the proposal includes 5,700 multifamily units with 850 set aside for affordable and workforce housing units on-site, and around 600 similar units off-site. Additionally, they will develop 1.4 million square feet of office space, 300,000 square feet of retail, a 2,500-person entertainment venue, 700 hotel rooms, and 600 senior living residences. A music hall will be constructed on the property and the Dr. Carter G. Woodson African American Museum will be relocated to the site.

Source: Wall Street Journal

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Short Term Rentals & The Appraisal Process

cliggittvaluation@verizon.net — Mon, 18 Sep 2023 18:36:37 GMT

Short Term Rental property's have become an increasingly popular way for people to produce extra income using property they already have available to them. A lot of factors come into play when determining if a short term rental can be successful. Zoning laws, desirability of the area, amenities, and more come into play. This blog discusses short term rentals and what factors come into play when when an appraiser is conducting services for a short term rental owner.

A variety of property types are utilized as short-term rentals, such as single family homes, condos, motels, hotels, and add-ons. In many locals, a rental is classified as short-term when it is less than one month in length. The ability of a property to be used for short-term rentals varies by locale and can even vary within an individual neighborhood.

Many properties in Florida are being converted into short-term rentals.

Many smaller multi-family properties have been converted from apartment use, into short-term rental use. This allows the property owner greater flexibility over occupancy, without having to commit to lengthy leases. In many cases, the rents that can be obtained through platforms like Airbnb or VRBO are much higher r than what can be obtained on month to month or annual leases. This often translates into a considerably higher NOI for the property, even though management expenses and vacancy are higher. When considering converting a property to a short-term rental, it is important to make sure relevant market data is gathered. Tools such as AirDNA offer insight into historical booking rates, and can even show you which periods of the year would be best to undergo remodels or occupy the property yourself.

In the appraisal of a short-term rental property or a proposed conversion, it is necessary to gather data from a variety of sources to ensure income potential for the property is accurately reflected in the appraisal process. For instance, an appraisal of an Airbnb in St. Pete Beach in September would provide a much lower value if the appraiser utilized the offseason daily rental rates in September and applied them for the entire year. In many locations, daily rates can be 100% higher during peak season than the rest of the year. To circumvent this issue, the industry uses the Average Daily Rate (ADR) to compare the desirability of different properties. The Average Daily Rate is derived by dividing the total revenue generated by a room or property over a period, by the number of rooms that were booked. So, property that generated $100,000 of revenue over 500 bookings would have an ADR of $200.

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Then occupancy rates must be incorporated. Proprietary sources, such as AirDNA, estimate the overall rate for a room or property type within an area (they can also allow you to see estimates of competitor’s past ADRs and occupancy). Even in the most desirable locations, vacancy rates can be quite high. Many multifamily properties operate at over 90% occupancy year-round. Many short-term rentals will operate at >90% vacancy during peak season, while having less than 50% occupancy during their slow seasons. An investor or appraiser familiar with traditional residential properties would likely overstate the occupancy of a property and scoff at the idea of a profitable property being empty 30% of the year (or more!).

Just because there are other properties in the area on VRBO or Airbnb does not mean that a property can be used for short-term rentals. Many properties on VRBO or Airbnb do not conform to zoning and/or occupancy laws and are at risk of being shut down or fined. Even if they are operating legally, conversion of a residence in the area might not be possible. St. Pete Beach, for example, has established credit pools that must be accessed in order to get short-term rental permitting in certain zoning districts. At the same time, the City of St. Pete Beach allows building constructed before certain dates to be used for short-term rental, but not buildings constructed after that date.

The short-term rental industry has grown much faster than many of the municipalities they are common in. This has lead to antiquated and convoluted zoning and legal treatment that can confound analysis.

With the growth of the short-term rental market, many properties are being converted from commercial and residential use to short-term rentals. A buyer may have bought a small apartment building off market while already starting the procedure to change its use. Furthermore, a property that has explicit approval to operate a 5 room motel might have the same gross income as a converted apartment building in an adjacent zoning district. But if the converted apartment building is operating illegally or with implicit permission, the price of the licensed 5 room motel will be higher than the converted apartment as there is much less risk that the property will lose the ability to be legally rented on a nightly basis. This makes comparable sales data much more difficult to navigate than for many other property types. Experience within a specific neighborhood is always useful, but it is especially useful in the appraisal of short-term rentals. Relationships with real estate agents and knowledge of the month-to-month changes of an area greatly improve appraisal accuracy. Compared to industrial and commercial properties, the industry moves at a rapid pace.

The Income approach is virtually always used in appraisals of this property type. After all, no one can owner-occupy an entire motel The cost approach is generally less relied on in this market segment. If a property is being converted or renovated, the cost approach is often completed to support the values derived from the other approaches of value.

If you own or operate a short term rental in Florida and would like appraisal & valuation services, please contact:

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Citizens customers could see significant rate hikes in near future

cliggittvaluation@verizon.net — Mon, 18 Sep 2023 14:53:53 GMT

Citizens has revised proposed rate increases after the Office of Insurance Regulation expressed issues with earlier rate proposals and ordered reductions. Last week Citizens submitted a proposal to their board that could lead to an average 11.5% increase for homeowners with multi-peril policies. Factoring in other policy types like personal line policies that include wind-only and mobile-home policies, the average increase is 12.3%. Commercial policies such as condominium associations are expected to see average increases of 10.2%.

Personal line increases will take effect December 16 and commercial increases will take effect November 20 ^th if a final sign off is given by the Office of Insurance Regulation after the proposal is given approval by the board at Citizens. Increases are coming as Citizens sees massive new amounts of policies. Citizens was created to be an insurer of last resort but has ballooned to 1.387 million policies in the last week. Private insurers have begun dropping customers and raising rates. Citizens often charges much lower rates than private insurers and enables customers to continue buying coverage from Citizens who could be depleted of funds if a natural disaster strikes again. Some policyholders may not see any increases, and under laws that passed last year rates could increase for homes by up to 50% if they are not considered primary residences.

Earlier this month, regulators approved seven private insurers to pull as many as 202,000 policies from Citizens. Each company was approved to assume up to a certain number of policies as follows:

Homeowners Choice – assumes up to 75,000 policies

Slide - assumes up to 50,000 policies

Florida Peninsula - assumes up to 30,000 policies

Monarch National - assumes up to 20,399 policies

Safepoint - assumes up to 16,000 policies

Loggerhead – assumes up to 6,000 policies

Edison – assumes up to 5,000 policies

The insurers will be able to choose which policies they want, and homeowners could be forced to pay more for coverage. Citizens customers must accept offers of coverage from private insurers if the offers are within 20% of the cost of Citizens premiums as per a change approved in December by lawmakers and Florida Governor Ron DeSantis.

Thank you for your interest. If you are in need of an Insurable Value Appraisal or FEMA 50% Rule Appraisal, contact:

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Source: Tampa Bay Times , Tampa Bay Business Journal

U.S. Office Vacancy Rates top 2008 highs

cliggittvaluation@verizon.net — Thu, 14 Sep 2023 15:46:07 GMT

Nationally, office vacancy rates have surpassed highs seen at the peak of the 2008 global financial crisis. Stress on US commercial property has only grown over the years as the COVID-19 shut down introduced more to working from home and hybrid schedules. Those who do still use office space have begun downsizing when it comes to renewing leases. Unoccupied commercial workspaces in America climbed to a record of 16.4% in the second quarter, according to a report from Colliers .

A combination of challenges has affected the commercial real estate market. High interest rates, hybrid work schedules, and credit squeezes. Net absorption rates have remained negative, resulting in vacancy rates and sublease space hitting new highs. Vacancy rates exceeded the prior record high of 16.3% last seen in 2008. Houston, Indianapolis, and Greater Los Angeles face the highest vacancy rates according to Colliers.

The Federal Reserve raised benchmark rates by over 500 basis points since 2022 to help with inflation, which is the highest increase the United States has seen since the 1980’s. Office property owners have previously been able to access low borrowing costs, and wit the surge in rates recently refinancing debts has become much more difficult. Some predict America’s biggest cities could be facing an economic doom loop. Hedge Fund founder Kyle Bass stresses that US banks face losing nearly $250 billion on their exposure to commercial properties.

This comes as the Mortgage Bankers Association (MBA) reports that commercial and multifamily real estate mortgage loan originations are down 53% in the second quarter compared to last year. This may change in coming quarters, but interest rates and other economic aspects of the economy will determine how much that trend changes.

MBA reported that various property types saw declines in dollar volume of loans. Healthcare saw a 74% yearly decline, retail and industrial both fell 55%, multifamily dropped 48%, and hotels slipped 32%. $1.5 trillion of commercial real estate debt is set to hit maturity and will need refinancing which could potentially bring a wave of distressed properties allowing prices of commercial real estate prices to plunge as much as 40% according to a Capital Economics estimate.

According to advisory firm Avison Young, Tampa’s office market experienced the lowest quarterly leasing volume in over a decade with 460,000 square feet leased. New office space is in demand, leading to an availability of 10.9 million square feet, which is a 1 million square feet decreased from the second quarter of 2022. Because leasing activity has been focused on new office spaces, availability is largely concentrated on older inventory.

Thank you for your interest. If you are in need of Appraisal & Valuation services in the West Central Florida Market, contact:

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Source: INSIDER | Avision Young

Port Tampa Bay leaders express concerns over development

cliggittvaluation@verizon.net — Wed, 13 Sep 2023 19:06:06 GMT

On Tuesday, Port Tampa Bay leaders expressed concerns about the future of deepwater access as plans to redevelop a portion of land north of the Ybor Channel develop. Darryl Shaw , who is behind the proposed Ybor Harbor, sat down with Port Executives to discuss the apprehension they have for the development.

The Ybor Channel offers combined access to deepwater, rail, and highways and few other properties offer this within Hillsborough County. Port Principal Counsel Charles Klug says the public needs to better understand the long history of relocating operations as Tampa has grown.

Shaw is under contract for roughly 25 acres owned by International Ship Repair & Marine Services Inc. Shaw plans to redevelop the site into a waterfront neighborhood. The sale could take up to five years to close, and the transaction remains contingent on finding a new location for the ship repair business that operates on the land. Port staff is helping that effort according to Klug.

Other concerns with the project included talks of opening Cruise Terminal 2 to the public on non-sailing days which looks to be an unlikely option as time goes on. Mayor Jane Castor has said the Riverwalk will eventually extend from the current end at Beneficial Drive all the way to Shaw’s proposed Ybor Harbor development .

Shaw expects the rezoning request for Ybor Harbor to go in front of Tampa City Council in November. A Ray’s stadium has been discussed for the site before, and while current plans do not include a stadium Shaw is open to changing plans to accommodate one. Rays principal owner Stu Stenberg said the team is willing to pay up to $600 million for a new stadium in St. Petersburg.

Klug wants to ensure that any development remains harmonized, so it remains compatible and not restrictive of the port doing different deepwater activities. The port does have room to expand. The port is the largest in the state by land size, having nearly 200 acres of waterfront land. The port could expand south with hundreds of new acres in the long term, but the expansion would not be easy.

Shaw reminded those present that he is buying land at the port, not any business. Shaw will make sure they have a home at the port and ensure they do not create scenarios where businesses cannot operate. Shaw has partnered with trustees to allow options of a leaseback of the property to allow time for the ship repair business to find a solution for relocation. Tampa Councilman Bill Carlson said at the meeting he would like to create a maritime designation that would protect maritime land more permanently from development, but Shaw’s property will not be affected.

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Tampa Bay Rays owner gives an update on stadium talks

cliggittvaluation@verizon.net — Mon, 11 Sep 2023 17:59:26 GMT

Tampa Bay Rays principal owner Stu Stenberg announced Friday that the team is willing to pay over half the cost of the proposed $1.2 billion St. Petersburg stadium. Sternberg, who is highly optimistic, says a deal could be done by years end. The commitment will potentially exceed $600 million, and the Rays are actively seeking investors to provide some of the cash in exchange for a share in the team.

Numerous inquiries have been made about selling the entire team, and while Sternberg expects to remain owner, he is willing to listen. A report from Forbes in June indicated a Tennessee-based investor was putting together a group – including Tampa businessman Dan Doyle Jr, chairman of DEX, imaging to purchase the Rays for $1.85 billion. The offer would be an extreme premium price, as Forbes only valued the team at $1.25 billion in March. Sternberg has said there are currently no deals in the works.

The Rays do make it clear to any inquiring party that the team will be staying put if a stadium deal is reached. However, Sternberg has said that if the team does not make a stadium deal, he would expect new owners to move them out of the Tampa Bay area after the 2027 Tropicana Field lease expires. Sternberg had considered having the team split games between Tampa Bay and Montreal. That plan was shot down, but Sternberg does say if he cannot get a deal done in St. Petersburg then the best buyer for the team will be “somebody from somewhere else”. The Rays have been working with St. Petersburg and Pinellas County officials on the new stadium as a part of the Gas Plant District redevelopment.

The Rays also have continued communication with Tampa representatives about the potential for a stadium there. However, there is a lack of action that makes the move seem unlikely. The Rays are expecting to pay for half or more of the stadium, which is estimated to cost $1.2 billion, the first public indication of the size of their commitment. The stadium would be complete and open by 2028, and the full Gas Plant development project would take around 15 years to complete.

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Tampa’s professional women's soccer team files plans for Ybor practice facility.

cliggittvaluation@verizon.net — Wed, 06 Sep 2023 19:04:54 GMT

On Tuesday, arborist Ricky Peterika, the owner of Dark Moss, filed a request with the city to remove a grand oak tree at 1901 N. Nebraska Ave. The removal of the tree will make way for a private recreational facility/field. The property is owned by an entity linked to Ybor developer Darryl Shaw and investor Frank Capitano.

Shaw, along with David Laxer (owner of Bern’s steakhouse) and Jeff Fox are partners in the United Soccer League’s Super League Tampa team. Plans for a team in Tama were announced back in May. Shaw has stated previously that Ybor will be his preferred location for a 5,000-seat Super League stadium. The professional women’s soccer team is set to launch in August 2024.

Amber Brinkley, head of marketing and communications for the Super League Tampa Bay confirmed the team will use the site as a practice field. A stadium site has not yet been announced, but the goal to bring one to Ybor is still underway. A permanent stadium will not be ready for the team’s first season.

Source: Tampa Bay Times | Tampa Bay Business Journal

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Pinellas County Government takes more steps towards a move out of Clearwater

cliggittvaluation@verizon.net — Wed, 06 Sep 2023 14:53:18 GMT

Pinellas County officials have been discussing for years if they should move their headquarters out of the outdated campus in Downtown Clearwater. Now, the possibility of a move is higher than ever. On Thursday, county commissioners gave approval for staff to pursue consolidated offices in the Central Pinellas area.

The decision will be transformative if the county decides to move. The county has operated from Clearwater, which holds the county seat for over a century. The move will also open real estate that could be crucial pieces to the redevelopment of the Downtown Clearwater area.

Commissioners made the approval based on a report by consulting firm CBRE. It allowed staff to settle on a suitable site, do more detailed designing of the facility, and pin down costs and a timeline. The final cost to move headquarters is estimated to be between $263 million and $334 million, which would need further approval by the commission before final decisions are made.

Much of the downtown campus dates to the 1970’s, and the Pinellas County Courthouse was built in the early 1960’s. Maintenance to repair and renovate the building would cost the county around $145 million, and commissioner Dave Eggers called the buildings “functionally obsolete”.

The move would allow the county to downsize their footprint from 580,000 SF across over a dozen buildings, down to 317,000 SF in three buildings, according to the report done by CBRE. The county spends $4 million a year on maintaining the current buildings, and downsizing will cut this number in half. The ideal location for a move would be between U.S. 19 and Ulmerton road, which was pegged the population center. Currently, there are no existing usable buildings larger than 150,000 SF so if the county wants to move forward with relocation, they will need to buy land and build on their own.

Acreage of potential sites for relocation will have a lot to do with the final cost. Estimates are driven up assuming the new headquarters will require a parking garage. Cost per space is around $30,000. If the county buys land with space for a surface parking lot, then the cost will be driven down.

Source: Tampa Bay Times

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Citizens could face billions of dollars in property claims along the Gulf Coast

cliggittvaluation@verizon.net — Tue, 29 Aug 2023 14:22:17 GMT

Citizens Property Insurance Corporation could potentially face billions of dollars in property claims along the Gulf Coast where Hurricane Idalia will make landfall on Wednesday. Citizen’s total exposure outnumbers other carriers by a long shot, with $72 billion for the policies in place in the eight coastal counties that are expected to have winds reach over 110 mph.

Citizens currently has an estimated 190,700 policies that include wind coverage in Pinellas, Pasco, Hernando, Citrus, Levy, Dixie, Taylor, and Jefferson counties. Castle Key Indemnity Co. has the next highest number of policies at approximately 28,000 policies amounting to roughly $9.95 billion on exposure. The total exposure of every carrier that holds policies in the areas mentioned above is not known since many larger companies do not report certain information due to trade secrets exemptions.

Citizens has ballooned in policy holders in recent years, becoming a widespread concern. Industry analysts say Hurricane Idalia could have dire financial consequences for the “last resort” insurer, as Hurricane Ian significantly depleted funds last year. Citizens surplus declined $1.9 billion, to total $4.9 billion after the 2022 hurricane season according to their annual report. Citizens does have around $6 billion in reimbursement through the Florida Hurricane Catastrophe Fund, and $5.8 billion of private risk transfer available.

When Hurricane Ian hit Florida last year, it hit an area that Citizen’s does not have a huge market concentration. Still, according to Bruce Lucas, Slide Insurance CEO, the storm cost Citizens $4 billion. Citizens has a vulnerable position since it charges rates far lower than private insurers, typically in the risky coastal areas. According to Lucas, Citizens is only a Category One hurricane away from being wiped out. For Florida consumers, this is bad news as they are on the hook for Citizens claims if funds become depleted. Recently, state regulators denied a request from Citizens to raise rates by 13%. Even if the rate hike had been approved, Citizens costs would have still been on average below 44% below private market rates.

If you are located in the West Central Florida market area, Cliggitt Valuation, Inc. is ready to help you with your appraisal and valuation needs. We provide appraisals for a variety of scenarios including FEMA 50% Rule Appraisals and Insurable Value Appraisals .

Thank you for your interest. If you are in need of an Insurable Value Appraisal or FEMA 50% Rule Appraisal, contact:

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Office market is seeing more renewed leases, but for less space

cliggittvaluation@verizon.net — Thu, 24 Aug 2023 16:39:00 GMT

Remote work has exploded since the COVID-19 pandemic. Even though the country has resumed normalcy, a perk for many has been to remain working remotely or in a hybrid environment, with 2-3 days in office and the rest of the week in a remote environment. Many cities such as San Francisco and Philadelphia have struggled with office vacancies, leaving the economy to struggle as office workers are not frequenting shops, bars/restaurants, and other amenities as they did before. Good news nationally is that lease signings are beginning to increase, but companies are no longer willing to spend as much as they used to on office space since hybrid strategies are allowing employees to work from home more.

Large firms are now feeling they need less space and are signing deals of up to 15 years for fewer office floors. In the second quarter of 2023, U.S. businesses have signed leases for an estimated 97.5 million square feet which is up 57.5 million square feet from the second quarter of 2020, the low point of the COVID pandemic according to data from CoStar. In the second quarter, the average office lease size was 3,375 square feet, 19% less than the average lease size between 2015 and 2019.

This trend is expected to continue, as more than half the leases signed before 2020 have not yet expired. The U.S. office vacancy rate has increased to 13.2%, from 9.5% prior to the pandemic. CoStar has forecasted that this number will increase to over 17% by the end of 2026. Closer to home, Tampa’s office market has been offering a glimmer of hope for the office market. While leasing volume in Tampa is at its lowest in a decade (only 460,000 square feet was leased in the second quarter of 2023 according to Avison Young reports), CoStar data shows there were 6.3 million square feet in recorded leases between July 2022 and June 2023, up from 5.3 million square feet leased in 2020. While some firms in Tampa may be downsizing office space when renewing leases, they are not vacating and cancelling leases entirely.

Asking rents in Tampa have increased at a consistent rate over the last five years, and rates are up 0.5% from this time last year. Tampa’s sales volume reached a five-year high of $195 million in the second quarter, primarily driven by the sale of Urban Centre, recorded at $123 million. Landlords in cities such as San Francisco have lowered prices to retain tenants and are still struggling to retain and attract new tenants. Tampa has a growing population with a business-friendly environment which gives it an advantage over other markets. Florida remained open during the pandemic, attracting companies such as Pfizer, Rapid7, and DoubleLine which have grown since moving here.

Not all office space in Tampa is seeing a positive trend. Dated suburban office parks are being fled in favor of newer high end office buildings in trendy areas. Water Street, Tampa Heights, Westshore, and Midtown offer class-A offices with amenities such as on-site fitness centers, cafes, restaurants, and lounges. These are all amenities that employers look for as more and more businesses look to lure workers back into the office.

Nationally, shrinking lease sizes are offering another blow to office owners in one of the industry’s worst slumps. Billions of dollars in property values have been wiped and pressure is being applied to a shaky banking system. 61% of U.S. companies are allowing employees to work remotely all of part of the week, up from 51% of companies at the start of the year. Businesses requiring employees in the office full-time have shrunk from 49% at the beginning of the year to 39%. This number is expected to shrink as newer companies tend to embrace flexible work practices compared to older companies.

Thank you for your interest. If you are in need of Appraisal & Valuation services in the West Central Florida Market, contact:

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Source: Wall Street Journal | Tampa Bay Times

Twin Tower Condo's Proposed on Downtown Clearwater Waterfront

cliggittvaluation@verizon.net — Tue, 22 Aug 2023 14:09:27 GMT

Two 35-story towers could soon be developed on the Clearwater waterfront

Clearwater-based Valor Capital has proposed to build two 35-story condo towers on a waterfront parcel they are under contract to purchase. Moises Agami, chairman and CEO of Valor Capital, has proposed luxury waterfront condos on the edge of downtown. These condos will be the tallest in Clearwater and among the largest in Tampa Bay if they are built. The towers would rise at 470 feet, with the two 35-story towers soaring over the current largest building – Water’s Edge, which is 26 stories.

Currently Valor Capital is under contract for the purchase of a 2.5-acre parking lot from The Oaks of Clearwater. The parcel is located at 420 Bay Ave. The Oaks of Clearwater is a 15-story assisted living facility that is located to the north of the proposed project. The 13 story Prelude 80 Condo’s are to the south. The project will tower over these and the surrounding single-family homes in the bordering Harbor Oaks neighborhood.

The buildings will not require a vote by the Community Development Board thanks to recent changes made to the downtown development standards aimed at cutting red tape and bringing more developments to Clearwater’s downtown. In May a code change gave city staff authority to grant requests for increased density downtown, and no longer requires a vote at a public hearing. There have been no height restrictions in the downtown core since 2004. The plan is to have between 186 and 223 units between the two towers.

Since there is no need for a zoning change, the application is being reviewed by city staff, the only level of discretion needed for obtaining permits. The planning and development director has asked for more information on how the developer will configure a seawall and preserve the existing mangroves. The company behind the development has declined to comment publicly on the project but has said they have offered to meet with neighbors to discuss concerns.

In Tampa Bay, the One St. Petersburg building is the current highest building at 450 feet, but the residential and office tower being built at 400 Central Ave will beat it at 515 feet at 46 stories. Agami’s proposed development will be among the tallest in Tampa Bay if completed. The Oak’s parking lot has long been eyed for residential development.

Neighbors have expressed concerns regarding the project both for physical concerns and environmental concerns. The property will stick out compared to neighboring ones, and Agami proposed two levels of underground parking. One of the condo’s would be built 5 feet from the Prelude 80 property line according to the proposal, which is the minimum required by code. More than a third of the lot is in the coastal storm area, which is prone to flooding. The city code does not prohibit private development in the area but does restrict density of projects.

The project is estimated to cost $300 million. Groundbreaking will not happen anytime soon, as the company is still in the process of obtaining a development order from the city and an extensive design process that could take a year and a half to complete will follow once the order is given. Entitlements on the site currently allow for 186 units, but Agami is pursuing a bonus to get an increased amount. EV charging and other sustainable choices will be added to potentially qualify for the bonus.

Valor plans to stick to market demand, and if it is determined the market does not call for more than 186 units only 186 will be built. Since the proposed towers are within walking distance to downtown but not in the heart of downtown, Valor does not plan to include ground floor retail so unnecessary traffic does not get drawn to the area.

Thank you for your interest. If you need Appraisal & Valuation Services in Clearwater contact:

Source: Tampa Bay Times

WestShore Plaza redevelopment plans updated, medical uses proposed

cliggittvaluation@verizon.net — Mon, 21 Aug 2023 15:32:55 GMT

The owner of WestShore Plaza has filed a rezoning request with the city to update plans that were originally approved in October 2020. The owner now wants to add medical uses to the redevelopment. A nursing facility, hospital, and clinic have been added to the redevelopment plans which may also eventually see the enclosed mall demolished.

Plans filed last week are the first update in three years. The project is one of the most anticipated for the City of Tampa. Ohio-based WPG owns the mall and emerged from Chapter 11 bankruptcy in 2021. WPG did not name a partner for the redevelopment project in their city filings, but it remains unlikely that they would be able to complete the project alone.

Previously approved plans focused on development along Westshore Boulevard and Kennedy Boulevard. The sears box and surface parking lots that include Seasons 52 and a Bank of America branch were purchased by WPG in 2019. Under previously filed plans, the existing enclosed mall was allowed to remain. The new filing will give WPG flexibility in plans which may include redevelopment of enclosed mall space. The rezoning request intends to add a skilled nursing facility, a free-standing emergency department, hospital, fitness center, and an entertainment venue according to plans with a maximum of 3.5 million SF to be built on the property.

Tyler Hudson, a partner in Gardner Brewer Hudson is a legal representative of the project. Ricky Peterika is the arborist, Kimley-Horn is the engineer, and Randy Coen in the traffic engineer. There is not yet a hearing scheduled for the WestShore Plaza redevelopment, but rezoning requests do require quasi-judicial public hearings in front of the Tampa City Council.

A spokesperson for WPG released the following statement: “WPG, the owner of WestShore Plaza, a longstanding enclosed mall in Tampa, Florida, has submitted new plans to the city for a transformation of its property into a vibrant mixed-use development that will cater to the evolving needs and desires of the Tampa Bay community. Potential plans include entertainment, retail, dining, office, wellness, medical, hotel and residential components among others, appealing to a wide range of visitors. The redevelopment project will likely be completed in phases. There is no definitive timeline for construction as of yet. More information will be shared as it is available.”

You can view the original plans in our blog post linked here.

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Waterfront Access along Cruise Terminal 2 unlikley

cliggittvaluation@verizon.net — Wed, 16 Aug 2023 18:16:45 GMT

Port Tampa Bay’s portion of the downtown waterfront is not any closer to becoming accessible to the public. A working study group made of port employees presented four potential options to the board on making Cruise Terminal 2 open to pedestrians when ships are not docked. Mayor Jane Castor, who sits on the port board voiced her opinions at the Tuesday meeting.

Option one involved building an elevated walkway at an estimated cost of $25 million. Mayor Castor suggested this option be immediately thrown out due to the price tag. Patrick Allman, a board commissioner supported the option of extending the Tampa Riverwalk through Cruise Terminal 2 as first, but now has changed his position on the idea. The terminal, he says, is no longer seasonally operated and it would not make sense to have the area open for only a few days due to the costs of moving a barge in and out, or taking away fencing along the proposed walkway, as presented in options two and three. Mayor Castor prefers the third option, and questioned why a gate that can open and close based on if a cruise was in the port couldn’t be installed.

Port Tampa Bay projects 92 cruise ship sailings at Terminal 2 in fiscal 2024. Some of these sailings are ship relocations resulting from renovations at terminal 6, though some increase is due to new business. In Allman’s opinion the benefits of extending the riverwalk through Terminal 2 no longer exist. The option Allman does support for extending the riverwalk through Terminal 2 is option four, which places Riverwalk signage along the currently existing sidewalk at Channelside Drive. Port Tampa Bay, Florida Aquarium, and the public would collaborate to create an opening to the American Victory Ship west of the cruise terminal under option four, and the option would cost between $150,000 to 250,000.

Mayor Castor says that the Riverwalk will eventually keep going north along the Ybor Channel, alluding to the fact that eventually all the city’s waterfront will be publicly accessible. Referencing Darryl Shaw ’s proposed Ybor Harbor , Castor has expressed desire to expand the Riverwalk to the development. Shaw has also addressed that adding a Riverwalk extension to the Ybor Harbor would add a connectivity to downtown developments that does not currently exist.

The Port of Tampa has final say on the future of the waterfront at Terminal 2, and it will be some time before a final decision is made.

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Florida's Insurance Market

cliggittvaluation@verizon.net — Mon, 07 Aug 2023 14:20:12 GMT

Recently, Farmers Insurance announced their intent to retract from Florida’s insurance market affecting nearly 100,000 policyholders. More than a dozen insurance companies have gone insolvent or left Florida completely in recent years. Floridians across the state from Miami to Tallahassee are seeing annual premiums skyrocket. Barron’s reported that one Florida retiree was informed by her insurance carrier that her premium was increasing from $3,800 annually to $5,800 annually. Hurricane Ian – which slammed Florida in September 2022 was the third costliest weather disaster on record and over 150 fatalities were recorded. Florida’s total damage was estimated to be at $109.5 billion according to a report released by the National Hurricane Center. Another hurricane in Florida could send more insurance companies toward insolvency or tempt them to leave the market altogether.

Florida has unique characteristics, such as being a peninsula, that make it a unique area for insurance companies to cover. According to Barron’s, the average homeowner’s insurance premium in Florida has increased 100% in the last three years. Florida’s average annual cost sits at $6,000 – nearly triple the national average and the increases are not stopping. Some homeowners could see annual premiums reach $9,000 next year, and some already pay more than that. Experts say insurance for properties near the coast can top $100,000 easily.

Florida’s insurance crisis is only growing worse as the state continues to see population increases. In 2022, Florida had the highest population growth in the nation. Farmers announced they would cease to offer farmers branded auto, home and umbrella policies to manage their risk exposure. About a week later, AAA announced they will not renew higher exposure homeowners polices in Florida. Climate Change is intensifying extreme weather events causing insurance companies to take a step back and reconsider how they approach insurance. Hurricanes garnered less attention when Florida was less populated. In 1960, Florida had a population of 5 million. Now, there are 22 million and the majority live in coastal counties.

Hundreds of thousands moved to Florida when the COVID-19 pandemic hit. Large national insurers have exited the state leaving small insurance carriers to pick up some of the slack. Smaller companies, however, typically lack the financial resources that the national insurers have. A small error in their risk assessment can cause them to go bankrupt with one bad year or one bad storm. Florida’s largest insurer is the state-backed insurer of last resort – Citizens Property Insurance Corporation. The non-profit organization was made in 2002 to help homeowners who could not get insurance elsewhere. Currently Citizens has around 1.34 policies in effect and could hit 1.7 million policies by the year end.

Citizen's policies are cheaper than private insurers, as private insurers are raising rates faster than Citizens is legally allowed to. Last month, they asked to hike rates by 13% - the maximum permitted. Citizens proposed rates under this hike will still have them at 57.9% below the rate needed to be actuarially sound. That hike request is currently under review. Citizens rates distort the market and leave the risk of a hurricane tax. Citizens reserves are depleted, and if there is another bad storm year and Citizens faces a deficit, Florida law requires an imposed assessment on Citizens and non-Citizen's policy holders until reserves are replenished. Citizens CEO Tim Cerio says imposing an assessment on non-policy holders would be unfair since non-policy holders typically pay higher rates and called for a course correction.

Florida’s insurance crisis has been building for some time now. Florida has seen the largest amount of insurance claims and according to Barron’s 70% of litigated claims have been in Florida. Florida had a decade without any major storms making landfall, but since 2017 the state has been battered time and time again. USA Today reports that a 2017 Florida Supreme Court ruling opened the door for large volumes of roofing scams and claim litigation. The litigation costs were too much for many local residential only insurers, causing them to become insolvent. National insurers have taken note and the costs are translating to higher premiums or fewer policy offerings.

Last December, state lawmakers passed legislation intending to curb lawsuits by taking away homeowners' ability to sign over insurance claims to contractors who then seek reimbursement for repairs from insurers. If the number of lawsuits fall, then insurance companies' expenses should lower. If Florida can get through the year with no major storms some insurers could find themselves back. It could take around 18 months to see any benefits from the newly passed legislation, as thousands of cases are backlogged, many of which were filed on the eve of the legislation’s passing.

With the rising cost of insurance in the state of Florida, there is an increasing demand for appraisals. You may need an insurable value appraisal if your insurance company requires it, or you may need a FEMA 50% rule appraisal if you need to make extensive renovations to a property that is located within a flood zone. The FEMA 50% rule states that any substantial improvement to a structure cannot exceed 50% of the structures depreciated market value unless the property owner intends to bring the entire structure up to FEMA standards.

If you need a FEMA 50% rule appraisal, the first thing you should do is get an estimate of cost for the repairs/renovations you intend to have done on your property. Not all projects fall under the rule, but many structural additions, or building improvements will fall under the rule. Adding a pool or getting a new driveway doesn’t call for a 50% rule appraisal, as these are not vital to a building's structural capability. It doesn’t matter if the improvements you are making are due to a natural disaster such as flooding. The 50% rule states you cannot make an improvement exceeding 50% of the depreciated value of the building improvements unless you are able to bring the entire structure up to standard.

An insurable value appraisal will help your insurance company determine the cost of rebuilding your home or business location if something were to happen to it. This cost is then used to calculate your annual premium. Other market factors such as construction costs that have risen and inflation are also contributing factors when an insurance company considers your premium. Reinsurance (insurance for insurers) is also not getting any cheaper and when their costs rise, so will policy holders' costs.

Cliggitt Valuation Inc. is pleased to provide both insurable value and FEMA 50% rule appraisals . Costs for these appraisals vary by your property type (Ex: office building, warehouse, industrial, etc.), the location of your property, the size of your property, and the timeframe in which you need your appraisal delivered. State Certified General Real Estate Appraiser Mike Cliggitt (RZ3011) has over 2 decades of experience appraising properties in the Florida market and has expertise with a multitude of property types and appraisal assignments. Mike holds the appraisal industry’s highest recognitions including the MAI designation awarded by the Appraisal Institute, the MRICS designation awarded by the Royal Institute of Chartered Surveyors, and the CCIM designation awarded by the Certified Commercial Investment Member Institute. Mike meets all ongoing educational requirements for state licensing and the Appraisal Institute requirements.

Thank you for your interest. If you are in need of an Insurable Value Appraisal or FEMA 50% Rule Appraisal, contact:

813.405.1705 - Direct Line for Tampa Bay and surrounding areas

863.661.1165 - Direct Line for Lakeland and surrounding areas

Sources: Barron's | Fox13 News | USA Today

Disclaimer:

Please note that none of the information or opinions expressed herein are meant to convey nor should they be construed as real estate appraisal practice, brokerage practice, legal, tax, or financial advice.

National Trends Point to a Decline of Skyrocketing Rents

cliggittvaluation@verizon.net — Tue, 01 Aug 2023 17:10:00 GMT

Nationally, monthly asking prices for rent shot up 15% between 2020 and 2022, the fastest uptick in rents in nearly a century. But good news for renters – costs are calming down. Around the country rent growth is returning to pre-pandemic norms, growing about 1 to 3 percent per year, according to CoStar Data analyzed by The Washington Post.

Year-over-year asking prices for rents rose 1.1% as of June 30 ^th , down 2.8% in March according to the data. More housing is becoming available around the country, with an all-time high of nearly 1 million new apartment units under construction. 520,000 of these units are expected to hit the market this year, and 460,000 will hit the market in 2024.

Demand for apartments also fell in 2022 going to the weakest level since 2009. Fewer people with roommates are branching out on their own, and young adults are living at home with parents for longer. Retirees who downsized from homeownership to rentals are waiting for the housing market to pick up before relocating. The result of all of this is creating a mismatch of available apartments and potential renters, driving down price growth.

In the Sun Belt (the Sun Belt region includes Alabama, Arizona, Arkansas, Georgia, Louisiana, Mississippi, Nevada, New Mexico, North Carolina, Oklahoma, South Carolina, Tennessee, and Texas), influxes of new residents had developers rushing to cash in on growing rental demands. The sudden influx of mainly white-collar workers leaving urban centers of New York and San Francisco in search of cheaper housing and warmer weather created a sudden rental boom. Consequently, annual rents in Phoenix, Dallas, and Miami grew as much as 16% between 2021 and 2022.

Most new rentals coming onto the market (about 70%) are luxury, created for “transplants” with large budgets. However, the new cooling demand for luxury apartments is causing large price declines in high end apartments, falling 0.2% in the past year, while prices for mid and lower tier properties have risen nearly 3% in the same period. Experts say that rents are still considerably higher than they were in 2019, and unlikely to return to their pre-pandemic levels.

The Tampa Bay area is a hot spot for those looking to relocate – gaining the nickname “transplant”. Those from Orlando, Miami, New York, and Chicago frequently search for homes in the Tampa metro on Zillow according to data collected from the real estate firm. However, Miami remains the top destination for Tampa Bay residents looking to relocate, followed by Sarasota and Lakeland. Remote work, cheaper rents, and home flipping continue to drive people to the Tampa metro area. Home Buyers in the Tampa Bay area have seen the trend of home prices continuously increasing – despite rental rates nationally dropping.

All data considered in this blog includes newly posted rents, not lease renewals, for June of each year from 2019 to 2023. Data for new multi-units under construction is from the Census Bureau. All charts have been compiled by The Washington Post.

Thank you for your interest. If you are in need of Appraisal & Valuation services in the West Central Florida Market, contact:

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Sources: The Washington Post | Tampa Bay Business Journal

Proposals to redevelop the St. Petersburg Municipal Marina Released

cliggittvaluation@verizon.net — Mon, 24 Jul 2023 14:49:59 GMT

Back in April, the city of St. Petersburg released a request for a development partner to redevelop and operate the downtown St. Petersburg Municipal Marina. Proposals were due by July 14 ^th and released on Thursday the 20 ^th . The proposal requested that development teams who had experience in developing and operating marinas in saltwater environments submit proposals. The option to redevelop and operate restaurant space adjacent to the marina was also given. That space is currently home to Fresco’s Waterfront Bistro at 300 Second Avenue NE.

Two Dallas-based real estate firms submitted proposals - Suntex Marina Investors and Safe Harbor Marinas. The city-owned marina has 640 permanent wet slips, and the infrastructure has reached the end of its service life. The central yacht basin docks were built in 1963 and four of five south yacht basin docks were built in 1977.

Safe Harbor Marinas

Safe Harbor owns 135 marinas, 20 of them being in Florida. Proposed by Safe Harbor is $48 million in capital investments to the marina. They have offered to pre-pay the five-year initial lease term of $1.25 million ($250,000 per year at lease commencement). After the initial five-year term, a proposed percentage rent of 15% of total gross revenues (excluding fuel and retail), 5% of total retail revenues, and a participation rent of $0.05 on each gallon of fuel sold. Safe Harbor has projected that percent rent could total $34.475 million over 20 years.

The proposed five-year lease may be favorable to the city as it will not require voter approval via referendum. Six of eight city council members will still need to approve the plan.

For the central basin plan, Safe Harbor proposed:

- 14,000 linear feet of leasable floating dock space

- Flexible dock space that can accommodate 325+ boats in a range of vessel sizes, up to 200 feet in length.

- Approximately 30 new covered wet slips, and preservation of the existing covered wet slips.

- A welcome center at the entrance of the St. Pete Pier

- A multi-level state of the art restaurant building seating 225 guests with indoor and open-air waterfront seating.

- Two-story welcome/amenity center with a lounge, exercise facility, parking for electric vehicles available for boating members and visitors to navigate the city, located on the north wall of Demens Landing.

- Updated restroom and shower facilities for the north, west, and south sides of the central basin.

- Improved ship store offerings, upgraded landscape, as well as outdoor gathering spaces that are adjacent to the marina office, fuel dock, and ship store.

Safe Harbor also proposed the following for the south basin plan:

- 12,000+ Linear feet of leasable dock space

- Additional flexible dock space that can accommodate 310+ boats of vessel size up to 200’ in length.

- New amenity center with commercial space for marine-related operators and marina related retail. The center will also include a restroom with showers.

- Dedicated maintenance building and yard

- Permanent special event dock that will be available for the St. Pete Grand Prix, designed to accommodate and integrate with the annual boat show.

Suntex Marina Investors

Suntex has 28 saltwater coastal marinas, 16 being in Florida. The company has proposed $70 million in improvements to the marina. The proposal would generate $14.2 million in ground lease and revenue share payments, plus $2 million in property taxes to the city through the initial 10 years of stabilized operations through a revenue sharing program according to the proposal. An initial 30-year lease term with two 25-year renewal options is being asked for. Over the total 80-year term, the ground lease revenue is estimated at $444 million with $57 million additional in property taxes.

The 30-year lease with extension will require voter approval.

The company has also projected job opportunities for their proposal. 358 construction jobs would be created with $42 million in payroll. The redeveloped marina, if done by Suntex, would create 292 permanent jobs generating $10.9 million annually in wages.

Proposed by Suntex is:

- A 660-slip marina, with 35,000 linear feet of new floating docks & utilities, with an opportunity to expand further with an increase of 10,000 linear feet of docks.

- New marine support facilities, dockmaster’s building, captains lounge, marina store, laundry, and shower/restroom facilities.

- 20,000 SF of restaurant and retail space within Demens Landing Park

- 4,000 linear feet of waterfront promenade

- An increase of about 200 parking spaces at Demens Landing Park, bringing 485 total parking spaces

- 16 upland acres redeveloped with 10 being dedicated for recreation purposes.

- Permanent amphitheater space

- At Suntex’s cost, an option to add multipurpose fields and sports courts.

Additionally, the Suntex proposal has addressed the 100+ residents who live on boats at the marina. Their rents are less than $1,000 a month, an affordable option in an increasingly hard to afford city. Concerns of a rent spike have been communicated by residents. Suntex says the current rate is in line with typical rates in the region, and rates would be adjusted to reflect future marina amenities. The residents will also be subject to vessel relocation and customary construction and utility disruptions during redevelopment. Meanwhile, the Safe Harbor proposal has not addressed current residents. Currently, those who live on their boats at the marina can do so for $230 a week.

City staffers will evaluate the proposals, but no timeframe for choosing one or entering negotiations is set. Once administration and a developer reach an agreement, it is subject to city council approval. The marina is an anchor point of the waterfront district located at the point of Demens Landing.

Source: Tampa Bay Times | Tampa Bay Business Journal

Thank you for your interest. If you are in need of Appraisal & Valuation Services in St. Pete, contact:

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1,800+-home development in Wimauma receives county approval

cliggittvaluation@verizon.net — Thu, 20 Jul 2023 19:04:41 GMT

On Tuesday, the Hillsborough County Commission gave the approval for a former-sod farm to turn into suburbia. The vote was unanimous. Jeffrey Hills’ (President - Eisenhower Property Group) “301 Wimauma LLC” will rezone 909 acres of agricultural land into a residential development consisting of 1,816 homes. The land is located south ff SR-674 close to the Hillsborough-Manatee border.

The county reworked development rules for south county in 2021, after the two-year moratorium on rezoning applications in Wimauma and Balm. Commission concerns that caused the pause included that rapid growth would outstrip the county’s ability to provide adequate fire, transportation, utility, and other services in the areas.

The development project will have to comply with the new county development rules. These rules were made to provide extra benefits to the existing Wimauma community. These include a pedestrian and bicycle trail, elementary school site, 180 affordable housing units, a public park, and a village center that allows space for civic uses.

No one spoke in opposition to the development at the hearing held on Tuesday. Concerns about south country traffic has called for using public transportation fees to widen the two-lane SR 674 and to install traffic lights at busy intersections. Previously, a rule that has since been discarded required that a specific number of jobs be available to residents of new houses. This was to curb the commuter traffic pattern that clogs I-75, U.S. 301, and SR 674. The rule was controversial and has since been discarded.

The development will use a provision that allows most planned houses to be moved onto a portion of the available land that the group owns. 270 acres on the northern parcel (the sending site) will have just two homes and remain largely undeveloped. 1.814 homes will be built on 638 acres to the south (the receiving site).

Hills’ 301 Wimauma LLC acquired the 909 acres of land in early 2022 in a series of purchases for $22.5 million. Eisenhower Property Group are the developers behind the project.

Thank you for your interest. If you are in need of Appraisal and Valuation services in Hillsborough County, contact:

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Source: Tampa Bay Times

South Tampa Datz and Dough sold to developers

cliggittvaluation@verizon.net — Thu, 20 Jul 2023 17:47:50 GMT

In a $6.1 million deal that closed Thursday, restauranters Roger and Suzanne Perry sold the Datz and Dough South Tampa properties to a development group in Tampa. Tyler Hudson, partner at Gardner Hudson Brewer PA and the developers’ legal representative said Datz and Dough will slow down operations over the next several weeks. Datz and Dough are located at 2602 & 2616 S. Macdill Avenue in South Tampa.

The Datz property is 9,060 SF and Dough is 3,255 SF. Datz opened their South Tampa location in 2009 and became known for their over-the-top menu offerings. The St. Petersburg and Riverview locations are remaining open at the time of this article.

The Datz building will remain a restaurant, with the Dough building becoming a related concept to the restaurant – not a dining concept but still related. The new restaurant concept and its operators are not being released at this time, but it is said that they want the space to become a neighborhood concept. Hudson filed a rezoning request for the Dough property on Monday requesting to change it from bakery to commercial recreational use. A hearing before the Tampa City Council is expected to be held before the end of 2023.

Thank you for your interest. If you are in need of Appraisal & Valuation Services in Tampa, contact:

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Polk County Growth

cliggittvaluation@verizon.net — Tue, 18 Jul 2023 14:08:02 GMT

The Tampa Bay and Orlando metropolitan areas have been grappling with skyrocketing prices, particularly in real estate. As a result, many individuals have sought out alternative locations that offer proximity to both cities, with Polk County emerging as an attractive option. Situated within an hour's drive of either metro area, Polk County has provided residents with the convenience of accessibility while offering more affordable housing options. However, recent trends indicate that even Polk County is no longer the affordable alternative it once was, rendering it an increasingly unattainable alternative for many.

According to Zillow, the Lakeland metro area, which lies within Polk County, has experienced a staggering 63% surge in home prices since 2019. This surge is reflective of a broader trend occurring throughout Florida, as the state has witnessed a substantial increase in population starting from 2020, despite the ongoing COVID-19 pandemic. In April 2019, Polk County had a median home price of $186,633. Just one year later, that figure had increased by over $10,000, nearly reaching a median price of $200,000 in April 2020. More recently, in April 2023, the median sale price of a home in Polk County reached a record high of $303,668.

Notably, these price surges are not limited to Polk County alone. Data collected by Florida Realtors indicates that between the first quarter of 2019 and the first quarter of 2023, the Tampa metropolitan area experienced a 66% increase in home prices, while the Orlando metro area saw a 57% rise. These figures mirror a statewide trend, with Florida as a whole witnessing a 58% surge in home prices during the same period.

Despite the escalating prices, Polk County remains an area of significant interest due to its advantageous geographical location and various economic factors. The Central Florida Development Council has compiled data illustrating that the district boasts an expansive 300+ acres of land and benefits from the presence of three deepwater seaports within 75 miles of the county, along with five international airports within the same proximity. These factors contribute to the county's growth trajectory, as Polk County currently holds the title of the fastest-growing county in the state.

While Polk County's real estate market has seen notable price increases, it is essential to highlight that home prices still remain at a comparative discount to Tampa and Orlando. Currently, homes in Polk County are priced at a 15.5% discount compared to Tampa and a 22% discount compared to Orlando. Despite the relative affordability, the rapidly rising prices in Polk County indicate that the area is gradually catching up with its neighboring metropolitan areas, posing challenges for prospective homebuyers in search of more affordable options.

As Polk County's desirability continues to grow due to its strategic location and economic opportunities, the surge in home prices is an inevitable consequence of increased demand. However, these developments also highlight the need to address the issue of housing affordability, ensuring that residents have access to housing options that line up with their financial capabilities. As the region continues to evolve and expand, striking a balance between growth and affordability will be crucial in preserving Polk County's appeal as a viable alternative to the higher-priced Tampa and Orlando metropolitan areas.

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Dutch Bros Coffee files plans for South Tampa location

cliggittvaluation@verizon.net — Mon, 17 Jul 2023 13:56:38 GMT

The current location of the Ballast Point Car Wash ( 3616 W. Ballast Point Blvd ) will be replaced with a 950 SF coffee drive-thru. Dutch Bros is a prominent brand in the Northwest United States, with many raving about its variety of caffeinated beverages.

Not only does Dutch Bros do coffee, but they offer energy drinks, teas, lemonades, smoothies, and even their own soda brand. Their baristas are also called “bro-vistas”. The beverage chain is seeing over 150 locations open this year alone. The South Tampa location will mark one of the first in Florida with the potential for one in Valencia, St. Johns County, and Lake Nona as well.

All of the shops that are opening will be company owned and locally operated. The only beverage chains that are bigger than Dutch Bros are Dunkin’ and Starbucks. Similar to Chick Fil A, it is reported that workers greet drivers outside and take orders and merge two-lanes into one. Smaller orders are then ran to the cars further back with an “escape lane” to exit the drive-thru without having to wait until getting to the window to receive an order.

Source : Tampa Tomorrow | Jax Daily Record

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Car-Free Apartment Project in Downtown St. Petersburg receives DRC approval

cliggittvaluation@verizon.net — Thu, 13 Jul 2023 18:03:19 GMT

Back in June, two local developers revealed plans to build an eight-story apartment building near Tropicana Field. Unlike other projects in Downtown St. Petersburg though, the complex does not have any parking. The proposal is for an eight story 97-unit structure at 1663 1 ^st Ave S ., where Sunshine Kitty Café and the Dolman Law Group office currently resides – adjacent to the Tru by Hilton hotel.

The developers – Craig Bazarsky of BendinRoad Development LLC and Christopher Bicho of Landings Real Estate Group, did not include any street-level parking or an onsite parking garage, citing the walkability of the area. Mass transit options are available in the area and the developers feel a car-free project will contribute to the walkability of the Central Avenue corridor. The SunRunner system runs near the site and makes the area a prime location for car-free residents according to the developers.

Parking spaces for the project are not required legally since the proposal is for one-bedroom and studio units that are less than 750 square feet. 101 bike storage units, however, will be placed on site. The Development Review Committee ultimately decided to pass the site plan for the project - but not without voicing concerns.

Earlier this year, The Metro Complex, a similar concept, traded hands and converted into the Mint House – a hotel with short term rentals that has an apartment style. Commissioners feared a similar transaction could occur if approved, but developers assured this would not be the case. The project is estimated to cost $25 million.

For the developers, this is not the first car-free project they have done. Currently, they are working on a seven-story complex in the Water Street district in Tampa. That project will have 104 units that range between 400 to 450 square feet and will only have seven parking spaces. In St. Pete, the team will partner with Circuit – an electric ride share service that will exclusively provide rides for residents within a two-mile radius. And while the developers are not going for a qualification in affordable housing, they are pitching the project to be part of the solution for more affordable living solutions in the area. Since the units are smaller, rental rates will not be as large.

The units will be furnished and equipped with automated furniture systems from Ori, which will allow residents to lift beds to the ceiling to create expandable living space.

The DRC approved the site plan but does say if the use of the complex is to change the developers must return to the DRC for a public hearing and approval.

Google Street View scene of the Sunshine Kitty Cafe, and an aerial taken from the Pinellas County Property Appraiser shows where the site is located.

Thank you for your interest. If you are in need of Appraisal & Valuation services in the St. Petersburg area, contact:

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Source: St. Pete Catalyst

Sprouts to anchor Skyway Village Development

cliggittvaluation@verizon.net — Tue, 11 Jul 2023 17:55:59 GMT

During a community meeting on July 10 ^th , it was announced that Sprouts Farmers Market’s has signed a deal with the developer behind the Skyway Village mixed-use development project in St. Petersburg’s Skyway Marina District. Altis Cardinal is redeveloping the 34-acre Ceridian office park located at 3201 24 ^th Street S. into a large mixed-use development.

The project includes 2,084 apartments, 119,160 square feet of self-storage, and 92,000 square feet of commercial space. Originally only 49,000 square feet of office space was planned. Sprouts will anchor the development with 23,000 square feet of space in the Skyway Village.

Groundbreaking for Sprouts and the retail outparcel is anticipated for mid-2024, along with one of the multifamily buildings. Sprouts is anticipated to be completed by mid-2025 and the apartment building that features ground floor retail is hoped to be finished by the second quarter of 2026. Sprouts is also anchoring at a retail plaza in Kenneth City and expects to open August 18 ^th .

Frank Guerra, principal of Altis Cardinal, spoke with the Tampa Bay Business Journal, and says he plans to also bring in boutiques, coffee shops, and more unique concepts aiming to make the Skyway Village a self-efficient neighborhood. 32,000 square feet is also set aside for restaurants.

An 8,000 square foot food truck park will be placed in an outdoor area between Sprouts and the former Ceridian office tower, which is going to be transformed into an amenity tower for residents. There will be a mix of studio, one-, two-, and three-bedroom units, with the majority being one and two bedrooms. Apartments in the development will span across six five-story buildings with parking garages. 3,572 parking spaces will be available throughout Skyway Village, and two streets and two avenues will be added to the site with on-street parking.

Atlis Cardinal purchased the office park being used as the project site in December 2021 in an all-cash deal for $40 million.

Thank you for your interest. If you are in need of Appraisal & Valuation Services in the St. Petersburg area, contact:

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Treasure Island Shopping Plaza sold to investor who will redevelop the site

cliggittvaluation@verizon.net — Mon, 10 Jul 2023 20:02:10 GMT

A shopping plaza located at 118 107th Ave. in Treasure Island recently sold for $5.85 million on June 30th. The buyer is an entity that is linked to Florida Investor Shlomo Melloul, indicated in the recorded deed. Evan Cannan and Reid Thedford of Marcus & Millichap represented the buyer in the transaction. The sale equated to an average of approximately $292 per square foot.

Situated just a block away from the beach and north of the Treasure Island Causeway, the plaza occupies just over an acre of land that is designated for mixed-use development. Evan Cannan shed light on future plans for the property, sharing with the Tampa Bay Business Journal that two possibilities are being considered for the site. The first plan entails a five-story building that extends to 107th Ave, enhancing the walkability of the area. The first floor would be for retail space, with the top 4 floors providing apartment units. Additionally, a three-story parking garage would be positioned behind the building providing parking options for residents. A rooftop pool is also discussed in the first plan. Alternatively, if a mixed-use development is not pursued the owner will transform the site with an upgraded shopping center.

The investor, Melloul, has met with the city and architects' multiple times already. Treasure Island is seeking to foster a more walkable community and revitalize the areas appeal. Regardless of whichever direction the investor decides to go with in regard to redevelopment, he is committed to making significant transformations to the site to ensure it reaches full potential.

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Notable Tampa Real Estate Development: Jeff Vinik

cliggittvaluation@verizon.net — Wed, 05 Jul 2023 19:14:34 GMT

Jeff Vinik was not always a household name in Tampa, Florida. The billionaire started his career managing hedge funds, running the Fidelity Magellan Fund from 1992 to 1996, averaging 17% in annual returns. Vinik left Fidelity and started the Vinik Asset Management hedge fund. The fund closed in December 2013 and distributed $9 billion in assets.

Vinik made his entry into the Tampa Bay area in 2010, when he purchased the Tampa Bay Lightning for $170 million (the team is now valued at $1 billion, in the top 15 of the highest valued NHL teams as of December 2022). Now, when Tampa Bay residents hear Vinik’s name they think of the Water Street Development. Vinik purchased land surrounding Amalie Arena, where the lightning played. He had no intentions of developing it when it was purchased but saw the land as being reasonably priced.

In 2014, Vinik and his team took plans public in a partnership with Cascade – Bill Gates’s investment firm- with a pitch that was all about economic and mixed-use development. Cascade Investment Fund and Vinik partnered together to create Strategic Property Partners (SPP). Vinik was the managing partner and the face of the project – transforming over 50 acres that surround Amalie Arena. Vinik made headlines in late June announcing his departure from SPP, initiating a transaction with Bill Gates to buy out his share of the company. Terms of this buyout have not been disclosed publicly.

Vinik’s departure also marks the end of an era for one of the most significant developments in the history of Tampa Bay. Phase One of three for Water Street development only recently wrapped up and plans for phase 2 have not been announced publicly – leaving a lot of questions for Tampa Bay residents including the possibility of future phases not happening. Vinik has stated he will remain an adviser to Cascade.

As a reminder, phase one of Water Street totaled 12 buildings, with 1,418 hotel keys, 1,355 residential units, more than 500,000 SF of office space, 200,000 SF of retail space, and the USF Morsani College of Medicine and Heart Institute. Vinik gave Tampa a voice and a spotlight it had not seen before. Water Street’s first phase has a price tag of over $3.5 billion, and notably includes 1 million SF of brand-new office space – something some may see as a risk with the current trend of hybrid or fully remote office workers.

Water Street Tampa is also the world's first WELL-certified district in the world – a standard that measures how a building is built to optimize health, like a LEED certification that focuses on energy sustainability.

Commercial Real Estate experts say that Vinik’s acquisition of the land that has become Water Street has had material impact on land values in Tampa’s urban core. Vinik’s run with real estate coincided with a time that saw low interest rates with a growing demand for apartments and commercial space. Vinik saw potential in Tampa to become a vibrant urban downtown area and has used the land he acquired to make it a space where people – especially younger people – want to live. Water Street Tampa has luxury apartments, retail, restaurants, grocery, and a view that cannot be beat. A live-work-play environment has been born and has created an influential downtown core.

Water Street created 2,700 jobs per year during its construction period, 5,900 permanent jobs, $890 million in construction wages, and $226 million in permanent annual wages. SPP has said they are in the planning stage of phase 2, which will include a significant infrastructure project. The demolition of the Ardent Mills property has allowed SPP to partner with the city of Tampa and the Tampa Hillsborough Expressway Authority to create an improved connected street grid between Water Street, the Channel District, and the Central Business District.

While Vinik may be stepping out of the Real Estate world, the impact he has had on Tampa’s downtown is one that will be felt for many, many years.

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Hillsborough County Prepares to Pitch Funding Plan for Rays

cliggittvaluation@verizon.net — Wed, 05 Jul 2023 16:40:43 GMT

Hillsborough County negotiator Ken Hagan has been working alongside county officials to come up with a pitch for stadium funding in Port Ybor for Ray’s Stadium. The plan – every time a purchase is made in the area built for the Rays in Port Ybor; a portion will go towards funding the ballpark. According to Hagan, taxpayers would not be responsible for interest, debt cost, or operational costs.

Numbers have not yet been disclosed, but the idea currently being discussed is a special economic district that includes a stadium. Housing, parks, a museum, and a home base for law enforcement. Tourist taxes would also be on the table for funding.

Hillsborough should be making an offer within the next month. They are nearly ready to begin negotiations according to Hagan. While St. Petersburg has not confirmed the rumor, they have reportedly made a formal offer to the Ray’s already. A third-party report made public states construction would bring 4,500 jobs to Pinellas County with an average pay rate of $93,000 a year. The Tropicana redevelopment site would also help sell 31,000 hotel rooms and create 15,000 permanent jobs with an estimated half billion a year in spending.

Hillsborough County will likely partner with Darryl Shaw , to build on his Gas Worx property that is near Port Tampa but that is not finalized according to Hagan. The Rays/Hines won the right to redevelop the Gas Plant District (Tropicana Field is located within the district) back in January, but the Rays have yet to commit to staying in St. Petersburg – leaving many with questions as to what will happen with the district should the Rays choose to leave St. Petersburg.

Source : F ox13

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Jeff Vinik exits Strategic Property Partners, Water Street Tampa development partnership

cliggittvaluation@verizon.net — Thu, 29 Jun 2023 13:24:50 GMT

Jeff Vinik, owner of the Tampa Bay Lightning is selling his share of Strategic Property Partners, the development company that was behind Water Street Tampa. Vinik initiated the transaction, and has sold to Cascade Investment Fund, LLC the investment fund of Bull Gates and Vinik’s partner in SPP. Terms of the deal are not public.

Water Street Tampa is perhaps one of the most notable and significant development projects in Tampa Bay’s history. Vinik was the managing partner of SPP and transformed more than 50 acres that surround Amalie Arena. Vinik still remains controlling owner and governor of the Tampa Bay Lightning.

Vinik says he will remain an adviser to Cascade Investments, but he is now ready to spend his time elsewhere.

In an interview, Vinik has said he has chosen three concepts most important to him – family, community, and the Lightning to focus on. He also stated that he has not felt bored in 40 years, and he wants a taste of boredom. Vinik also stated there is no personal catalyst for selling his share, but being a new first-time grandfather, he wants to have a surplus of time with family.

Water Street’s first phase wrapped up recently, making it a good time to sell. Water Street phase 2 will still move on, and Vinik will remain to provide insight to the development. No plans have been publicly announced for phase 2, but infrastructure planning is said to be well underway.

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Downtown St. Pete & Tampa Office and Multi-Family Vacancy Rates Pre VS. Post Pandemic

cliggittvaluation@verizon.net — Mon, 26 Jun 2023 17:36:40 GMT

The height of the COVID-19 pandemic left many experts predicting that big cities would enter downward spirals as remote workers sought more space, at cheaper costs. With the rise of remote & hybrid work being allowed by employers to “flatten the curve” – cities that once thrived off the backs of office workers, suddenly felt economic repercussions. Historically, big cities relied on workers at shops, restaurants, and bars before, during and after their 9-5 shifts.

In the Tampa Bay region, multi-family and office space are both still in high demand. Commercial real estate inventory specifically is well below market demand. With the number of businesses and people moving to the region not showing a sign of slowing down, the demand for space continues to increase. Foot traffic and rent data are showing that the pandemic has shifted the urban center of gravity, with workers moving from sterile office districts to neighborhoods with restaurants, bars, gyms, and local shops. Cities are beginning to adjust to the idea that they are not just a place to work – but a place for those who reside in them to connect with others in a live, work, and entertainment environment.

The downtown areas of Tampa and St. Petersburg are rapidly adjusting to meet the demands of those wanting a live-work-play walkable district. Downtown office vacancy rates recorded by CoStar as of May 2023, show a trend in declining vacancies. Restaurants, bars, shops, and businesses are thriving in Tampa and St. Petersburg downtowns since they are revamping to meet the new needs and demands of those who work and live in downtown. According to Strategic Property Partners, the developers behind Water Street –the Sparkman Wharf office spaces are now 100% leased with no vacancies, and the Thousand & One office tower is now over 80% leased. Downtown Tampa is defying the trend of tenant downsizing and has seen several firms and businesses relocating to the area.

Downtown St. Petersburg is also showing a similar trend, maintaining some of the lowest office vacancy rates in the region sitting at 3.9% as of the second quarter of 2023. There is a lack of new construction in downtown St. Pete, which gives landlords the ability to increase asking rates for leased space. The proposed Gas Plant District in St. Pete, which will be redeveloped by Hine’s proposes 1.4 million square feet of new office space, over several phases and years. This will lead to an increase in office vacancy in future forecast trends, but otherwise both the Tampa and St. Petersburg downtown office markets show promising rates of low vacancies for years to come.

Despite the Tampa area having the highest jump in rent costs in the nation since the start of the pandemic, and an increase in new inventory from recent completions, Downtown Tampa’s vacancy rates for multifamily units have dropped 2.2% in the last year. Downtown Tampa remains a hot spot for renters, thanks to the expansion of office-using renters in the urban core. Those who live downtown can easily walk to work, stores, restaurants, and bars making the area a vibrant and in-demand spot. Downtown Tampa at the end of the second quarter has a 9.1% vacancy rate for multifamily units.

St. Petersburg’s vacancy rate has increased over 5% for the first time since 2020 as of the second quarter of 2023, at an 8.6% vacancy rate. Renter demand has been at the highest this year that it has been since 2021, but an imbalance of units delivered has increased vacancies, with a further increase expected before the end of the year. Demand in downtown has been softer due to asking rents being over the market average by $500/month, with 4- & 5-star communities being prominent in the downtown St. Petersburg area.

As we can see, Tampa and St. Petersburg have proven to have strong and desirable urban cores, with demand for more office and multifamily space. The development of the Gas Plant District in St. Pete, Gas Worx District (Tampa/Ybor) and the second phase of Water Street (Tampa) development will only attract more consumers to the markets.

In Downtown Tampa, the Tampa Bay Business Journals reference the area as having an office-anchored environment where more employers are embracing the hybrid work environment. In 2022, 43% of downtown office workers had a hybrid schedule, splitting time between the office and remote locations. This is comparable to only 34% in 2022.

Even with the construction boom of multi-family development in downtown Tampa, the office environment still anchors Tampa’s downtown core. CBRE Group Inc. says that Tampa’s central business district has just over 14% of total office vacancy space in the first quarter of 2023. The central business district has 6.9 million square feet of office space. This means almost 1 million square feet of office space is available in the central business district. As shown on the graph at the beginning of this article, CoStar tracks downtown vacancy rate at just under 10%. We note CoStar’s downtown area varies from the CBD area quoted by CBRE. Data from CoStar also shows many are leaving older office spaces to move into newer ones that provide newer spaces and better amenities.

Thousand & One on Water Street is currently 80% leased. Law firms and big names are leasing spaces starting at 20,000 SF or more. The law firm Bradley has expanded from Birmingham, Alabama to the 20-story office tower committing to 37,000 SF on the 10 ^th and 11 ^th floors. ReliaQuest, a billion-dollar cybersecurity firm has settled headquarters into Thousand & One as well, leasing the top seven floors spanning 142,000 SF making them the anchor tenants of the new office building – Tampa’s newest in over a decade. Older buildings such as the Wells Fargo Center (100 Ashley Drive) and the 100 North Tampa building (100 N Tampa St), have seen a loss of tenants with the Wells Fargo Center losing 62,360 SF of occupancy and 100 North Tampa losing 30,186 SF of occupancy in the last 12 months.

The pandemic changed corporate real estate forever – but newer office spaces in Tampa are showing there is still a demand for space when there are amenities to cater to workers. 180,000 SF of office space in Sparkman Wharf is 100% leased. Thousand & One will be 85% leased out if negotiations with three companies for space in the tower come to fruition. With companies adjusting to hybrid workplaces versus fully remote or fully in office, companies can afford to shed office space and pay higher rates for less space in higher quality spaces.

According to the Tampa Bay Business Journals, 75% of office tenants relocated to Water Street’s first phase of office space from within the Tampa Bay Region. The CBD’s office towers are all nearing 30 years in age and need revamping if they want to attract or retain leases.

The pandemic has changed the way many work, with different industries having the ability to adjust to either completely remote work, or hybrid work. Today, there is a much tighter labor market, so employers are very careful when adjusting the requirements for days in the office. Tampa and Saint Petersburg downtown areas have seemingly recovered well from the pandemic and vacancy rates are expected to remain consistent through the remainder of the year with small increases as more office and multi-family spaces become available to the market. Companies that do require employees to be in the office at various times are making their spaces more appealing to the workers with more collaborative space and amenities taking inspiration from the hospitality industry.

Sources: Data Collected from CoStar | Ashley Gurbal Kritzer - TBBJ | Tampa Bay Business Journals

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Phillies ramp up their plans for Clearwater expansion

cliggittvaluation@verizon.net — Mon, 26 Jun 2023 14:05:55 GMT

The Phillies organization is planning a $250 million mixed use complex dubbed “Ballpark Village” located on 13 acres south of the BayCare Ballpark and Carpenter Field Training complex. The Ballpark Village adds onto the team’s planning for a major revamp of the city-owned stadium facilities where they hold their spring training - which has an estimated cost of $320 million.

A company tied to the Phillies purchased the 13 acres located next to the stadium (located off of U.S. 19 & Drew Street) for $22.5 million in November 2022. Mayor Brian Aungst Sr., says the concept that was pitched last Wednesday is a $570 million baseball, residential, and retail complex that would boost tourism and change the baseball experience for both fans and players.

The Phillies, despite providing more detail regarding their ongoing project planning, did not tell city officials how much they will ask the city and Pinellas County to contribute to the project. The Phillies expect to submit an application with further details in August for county bed tax dollars – a 6% tax that is collected on hotel and short-term rental stays.

City and County dollars will go towards stadium and training complex rebuilds, not the mixed-use Ballpark Village. The complex will be one of several projects competing for bed tax dollars, as the Tampa Bay Rays have yet to submit an application for bed tax dollars towards the rebuild of their St. Petersburg Stadium (Tropicana Field), part of the Historic Gas Plant district development project.

Plans for the stadium and retail projects are still conceptual, and consultants will handle negotiations regarding the team’s financial request with the city when the Phillies are ready to discuss in further detail.

Part of the stadium and training complex redesign will accommodate high-tech player development making the ballpark a year-round facility instead of just a spring training base. The training facility would also add rehabilitation pools, and floor scales that track a player’s weight distribution through an entire swing. The current training facility is described as being like a high school weight room.

Fan experience would also change, with 2,000 more seats and a large event center added. A two-story pool has been pitched to be constructed in the right field for use during games, like what the Arizona Diamondbacks have in their stadium. The Phillies also plan to relocate some departments to Clearwater year-round and increase full-time staff and faculty at the stadium from 70 to about 200.

The BayCare Ballpark, where the Phillies hold spring training, has been open since 2004. It seats 7,300 with an additional grass berm seating for an additional 1,500. The Clearwater Threshers also call the ballpark home.

Source: Tampa Bay Times

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Intersection Analysis

cliggittvaluation@verizon.net — Wed, 21 Jun 2023 15:28:47 GMT

West Hillsborough Avenue & North Rome Avenue, Tampa, FL 33603

West Hillsborough Avenue and North Rome Avenue is a prominent intersection located in Tampa, Hillsborough County, Florida. This is a traffic signaled intersection. There are designated pedestrian crosswalks at each corner of the intersection. GPS Coordinates for the intersection are 27.995944, -82.476178. The AADT (Average Annual Daily Traffic) for North Rome Avenue is between 5,000 and 7,800. The AADT for traffic on West Hillsborough Avenue is 54,500. North Rome Avenue traverses in a north-south direction and is a two-lane roadway with designated turn lanes at the intersection. West Hillsborough Avenue traverses in an east-west direction and is a six-lane roadway with designated turn lanes at the intersection.

Northwest Corner

· Property Address – 1701 W Hillsborough Ave, Tampa

· Parcel ID # - A-35-28-18-3H0-000009-00001.0

· Folio # - 104567-0000

· GPS Coordinates: 27.996399, -82.476578

· Land Size – 42,515 SF

· Building Size – 2,400 SF

· Price per SF based on Building Area - $292/SF

· Price per SF based on Land Area - $16/SF

· Most Recent Sale Date – May 2012, $700,000

Located on the northwest corner of the intersection is an Exxon Mobile Gas Station and convenience store. Andy’s Chicken is also a tenant of the convenience store. The convenience store was constructed in 1986, and the property was purchased in May 2012 by Giant Oil Inc. for $700,000. The total land area of the parcel is 42,515 square feet and the total building area is 2,400 square feet.

Northeast Corner

· Property Address – 1539 W Hillsborough Ave, Tampa

· Parcel ID # - A-35-28-18-3GN-000012-00012.0

· Folio # - 103488-0000

· GPS Coordinates: 27.99648, -82.47590

· Land Size – 36,320 SF

· Building Size – 7,215 SF

· Price per SF based on Building Area - $385/SF

· Price per SF based on Land Area - $76/SF

· Most Recent Sale Date – February 2021, $2,775,000

Located on the northeast corner of the intersection is an O’Reilly Auto Parts store. The property was purchased in 2019 for redevelopment for $865,000 for the land. The store was constructed in 2020. The property was sold once improved to 1539 Hillsborough Holdings LLC for the investment sale of O’Reilly Auto Parts for $2,775,000.

Southeast Corner

· Property Address – 1510 W Hillsborough Ave, Tampa

· Parcel ID # - A-02-29-18-3HF-000019-A0000.0

· Folio # - 105630-0000

· GPS Coordinates: 27.995512, -82.475121

· Building Size – 42,533 SF

· Land Size – 175,245 SF / 4.02 AC

· Price per SF based on Building Area – $4.70 per SF

· Price per SF based on Land Area – $1.15 per SF / $50,000 per AC

· Most Recent Sale Date – February 2000, $200,000

Located on the southeast corner of the intersection is Crosswind’s Church. Bethel Assembly of God Inc. has owned the property since February 2000 for $200,000. There was also a recorded transaction for the property prior in 1999, for $205,000. The buildings on the property were constructed in 1967 and 1978. The total land area is 175,245 square feet (4.02 acres), and the buildings total 42,533 square feet.

Southwest Corner

· Property Address – 1704 W Hillsborough Ave, Tampa

· Parcel ID # -A-02-29-18-3HP-000000-A0000.0

· Folio # - 106007-0000

· GPS Coordinates: 27.995360, -82.476821

· Building Size – 14,136 SF

· Land Size – 87,869 SF / 2+ acres

· Price per SF based on Building Area – $403 per SF

· Price per SF based on Land Area – $65 per SF / $2,853,950 per AC

· Most Recent Sales Date – February 2022, $5,707,900

Located on the southwest corner of the intersection is a Walgreens Pharmacy. The pharmacy was constructed in 2001. The most recent recorded transaction in February 2022 was for $5,707,900. The total land area on the parcel is 87,869 square feet (2+ acres). The total building area is 14,316 SF

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**Disclosure: All information has been gathered from public record sources such as the property appraiser and traffic maps. **

City of Clearwater advances with $45 million city hall

cliggittvaluation@verizon.net — Fri, 16 Jun 2023 16:23:12 GMT

Clearwater’s City Council has voted unanimously to begin the design work for a new City Hall that will be built along Myrtle Avenue, south of the Municipal Services building. A site was settled on last year, and a stand-alone option for the building has been chosen.

The cost of the new City Hall is estimated to be around $31.5 million, combined with the renovation of the Municipal Services building next door bringing the total estimated cost to $44.8 million. The city has hired Wannemacher Jensen Architects to cover conceptual planning and design work, for $3 million.

In order for the project to go ahead, the council will need to approve a construction contract at a later date. The concept the city has called for will be a 41,679 SF City Hall with a grassy town square covering the rest of the property to the Pinellas Trail in order to create entrances on both sides.

The parcel for the new City Hall sits directly north of a planned $44.5 million modernized transit center for the Pinellas Suncoast Transit Authority. The City Hall has been proposed to be named after former city manager Bill Horne, who led administration for 20 years, and sadly passed away in August just 3 weeks shy of his planned retirement.

An objected concept was to build a government center that would combine the City Hall and the Municipal Services Building into one new structure, costing $76.2 million. The other objected concept was to make the City Hall an addition to the Municipal Services Building, costing $43.2 million.

The previous City Hall on Osceola Avenue was vacated in 2019 to free up room for downtown waterfront development. Since vacating the old City Hall, meetings are conducted at the Main Library, and five city departments have been working out of sixth-floor office space in the One Clearwater Tower. Demolition of the old City Hall began in December but due to the discovery of asbestos in an interior wall, demolition has not yet been completed. City Council has also approved to increase their demolition contract with Biltmore Construction from $557,693 to $810,237 for the asbestos removal and excavation and disposal of foundation piles.

Source: Tampa Bay Times

Zephyrhills City Council gives first approval to development moratorium

cliggittvaluation@verizon.net — Wed, 14 Jun 2023 19:47:43 GMT

If approved in a final vote in 2 weeks, the City of Zephyrhills will be able to pause new development and annexation applications to allow the officials time to handle future growth. The city is working on increasing their water-use permits, which limits how much water the city uses for existing customers and promises future developments.

The city is currently nearing the maximum water use that is allowed with the existing permit. The city also wants to review impact fees, which is an assessment that is charged to new developments to pay for affects on the city ranging from roads to parks. There will also be a potential limit on housing density, and the city will negotiate with both the county and state for transportation needs.

The moratorium gives just a one-year pause to complete all of this. The current water use permit with the Southwest Florida Water Management District allows Zephyrhills 3.3 million gallons per day, and at times in the past year usage has crept over the 3-million-gallon mark. City Manager Billy Poe has already sought a permit expansion, with projections showing the daily use over the next 20 years would top 4 million.

Zephyrhills has a population of over 17,000 and is Pasco County’s largest city as per the 2020 census. The moratorium will not stop any development applications that have been filed, but those in the early stages will receive warning of approvals being based on available water capacity.

New applications have appeared since the discussion of a moratorium has spread, but none being surprises to city staff. Minor modifications to existing but not-yet built developments will be allowed along with small scale buildings on lots that are an acre or less.

Blue Triton, the operator of the Zephyrhills bottled water plant, is the largest water user in the city, but operations will not affect the current water situation. The water management district has determined that bottled water operations account for less than 1% of the district’s water use.

Source: Tampa Bay Times

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USF Board of Trustee's Approve On-Campus Stadium

cliggittvaluation@verizon.net — Tue, 13 Jun 2023 21:01:41 GMT

The University of South Florida’s board of trustees have authorized a $200 million debt to build an on-campus football stadium that will seat 35,000 just north of practice facilities. The project will cost $340 million total, but the remaining $140 million will come from the following sources:

- $50 million from donations via the schools private fundraising arm, the USF Foundation

- $31 million from the capital improvement trust fund

- $59 million from misc. funds including the sale of broadband equipment and licenses.

No public money or tax dollars were included in the stadium budget. The final cost will not be finalized until next spring/summer, when architects led by design firm Populous and construction company Barton Marlow present a guaranteed maximum price for the project. USF can back out of the contract without penalty if they do not approve of the final maximum price.

Trustee and president of the Faculty Senate Jasinski Schneider voted against the project, raising concerns about the debt service and operations and the pressure that students who play for the team may feel to be successful. She also brought up the concern that the $18 million it will cost to relocate the Intramural fields that sit on the stadium site is not included in the $340 million budget.

The new stadium will be built at Sycamore Fields, which is where the football team originally practiced. USF has pitched the project as a transformational one for the school’s sports programs. The women’s lacrosse team will play at the new stadium and USF has also said it can be used as a concert venue. USF has a lease with Raymond James for five more seasons, but the lease can be ended early as long as 24 months’ notice is given.

USF’s board of Governors must also give approval for the debt insurance to become official. The loan will be issued for 20-years at a projected 5.5% interest rate, with the first three years dedicated solely to covering the interest. USF does recognize that the stadium is a huge financial risk, but it is one they are willing to take on.

Jeff Vinik and the Morsani’s (Frank & Carol) have each donated $5 million toward the project.

Source: Tampa Bay Times | Tampa Bay Business Journal

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Tampa ranks in the top 20 for real estate development in the last decade

cliggittvaluation@verizon.net — Mon, 12 Jun 2023 13:13:12 GMT

A report using data compiled by StorageCafe shows that the Tampa real estate market has undergone significant growth in the last decade, ranking at number 15 for real estate. The study shows just about all sectors of the U.S. real estate landscape going under wholesale evolutions and large expansions. The sunbelt region especially has experienced tremendous growth, and 15 of the top 20 cities with the highest volumes of real estate construction from 2013 to 2022 being in south/southwestern urban hotspots.

Over the last decade, Tampa has issued over 10,000 permits for single-family homes with 2022 being the best year of the study with over 1,200 permits issued. Since 2013, more than 20,000 multi-family units have been added to Tampa’s market and over 10 million square feet of industrial space has been delivered in the last decade as well. Tampa has also added 3.1 million square feet of retail construction, being placed number 17 among the top 100 biggest urban hubs. Tampa has also added 3.7 million square feet of office space.

The south and southwest has seen a boom of real estate development thanks to population growth, lower taxes for businesses, land availability, and major investments to infrastructure all of which the study considers. Houston, Texas landed the number one spot on the list and Columbus, Ohio landed at Number 20.

Dick’s Sporting Goods relocating from Westshore Plaza to International Plaza

cliggittvaluation@verizon.net — Thu, 08 Jun 2023 14:15:47 GMT

Dick’s Sporting Goods will expand their Tampa area presence and relocate from the Westshore Plaza location to International Plaza. Dick’s will take over the Life Time fitness gym space, which will shutter its doors on June 15, relocating to a country club aspect in Harbour Island. Those with memberships will be able to access the gym until June 15 ^th , and then the team will vacate the premises.

The new Life Time Country Club will be located at the site of the old Harbour Island Athletic Club, with renovations happening now and the club opening in phases. A new workout floor, locker rooms and a cycle studio will open in early August. There will also be an outdoor pool, half-sized basketball court, pickleball courts, weight training spaces, bar/lounge area, and more. Memberships begin at $269 for 1 person, $369 for 2, $449 for 3, or $499 for 4 people with an additional $100 per Junior Member. According to Lauren Kish the Studio Manager, the original plan was to keep the International Plaza location open as well as have the Country Club concept, but Dick’s has now taken over the lease for the space.

The new Dick’s location is rumored to be their House of Sports concept – making it the fourth location to take on the concept in the US. House of Sports serves as a hands-on in-store concept with the stores usually featuring a climbing wall, batting cages, golf simulators, and other hands-on activities. A proposed outdoor field is set to span 18,654 SF, requiring demolition of interior space and renovation will begin very soon. Other House of Sport locations are in Knoxville, TN, Rochester, NY, and Minnetonka, MN.

There is currently no plans for what will occupy the space in Westshore Plaza that Dick's currently does. Westshore Plaza was announced for redevelopment before the start of the pandemic, but owners have since filed for bankruptcy. While it was said redevelopment would not be affected by this, no news has been announced since.

Images above show concepts featured at other House of Sport locations.

Plans for the House of Sports concepts have officially been confirmed for the International Plaza location. Renovating the Lifetime Fitness space will cost nearly $9 million, and interior demolition will cost $750,000.

Sources: Tampa Tomorrow | Dick's Sporting Goods | Tampa Tomorrow

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Developer chosen for Historic Tomlinson Building in downtown St. Pete

cliggittvaluation@verizon.net — Wed, 07 Jun 2023 20:40:26 GMT

Back in November, Pinellas County requested proposals for a private-public partnership for the 1.7-acre site of the historic Tomlinson building. Four proposals were submitted at that time ( read about the proposals here ).

Pinellas County has announced that Tomlinson Community Partners will build teacher and staff housing at the site. Superintendent Kevin Hendrick calls the Tomlinson Community Partners proposal innovative and collaborative, saying it aligns with the goals to support housing needs for educators and employees of the Pinellas County Schools.

Tomlinson Community Partners have planned 225 residential units, with 113 being reserved for workforce housing for teachers/district employees. Remaining units will be market rate between $2,156 to $2,771 a month. Floorplans will include studio, one-bedroom, and two-bedroom apartments. Rents for workforce housing will be between $1,263 to $2,160 a month, catering to those who make 90% to 120% of the area median income and work for the school district.

Tomlinson Community Partners is a joint venture between Dantes Partners (DC-based), and the team of Alexander Goshen and Cornerstone Strategic Partners. Notably, Dantes Partners is part of the team selected for redevelopment of the Historic Gas Plant District Site.

Source: TBBJ

New Auburndale Community will cater to car enthusiasts

cliggittvaluation@verizon.net — Tue, 06 Jun 2023 20:14:15 GMT

Along I-4 in Auburndale, a new and unique community is being built. The community, Circuit Florida, will have a private racetrack and 75 on-site high-end condo’s that are soon to be up for sale. Prices of condo units range from $500,000 to nearly $2 million. The 1.7-mile track is the focal point of the community and is professionally designed. The track has 40 feet of elevation and allows car enthusiasts to reach speeds upwards of 150 MPH.

The 75 onsite townhome-style condos will be built within 13 separate condo buildings, some having elevated track or lake views. All units will have conditioned garage space on the first floor and an upstairs living area. Condo’s range from 863 SF to 2,837. Car space will range from 1 to 6 cars on the ground alone, with a life proving car owners the option for more car storage if needed. Condo ownership allows members to store cars onsite, and since the condo units are approved as residential use members can stay overnight. All 13 condo buildings will be located behind a security gate, and overnight manned security is planned.

Condos sold will be fully furnished with 5 floor models and numerous floor plan variations to choose from. Construction is currently underway on the first two-story, townhome style residential condominium buildings with 2 more buildings being started sometime in June. Completion and opening to members of the full Driving Circuit is slated for later this year, most likely sometime in December.

Paving of the Driving Circuit is scheduled for October 30, 2023. The main clubhouse building that includes a member lounge overlooking the track is in the design phase. The total club membership is intended to be low with three levels of membership being available. ESTATE Members will be those who own the 75 on-site luxury condos, CORPORTATE members will be for those leasing onsite commercial & industrial space, and a very limited amount of non-resident members known as LIMITED members will be available as well.

Club members will pay a one-time membership fee of $80,000, with club dues of $800 per month beginning in 2024. The membership fee is partially refundable upon cancellation, and the fee is reduced for secondary or add on owners of a condo. The member clubhouse will have a gym and outdoor pool, rooftop viewing deck, conference & training rooms, member concierge, and more.

Circuit Florida will not host professional racing events, but will occasionally have member-only racing events with all skill levels to be represented from novice to expert.

Source: Circuit Florida

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St. Petersburg Yacht Club announces they will rebuild its downtown facility.

cliggittvaluation@verizon.net — Mon, 05 Jun 2023 15:24:15 GMT

After working with an architectural firm to study remodeling options, the St. Petersburg Yacht Club has announced plans to tear down and rebuild the downtown facility. Between findings from the architect and focus group sessions with members the club has determined that renovating the facility is not feasible.

To help pay for the facility, the club’s capital contribution member charge will rise in the beginning of the 2024-25 fiscal year from $50 to $125 per month. The club plans on raising 50% of the estimated replacement cost prior to beginning construction and will finance the rest of the balance.

The yacht club was built in 1921, and members wanted improvements such as elevator and roof replacements, electric repairs, and a pool and tiki deck replacement. Even if improvements were made the club would not be compliant with FEMA standards (See more on the FEMA 50% rule here), making the desired improvements cost-prohibitive with a remodel.

The Yacht Club is an invite-only membership. 2 clubhouses, a fleet of sailboats, full-service catering, and upscale-casual dining is offered to all members. There are multiple locations included in a membership such as the Pass-a-Grille clubhouse and Snell Island Marina. The downtown St. Petersburg Location is located at 11 Central Avenue, St. Petersburg.

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Tampa Heights YMCA to be redeveloped and serve as anchor for mixed-use project

cliggittvaluation@verizon.net — Thu, 01 Jun 2023 14:29:53 GMT

Ellison Development has submitted a request to the City of Tampa to rezone an assemblage of 6.2 acres along North Florida Avenue to make way for a 1.25 million square-foot mixed-use development. The development be anchored by a new Central City YMCA.

Ellison Development and the Tampa Metropolitan YMCA hope to develop the following on the property:

- 110,000 SF YMCA Facility, that will have a rooftop pool.

- A 200-key luxury lifestyle hotel

- 447 multi-family units, with a minimum of 10% dedicated to affordable housing.

- 184,000 SF of office space

- 100,000 SF of retail space, with portions being dedicated to small & minority-owned businesses.

- 1.444 parking spaces

- 20,000 SF of greenspace

The new YMCA would be built across North Florida Avenue, from the current facility. Ellison hopes to break ground on the new YMCA in summer 2024 with a completion for 2026. The existing Tampa Heights YMCA will not close until the new facility opens, and the entire development has a five-year completion timeline. The new YMCA facility would double the size of the existing one.

A skybridge will connect the new YMCA to the Tampa Metropolitan Area YMCA’s corporate offices and parking, going over North Florida Avenue. Parcels located south of East Palm Avenue will have a 15-story office building, and a 23-story tower with hotel rooms and multifamily units, rising along North Florida Avenue south of East Oak Avenue.

The Standard Oil Building will be preserved, and the YMCA will provide a 10-foot easement along East Palm Avenue, giving way for a potential streetcar expansion. The rezoning request is expected to be heard before Tampa City Council by November. The project will mark Tampa-based Ellison Development’s hometown debut. Casey Ellison, principal, is also CEO of Ellison Construction which holds several Tampa developments in its portfolio including the Oxford Exchange, Hotel Haya, Stovall House, and Armature Works.

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North Greenwood CRA approved in Pinellas County

cliggittvaluation@verizon.net — Wed, 31 May 2023 16:37:29 GMT

The North Greenwood Community Redevelopment Area plan has been approved by Pinellas County after years of gathering input from the public and planning. The CRA plan is designed to bring an uptick of new private and public investments to the Clearwater neighborhood. With the greenlight given, officials will formally establish the North Greenwood CRA, a residential and commercial area that is located north of Clearwater’s downtown.

The establishment of a redevelopment trust fund will also be done, with an estimated collection of $30 million over a 20-year period through tax increment financing (TIF) contribution rates from the county. North Greenwood has a population of 6,619 residents with 50% of the area consisting of residential uses, and there are several commercial corridors and areas with light industrial use.

The North Greenwood CRA spans 840 acres, and several schools will be in the CRA boundary. The Pinellas Trail also runs through the CRA. The area can use TIF funding to go towards mobility and transit improvements as well as housing and economic development projects since it is now a CRA. The county’s TIF contribution rate is set at 95%. After 10 years, the CRA performance will be assessed and commissioners will receive recommendations from the county to determine if TIF contributions should be adjusted or ended.

Recommended TIF Expenditures over a 20-year period are:

- $13 million for affordable housing

- $9.5 million for economic development

- $4 million for CRA administration

- $2 million for mobility improvements

$47,000 will be contributed to the redevelopment trust fund for the fiscal year 2024, which may change based on tax roll assessments in the area. Commissioners' approval of the ordinance and resolution were met with applause.

Source: St. Pete Catalyst

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Pinellas County Appraisal & Valuation Services

Intersection Analysis

cliggittvaluation@verizon.net — Wed, 24 May 2023 13:35:35 GMT

Intersection: West Hillsborough Avenue & North Lois Avenue, Tampa, FL 33603

West Hillsborough Avenue and North Lois Avenue is a prominent intersection located in Tampa, Hillsborough County, Florida. This is a traffic signaled intersection. There are designated pedestrian crosswalks at each corner of the intersection. GPS Coordinates for the intersection are 27.996144, -82.513440. The AADT (Annual Average Daily Traffic) for North Lois Avenue at the intersection is 5,200. The AADT for West Hillsborough Avenue at this intersection is 66,500. North Lois Avenue traverses in a north-south direction and is a two-lane roadway with designated turn lanes at the intersection. West Hillsborough Avenue is a six-lane roadway with designated turn lanes at the intersection.

Northwest Corner

· Address - 4201 W Hillsborough Ave, Tampa

· Parcel ID # - A-33-28-18-ZZZ-000005-39760.0

· Folio # - 102824-0000

· GPS Coordinates: 27.99663, -82.51397

· Land Size – 32,625 SF

· Building Size – 3,126 SF

· Most Recent Sale – January 2007, $2,115,000.

· Price per SF based on Building Area – $676/SF

· Price per SF based on Land Area - $65/SF

Located at the northwest corner of the intersection is Zaxby’s. The property was purchased in 2007 for $2,115,000. Zaxby’s was constructed in 2005. The total land area is 32,625 square feet, and the total building area is 3,126 square feet.

Northeast Corner

· Property Address – 4141 W Hillsborough Ave, Tampa

· Parcel ID # - A-33-28-18-ZZZ-000005-40280.0

· Folio # - 102886-0000

· GPS Coordinates: 27.99680, -82.51286

· Land Size – 77,212 SF

· Building Size – 14,656 SF

· Most Recent Sale – August 2022, $6,590,900

· Price per SF based on Building Area – $449/SF

. Price per SF based on Land Area - $85/SF

A Walgreens Pharmacy is located on the northeast corner of the intersection. The drugstore was constructed in 2001 and the most recent transaction was in August 2022 for $6,590,900. The total amount of land included with property is 77,212 square feet and the total amount of building area is 14,656 square feet.

Southeast Corner

· Property Address – 4150 W Hillsborough Ave, Tampa

· Parcel ID # - A-04-29-18-ZZZ-000005-45140.0

· Folio # - 107606-1000

· GPS Coordinates: 27.995556, -82.512894

· Land Size – 78,843 SF

· Price per SF based on Building Area – 5,198 SF

· Most Recent Sale – December 2019, $1,750,000

· Price per SF based on Land Area - $22/SF

Located on the southeast corner of the intersection is a Circle K Gas Station and convenience store. The property was purchased in December 2019 for $1,750,000. The previous convenience store on the property was demolished and a new convenience store was constructed in 2021.

Southwest Corner

· Property Address – 4340 W Hillsborough Ave, Tampa

· Parcel ID # - A-04-29-18-ZZZ-000005-45110.0

· Folio # - 107605-0000

· GPS Coordinates: 27.995556, -82.514183

· Land Size – 86,684.60 SF

· Building Size – 17,740 SF

· Most Recent Sale – August 2006, $2,600,000

· Price per SF based on Building Area – $146/SF

. Price per SF based on Land Area - $30/SF

L ocated on the southwest corner of the intersection is Century Kia of Tampa. The property was last purchased in August 2006 by Century Isuzu Inc. At the time of purchase, the land was improved. The automotive showroom on the property was constructed in 2007, a year after the purchase of the property. The amount of land included with the property totals 86,684 square feet, and the building amounts to 17,740 square feet.

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**Disclosure: All information has been gathered from public record sources such as the property appraiser and traffic maps. **

USF's on-campus stadium gets committee approval

cliggittvaluation@verizon.net — Tue, 23 May 2023 17:23:27 GMT

A proposed $340 million on-campus stadium at USF has just received unanimous approval from the board of trustee’s finance committee. This is the first step towards approval, with full approval needed by the entire board at its June 13 ^th meeting. Eventually, it will have to be approved by the state university system’s board of governors.

The plan outlies the university spending $140 million directly on the stadium, including $50 million in donations from the USF foundation, $31 million from the capital improvement trust fund, and another $59 million from the sale/expected sale of broadband equipment/licenses.

The Bulls plan to borrow the remaining $200 million needed over 20 years, with an estimated taxable fixed interest rate of 5.5%. USF will plan to service the debt at around $17.8 million annually. This will happen through revenue made by the stadium through football, women’s lacrosse, and other events the stadium can be used or. Athletics money such as conference payout and bowl game revenue will be included in the lien. No state funds or tax dollars are included in the plan.

CFO Richard Sobieray says some finances are tied to the success of the team. According to Sobieray, USF has built contingencies to ensure numbers work and risk is minimized. There has been a lot of concern about the school investing so much in athletics. USF has made strong improvements to its academics, in part by securing more funding from lawmakers in Tallahassee.

The $340 million estimated price tag is tentative, and a final cost will not be known until the design team finalizes a guaranteed maximum price. This number is expected by spring or summer of 2024. The design-build agreement states USF may back out of the deal without penalty if a final cost cannot be agreed on. USF has identified a capacity location of 35,000, just north of the practice facilities. They also have a timeline for opening in the 2026 season.

The board has allocated a maximum of $22 million for the design phase led by group Populous and Barton Malow. The group has recently moved into designs from the information gathering stage. The current site of the future stadium holds recreational fields that will have to be moved. The fields will be moved to research areas of the campus for 7-10 years.

Consulting group Conventions, Sports & Leisure International has estimated USF will make $7.6 million from ticket sales during the first year, with an additional $8.4 million in donations in exchange for priority/premium seating. Expected income from parking/concessions is estimated at $700,000 and $250,000 annually is estimated for non-game day events. Another $2.5 million will be made from naming rights. USF currently makes no revenue from those categories at Raymond James Stadium, which they plan on relocating from in 2006.

The consulting group assumes an average attendance of 31,130 to conclude those values. New on-campus stadiums typically see a 17% increase in attendance compared to their old venue. If applying this math to USF’s average attendance now (20,000 scanned tickets per game), attendance will be closer to 24,0000.

If the board approves the proposal on June 13 ^th , construction on the stadium could begin as soon as October.

Source: Matt Baker, Tampa Bay Times

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St. Petersburg receives unsolicited offer for city owned lot, once eyed by Moffitt Cancer Center

cliggittvaluation@verizon.net — Thu, 18 May 2023 17:34:07 GMT

City-owned land currently used as a parking lot in St. Petersburg has received another unsolicited proposal for development. The site, 800 1 ^st Ave South, has been previously considered for a Moffitt Cancer Center satellite campus. Property Markets Group (PMG) and Feldman Equities have offered the city $8 million for the block and are interested in creating affordable and market-rate housing, offices, and retail.

The site has lured unsolicited bits before, including the Moffitt proposal. Moffitt proposed an out-patient treatment center, hotel, and residential tower but Mayor Ken Welch vetoed the bid for not having enough affordable housing.

PGM and Feldman have proposed a six-story affordable apartment building that will have 111 units as a part of the development’s first phase. The units would be restricted to those earning 80% or below of the area’s median income. The group would then transfer ownership of the building to the city so the units will stay affordable indefinitely. The city would take on mortgage, upkeep, and all other obligations towards the building going forward. Transfer of ownership would happen upon closing on the land for phase two of development which includes market-rate residences and an office tower.

Feldman says the affordable housing project could take two years of construction once the project receives financing. The mortgage amount is still unknown. Next to the six-story apartment building, a 29-story market rate apartment building with 259 units, and an 11-sotry office building will 110,000 square feet would be built. The group is open to increasing office space, and a medical office is viable for the site location.

A parking garage will be available for public use, and 14,000 SF of ground floor retail is included in the proposal. PGM & Feldman seek to split the city-owned lot, which continues onto the south of Second Avenue S.

Third Lake Partners purchased the neighboring lot at 800 Second Avenue S from United Insurance Holdings in November for 10.5 million. The group has also recently submitted an unsolicited bid to the city for the lot at 800 First Avenue S. The bids do not compete which one another, and neither group has spoken to the other. The lot borders the Historic Gas Plant District. PGM led the affordable housing component of Sugar Hill Community Partners unsuccessful proposal to redevelop the district.

Source: Tampa Bay Times

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Notable Tampa Real Estate Development: Darryl Shaw

cliggittvaluation@verizon.net — Wed, 17 May 2023 19:25:30 GMT

Darryl Shaw is perhaps one of the most influential names in the Tampa Bay area currently. The 57-year-old, who co-founded BluePearl has spent the better part of the last decade compiling an impressive real estate portfolio of Ybor property along with his business partners. Shaw is described as polite, knowledgeable, yet reserved by those who have met him. Shaw has become a more recognizable name in the real estate world, and his portfolio has caught the eye of the Tampa Bay Rays, who have expressed interest in two properties that Shaw has an ownership stake in.

Shaw amassed a fortune in the veterinary world and is risking the bulk of that to invest in Ybor’s future. Shaw, who was born in suburban Johannesburg, spent the first eight years of his life under apartheid in South Africa. Apartheid was segregation that was used to oppress the majority nonwhite population. When Shaw looks at Ybor, he talks about the historical tight-knit community of Italians, Spaniards, and Cubans who walked to work in the cigar factories generations ago.

Now Shaw is embarking on a journey to bring Ybor City to the modern era, while remaining mindful and paying homage to the historical cultural roots that are embedded in the streets.

The project that will define Shaw and is one of the largest in recent years for the Tampa area is Gas Worx, a mixed-use development on 50 acres between Ybor City and Downtown Tampa. The project will bring nearly 5,000 residential units – including affordable housing. Office & Retail space will also define the project for years to come. Gas Worx is a partnership between Shaw and DC-based Kettler. Specifics on the development can be found here.

Even though Shaw is making a huge impact on the Tampa area for generations to come with the development of Gas Worx, he doesn't court the press. When it comes to the complexity and amount of development Shaw is completing, many are quick to compare him to Tampa Bay Lightning owner & Water Street developer Jeff Vinik. However, Vinik is noticeably more outgoing, with lots of fanfare around the work he does. Shaw on the other hand, deliberately goes under the news radar according to his associates. Tampa Mayor Jane Castor says Shaw sets himself apart from other developers for this reason. Mayor Castor describes Shaw as shy and reserved, and very thoughtful in what he says and does.

Regardless of being a more modest mannered developer, Shaw does not shy away from risks. While Shaw has been stepping up his public presence with larger roles in Ybor civic organizations, he remains somewhat of a mystery to Tampa’s business & real estate communities. Since 2014, Shaw and his partners have spent more than $110 million on property in and around Ybor. Gas Worx alone is an assembly of separate parcels that are made up of much of what used to be the Tampa Park Apartments. When complete in the next decade, Gas Worx could be the final piece of connectivity for bringing the Ybor and Downtown Tampa communities together. A mix of residential, entertainment and work options will wrap downtown, and connect Ybor to Armature works to the west, and the Channel District and Riverwalk. Vinik and Shaw know one another, and exchange ideas and have what Shaw considers to be a good relationship.

Vinik described Gas Worx as the latest example for Tampa Bay to become a national magnet for young professionals who want an urban green space to live near work, and with an abundance of entertainment options close by.

Shaw is not shy about the importance of building personal relationships in business either. Shaw has worked to form relationships with key players in Ybor’s real estate such as the Capitano family, and Jacob Buchman – people who have had generations of family history in the historic neighborhood of Ybor.

Buchman sold Shaw his first building in Ybor, in 1988. Now 77, Buchman looks back at Shaw and admires him. The building that Shaw bought collapsed in the streets just months after being purchased. Buchman never received a phone call, and Shaw never said anything to him about it. When coming back to the real estate market in Ybor, Shaw looked Buchman up. He introduced Shaw to the Capitanos – owners of Radiant Oil and major landowners in Ybor City.

Shaw has listened to the stories of those who have lived in Ybor, and whose families have been there for generations. He describes Ybor as a tight-knit walkable community. His inspiration or Gas Worx, Chicago’s Fulton Street Market is an example of a historic neighborhood that’s been reinvented for the 21st century.

Gas Worx phase one broke ground in March, with work beginning on the first apartments that will be available starting in 2024. As well as Gas Worx, Shaw has recently unveiled plans to redevelop the Ybor Channel and began purchasing the first parcels in late 2022. He has also pitched Collaborative Werx ( read specifics here )– a nod to Gas Worx that plans to provide fully integrated office space designed for the defense industry.

With Shaw making big moves with more expansive and expensive developments, some of his work has gone under the radar. Ybor’s historic Seventh Avenue – known for its nightlife is also undergoing a transformation to attract more daytime visitors. Richard Gonzmart, owner of The Columbia Restaurant – an anchor of Ybor and Seventh Avenue since opening its doors in 1905, has been planning a Sicilian Market in Ybor since 2016. Freshly baked bread and fresh brewed coffee will fill the air with aromas to attract patrons and is exactly what Shaw envisions for the rebirth of Ybor’s historic district.

Shaw has restored the façade of a building on the 1500 block that once held a tattoo shop and is now leasing the space to a new concept called Cheeseology. The store will hold cheesemaking classes and sell charcuterie items. A concept that is notably different from Seventh Avenue’s bars and nightclubs. Centro Ybor – on 8 ^th Avenue promises 10 rooms - a food and retail hub will soon open.

Shaw has owned the former site of La Tropicana Café since 2016, and the café closed its doors during the peak of COVID-19 and has sat vacant since then. Shaw hopes to bring the right mix of tenants to the historic storefronts he owns. DC-based Of Place, a placemaking and development consulting firm also involved with Water Street has been hired by Shaw to help him achieve the mix of tenants that will attract more visitors to Ybor.

Shaw has filled gaps between Ybor’s historic district and the mixed-use Ybor Channel and Gas Worx with smaller projects such as Pete’s Bagels – a café that opened on East Fourth Avenue in March. Connected to Pete’s Bagels is a dog park that Shaw opened under his non-profit Friends of Ybor. Shaw is also a partner in a townhome project that Alliant Partners and ELK Development are building on 17 ^th Street and 16 ^th Street. Ybor currently has 3,000 residents and Shaw wants that number to nearly triple to 10,000.

Shaw has been busy with leasing spaces he owns as well. The Tampa Pickeball Crew signed a lease in March for one of Shaw’s warehouses to open and operate indoor pickleball courts. A Gold’s Gym Franchisee also signed a lease for a Shaw-owned warehouse on North 12 ^th Street.

While Pete’s Bagels, Cheeseology, and Pickleball courts are small businesses, millions of dollars away from Shaw’s investment in Gas Worx and the Ybor Harbor, they do the job when it comes to drawing people into Ybor. Shaw notices already that Ybor is becoming a new neighborhood with residents out for early morning jogs, and women feeling safe to walk alone – something that hasn’t always been the case for Ybor.

Shaw is undertaking a strategy of addition when it comes to revamping Ybor. If concepts such as Cheeseology can survive on 7 ^th Avenue, known widely for its vibrant night life with bars and clubs, then a new light may shine on the city’s busiest nightlife district.

In addition to Shaw’s impressive real estate portfolio, it has recently been announced that Shaw and his friends David Laxer (Bern’s Steakhouse Owner), and Jeff Fox (Former BluePearl Chief Information Officer) will bring a women’s soccer team to the Tampa Bay Area.

Shaw, Laxer, and Fox will co-own the USL Super League Tampa Bay Team. The USL team comes after an expansion of the National Women’s Soccer League to Tampa Bay was denied.

Tampa based USL will introduce the Super League to markets around the United States, with teams in Dallas, Charlotte, Lexington, Spokane, and Washington D.C. The name for the Tampa team has not yet been announced. The league wants its clubs to play in soccer-only stadiums and will add teams in Jacksonville, FL, Madison, WI, and Oakland, CA pending completion of soccer stadiums.

Shaw, Laxer, and Fox have played soccer together for years and Laxer previously owned the Tampa Bay Rowdies. Shaw had even once dreamed of playing professionally. A franchise fee for the team has not been disclosed, but Shaw does not expect that owning the team will be necessarily profitable. He has described the endeavor as a “passion project”, with finances in the early days to not be too favorable.

The team does not have a stadium yet, and the owners are looking for a temporary space with a goal of building a stadium that includes office space for team personnel. Shaw has assembled dozens of properties in the Ybor City area and would prefer to build a stadium there. The league requires a minimum of 5,000 seats which Shaw finds ideal for the area.

The USL Super League hopes to become a first-division professional women’s soccer league, joining the NWSL in the top level under U.S. Soccer’s sanctioning system.

Shaw is proving to be a force to be reckoned with, and with Gas Worx only recently breaking ground on phase one , it can be certain Shaw will remain in the spotlight for his work for years to come.

Sources : Tampa Bay Times | Tampa Bay Business Journal | Creative Loafing Tampa Bay | TBBJ

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St. Pete's first Topgolf to open next month

cliggittvaluation@verizon.net — Wed, 17 May 2023 17:51:35 GMT

Located at 220 Carillon Parkway , St. Petersburg will see their first Topgolf complex open next month, with a scheduled opening date of June 30 ^th . Topgolf has also kicked off their recruiting process and looks to fill over 500 positions at the 67,000 SF facility. Positions include servers, bartenders, cooks, assistant facilities manager, maintenance, and office administration positions.

The driving range will have 102 climate-controlled hitting bays, where platers can reserve a bay by the hour and hold up to 6 people per bay. There is also a full-service restaurant and bar for guests to have food and drinks delivered directly to their bays.

The St. Pete Topgolf location was originally approved by the city in November 2019, with an expected opening date in 2020.

Construction delays on the facility were largely due to opposition in Carillon since the development is across the street from residential neighborhoods.

The project is estimated to cost over $13.5 million and is the second Topgolf located in the St. Petersburg-Tampa metro area. Officials had previously said that the new location will be different from the Brandon location, having a focus on family-friendly activities and improvements to lighting and sound systems to minimize impacts to surrounding neighborhoods. Projections show that the facility will cater to 450,000 guests annually.

Topgolf will be open Sunday through Thursday from 10am to 12pm, and Friday through Saturday from 9am to 1am.

Source: St. Pete Catalyst

Tampa City Council blocks condo tower development on Bayshore Synagogue Property

cliggittvaluation@verizon.net — Mon, 15 May 2023 15:08:06 GMT

Miami-based Related Group were denied a rezoning request to construct a 50-unit condo tower on a Bayshore site that homes Congregation Rodeph Sholom’s preschool. Lloyd Stern, synagogue president voiced disappointment in the decision stating “The development of a portion of our land would have ensured Rodeph Sholom’s continued presence on Bayshore Boulevard for many generations to come. We will continue to explore our options moving forward.”

Councilwoman Lynn Hurtak moved to reject the request, stating that Related had not met burden of proof to move forward with the rezoning request, and the condo tower is not compatible with the surrounding neighborhood. However, the Hillsborough County City-County planning Commission staff did find the project to be consistent with the Tampa comprehensive plan.

The proposed tower site is under a half mile from multiple luxury condo buildings that are under construction or have been built within the last 5 years. Within walking distance to the synagogue property is the Ritz Carlton Residences, Aquatica on Bayshore, Altura Bayshore, and The Sanctuary at Alexandra Place.

Opposition to the tower has come from the neighboring Tampa Garden Club. Supporters of the club have turned out to rally against the tower, saying the development would negatively affect the club’s event and wedding space.

Councilman Louis Vera, spoke against the rezoning due to the extent of waivers. Previously, the application had approved two waivers, and five new waiver requests. These included the removal of three grand oak trees. Eric Fordin, the Senior VP of Related, told council members he was willing to relocate the grand oaks and the removal was to create a new access point for the synagogue.

Related considers the Tampa market their second largest outside of Miami. They are the master developer of Rome Yard, a city-owned property located outside of downtown Tampa. Groundbreaking of the district is planned by the end of 2023.

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Orlando Magic co-founder pitches $1 billion of public funding for a MLB Stadium in Orlando.

cliggittvaluation@verizon.net — Tue, 09 May 2023 19:14:46 GMT

Pat Williams, co-founder of NBL Team the Orlando Magic, has pitched a $1.7 billion MLB Stadium that he says could be the future home for the Tampa Bay Rays. The proposal includes a ballpark with a capacity of around 45,000 seats, on a 35-acre county owned plot at International Drive.

The development also proposes retail shops, restaurants, office space, three hotel towers, as well as a separate convention center that can accommodate up to 10,000 people. The proposal is betting on luring some of the millions of tourists to a baseball game while they’re in town.

Williams told the Tampa Bay Business Journal “[The Orlando site] is right next to all the central highways, it’s a perfect spot for a ballpark. We feel good about it. It’s not in downtown Orlando but it’s a 15-minute drive depending on traffic. Six miles from Disney, six miles from Universal. We’re very bullish on these 80 million tourists that will come through here this year. And by the time we might start playing say in 2028, we're probably going to be at 100 million tourists. If we can draw 2% of those to a ballgame, that's 2 million in a season. We feel like we can get to 3 million.”

William submitted a request for public funding on April 26, stating that Orange County should contribute $975 million in tourist development taxes to pay off the debt from a 30-year municipal bond. The county would own the land, and otherwise would not have to contribute additional money for stadium operations. Construction would then start in 2025.

The Tampa Bay Rays are currently in negotiation with the City of St. Petersburg and Pinellas County to use public money for a new stadium at the Tropicana Field site. They have a lease that ends after the 2027 season. The ballpark in St. Pete is just a piece of the broader mixed-use development dubbed the gas plant district – which Mayor Ken Welch (St. Petersburg) selected the Rays & Hines development team to redevelop the 86-acres of land.

A funding plan for the $1.2 billion St. Petersburg ballpark has not yet been finalized, and Ray’s team president Brian Auld has publicly stated that the Rays have not yet committed to the city of St. Petersburg. Renderings and rumors for a waterfront Tampa ballpark circulated the internet last year, but updated plans for that site (see here) do not include a stadium.

While Williams is happy to bring the Rays to Orlando, he has said he is more focused on bringing an expansion team to Orlando – called the Orlando Dreamers. MLB Commissioner Rob Manfred has stated the league would like to expand as soon as the Tampa Bay Rays and Oakland Athletics find new homes. Williams wants Orlando to fill one of the two available expansion slots, but several other cities are hoping for the same. The Orlando Dreamers website says the team may not be called The Dreamers in the end, but have taken the name in the meantime while following the dream of expanding MLB to Orlando. The team could either be an existing MLB team moving to Orlando, or an entirely new one. Williams simply wants MLB to exist in the Orlando region.

The project could create approximately 20,000 permanent jobs and generate an estimated $1.16 billion in annual economic impact for Orange County. The Citizen Advisory Task Force will review the Orlando Dreamers’ application and they are expected to provide recommendations to the Board of County Commissioners in July.

Sources: Business Journals | Yahoo News | Orlando Dreamers

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Former site of “Little Leon” being evaluated by Rocca owners for new concept

cliggittvaluation@verizon.net — Mon, 08 May 2023 21:03:03 GMT

The owners of Rocca, one of Tampa’s most celebrated restaurants, are evaluating the site of the former Little Leon restaurant, which they purchased for $1.15 million back in January. The building, located at 3636 Henderson Blvd ., is 2,150 square feet and was built back in 1951.

Rocca’s chefs have ideas for new concepts, according to partner Jack Murray III, and the building is being evaluated to see what would be possible at the location. The concept in mind would be a sit-down, dine-in and architects are working to determine seating amounts at the location.

Little Leon served salads, grain bowls, and homemade dressings and remained open for 2 years, peaking during COVID. The location shut down in December 2022.

Rocca, an elevated Italian eatery, changes their menu seasonally and is among Tampa’s most celebrated restaurants having just received a Bib Gourmand award from the Michelin Guide. They are best known for their tableside mozzarella and homemade pasta.

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Colorado Contractor selected by Tampa International Airport for new terminal

cliggittvaluation@verizon.net — Thu, 04 May 2023 17:47:22 GMT

The Hillsborough County Aviation Authority unanimously approved Colorado-based Hensel Phelps Construction Co. to lead the design and construction of Airside D – the first new terminal for Tampa International Airport in nearly 20 years.

Airside D will be three stories with 16 gates. The terminal will follow the hub-and-spoke design of TPA’s other terminals and will need a people mover system as well as a security and screening facility. Any checked baggage will be dropped at ticket counters located at the airport’s entrance before being shuttled to the airside for screening.

Airside D comes at a projected cost of $790 million, with a completion date set for 2027. The board expects to see an exact contract in August which will provide more specific and concrete details. VP of Planning and Development, Jeff Siddle, also mentioned Hensel Phelps will change the renderings that have been released to this point.

Hensel Phelps led construction of Orlando International Airport’s Terminal C, a 15-gate $2.8 billion project, which now hosts the new Brightline train station. They are one of the largest general contractors in the country, with 2022 revenue sitting at $5.5 billion. The Tampa Airside D, part of the airport’s master plan, will be funded by federal and state dollars as well as airport-backed bonds.

Sources : Tampa Bay Business Journal | YouTube

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Tampa Theatre to undergo $21 million renovation

cliggittvaluation@verizon.net — Tue, 02 May 2023 19:26:56 GMT

When Tampa Theatre opened in 1926, it was considered ahead of its time. The theatre ceiling simulated the night sky with glowing stars, and a light machine that imitated a moving cloud. The lobby and theatre that seated 1,400 also cooled with the newly invented air conditioning, or what newspapers then referred to as “manmade air”.

The Tampa Theatre today still operates as a movie house and concert venue, while maintaining the original décor inside and outside. Now, a planned three-year renovation costing $21 million will preserve the historic look while welcoming a new era at the theatre, with the addition of a second screen and third-floor event space.

Tampa’s Community Redevelopment Agency approved $14 million for the project, and the rest of the costs will be raised through a fundraising effort – the Second Century Campaign. A new 43-seat theatre will be in the neighboring 1,200 SF storefront that the City of Tampa has owned for over a decade. Tampa Theatre hired Boston Light & Sound to construct the new theatre, a company that Tampa Theatre President/CEO dubs the “Best in the world”.

Bell describes his vision for the new theatre as a microcinema, showing the same mix of movies the main theatre does, while also providing options for local film makers who do not have a need for 1,400 seats. The main theatre will also undergo reservations, with the famed ceiling being repainted, the famed stars’ bulbs being replaced with a fiber optic lighting system, and the non-functional cloud machine will be fixed.

Another important aspect of renovations will be making the building ADA-accessible. While much of the theatre is ADA accessible, the stage for the main theatre is not. Construction will add stage chairs that can collapse into a ramp at the push of a button. A new elevator will also make the third floor ADA-accessible.

The third floor has been nicknamed the Tampa Theatre Graveyard, as the theatre stores the buildings historic items in the 2,200 SF space. By 2026, the third story will become an event space just in time for the 100 ^th anniversary of Tampa Theatre.

Source: Tampa Bay Times

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Another Indoor Pickleball Court Planned for Pinellas County

cliggittvaluation@verizon.net — Thu, 27 Apr 2023 13:29:31 GMT

The Pickleball Club to open a Pinellas Park Location

Sarasota-based company, The Pickleball Club, develops and operates membership based indoor pickleball clubs throughout Florida and has announced a new location in Pinellas Park. The company is currently under contract for an 8.07-acre site in the Gateway Centre Business Park – expecting to close on the deal for $1.75 million in December 2023. The land purchase will mark the company’s 7 ^th location.

The facility is slated to open in early 2025. The facility will be 40,000 square feet and will offer members 16 indoor pickleball courts, an outdoor activity area, players’ lounge mezzanine, a pro shop, and a café. Brian McCarthy, founder, and CEO says the concept gives members an upscale country club atmosphere to enjoy the sport year-round regardless of weather outside.

A variety of training programs are available for members as well as individual instruction, clinics, and a four-stage development curriculum. Members can also join tournaments and leagues. Weekly leagues are open all year for all skill levels running in 10-week sessions.

Pricing is not available for the Pinellas Park location, however if the pricing is like the Lakewood Ranch location, members can expect fees of around $1,000 to join, $100 monthly dues, and additional fees for perks. The Lakewood Ranch location is expected to open this month and thousands are on the waiting list despite the club doing little marketing.

McCarthy spoke with Forbes in September explaining that they cannot accommodate the demand and that they expect to have just over 1,000 active members at a time. Hours for the Lakewood Ranch location are from 6am to 11pm to allow members a wide range of times and opportunity to play.

The Pinellas Park location will be the first in the Tampa Bay area. Other locations are available in Port St. Lucie (currently under construction), Lakewood Ranch, Bonita Springs, Fort Meyers, the Villages, and Venice. The club also plans on adding 15 more private clubs over Florida thanks to $180 million raised from investors.

Renderings of the Lakewood Ranch Location. An Aerial taken from the Property Appraiser shows the parcel the club is planned for.

Source: St. Pete Rising

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Gold's Gym Signs Lease for Gas Worx Warehouse

cliggittvaluation@verizon.net — Tue, 25 Apr 2023 15:04:13 GMT

Tampa entrepreneur Kimberlee Curtis is bringing Gold’s Gym to the Tampa Bay area. A year ago, Kimberlee was having lunch with her business partners when a discussion about how fast Tampa is growing sparked conversation about the need for another strength training gym in the area, specifically a Gold’s Gym. A week later, Kimberlee and her partners were on the phone with Gold’s to discuss becoming a franchisee. Within a few months, they signed on to own development rights to open several Gold’s Gym franchises in the Tampa/St. Pete/Sarasota Market. Multiple clubs are planned to open in the region over the next several years, with the first finding its home in the heart of the Gas Worx development in Downtown Tampa.

Gold’s will lease a 25,000 SF triangle-shaped warehouse at 802 N 12 ^th Street , directly south of Four Green Fields. Darryl Shaw, the developer behind Gas Worx has owned the warehouse since 2016, and this is the second fitness concept Shaw has brought to the Ybor City area just this year, with Tampa Pickleball Crew signing a lease with Shaw earlier this year to open a covered pickleball facility in a warehouse located along East Second Avenue.

In a statement, Curtis said “The Gold's Gym brand embodies everything fitness enthusiasts and I love about strength training. Opening the first-ever Gold's Gym in downtown Tampa will create a positive and supportive environment where members can achieve their goals, motivate one another, and make new friends while building a real sense of community." The building is undergoing renovations to bring a state-of-the-art strength training gym with indoor & outdoor training spaces, such as the Venice Beach flagship location. Curtis is involved in the Tampa area, and looks to bring an upgraded membership option that includes private lounge/co-working space, luxury locker rooms, a pro shop, smoothie bar, posing studio, and specialty equipment rooms for members use.

The Gas Worx location has a planned opening for Fall 2023, with a grand opening date to be announced as fall gets closer. Updates will be provided over time through the gym's Instagram page which can be found here: @goldsgymtampa.gasworx

Sources: Tampa Bay Business Journals | The Patch | Kimberlee Curtis

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Voter-Approved Clearwater Bluff Project Developer Seeks to Scale Back Project

cliggittvaluation@verizon.net — Wed, 19 Apr 2023 21:19:57 GMT

Back in November, Clearwater voters passed a referendum allowing the city to sell two bluff parcels to developer. Approximately 600 apartments and a hotel bordering the $84 million renovation of the downtown waterfront was promised by developers. If you need a refresher on the project, check out our blog here . The project was framed as a once-in-a-generation chance for Clearwater to give its downtown a revamp, something it has lacked in compared to St. Petersburg and Tampa.

Less than two weeks before the deadline to purchase the land, developers The DeNunzio Group and Gotham Organization are asking to scale back the apartment project, hinting that other aspects of the project will be in jeopardy if denied. Developers are seeking to eliminate a second residential tower, and scale back the total number of units to just 400 in one building. Developers are also proposing a new payment schedule to the City as well. Instead of paying $15.4 million by the December 24, 2024 deadline developers would like to reduce the price to $7.6 million paid no later then 5 years after closing, or for the city to convey the property and retain a zero-interest mortgage for developers to pay the $15.4 million in a lump sum 10 years after closing.

DeNunzio and Gotham were chosen out of three bidders for the project, but the team and to wait to begin due diligence on the sites until the referendum passed in November. With drastic changes to the economy, obtaining funding for the project is now more difficult. Interest rates have shot from 1.5% to 5% , increasing borrowing costs, Insurance in Florida has also skyrocketed - pushing annual estimates to operate the development from $500,000 to $900,000. It was previously estimated the cost to build each unit would be $583,000 but that has now jumped to $649,000 per unit.

Gotham and DeNunzio still want to develop the bluff parcels but it will require compromise with the city to do so. Matthew Picket of Gotham told the Tampa Bay Times, that they don't want to set themselves or the city up for failure. Knowing what is financially feasible and what is not, they will lay out terms for the city and if an agreement can be made they feel confident in moving forward. Proposed changes will be discussed at the City Council meeting this Thursday (April 20th), and if the council agrees to Gotham's request, changes will require votes at two future public hearings. A final site plan is expected for submission for City Review by May 1st. If the city is unable to make changes to the apartment project it is unknown if the Hotel project will move forward.

Source : Tampa Bay Times

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St. Petersburg seeks development partner for downtown marina

cliggittvaluation@verizon.net — Mon, 17 Apr 2023 18:45:21 GMT

The City of St. Petersburg has announced they are searching for a development partner to redevelop and operate the downtown Municipal Marina . Development teams with a significant amount of experience with developing and operating marinas in a saltwater environment are encouraged to submit proposals, due by July 14.

Along with the Marina, the developer has the option of including a proposal for redevelopment and operation of restaurant space adjacent to the marina. The space, located at 300 Second Avenue NE , is home to Fresco’s Waterfront Bistro.

The Marina itself spans from the central and south yacht basins along the downtown waterfront. CYB docks were constructed in 1963, and four of five SYB docks were constructed in 1977. The city says the infrastructure has reached the end of its service life. A marina masterplan was completed in 2017 by the city and outlines the framework for marina redevelopment.

In total the marina has 640 permanent wet slips, a 500-foot transient dock with a minimum 10-foot depth throughout the marina, public boat launch, bait & tackle, electric and water hookups, snacks/sundries, shower, and laundry facilities, and a fueling station. The marina is an anchor point of the waterfront district located on the point of Demens Landing.

Source: TBBJ

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Kansas City Chief's Owners Break Ground on Ocala Industrial Park

cliggittvaluation@verizon.net — Wed, 12 Apr 2023 15:41:20 GMT

Hunt Midwest SupTropolis, a real estate development company controlled by the owners of the Kansas City Chiefs has partnered with an Ocala developer to break ground on a 1.4 million square foot industrial park in Ocala just three miles from I-75. Boyd-Mox (Ocala-based) and Hunt Midwest.

The first phase of construction, a speculative 251,511 square foot rear loading building began in March. CBRE’s Tampa office is marketing the project for lease. Evans General Contractor is building the park, and LS3P designed it. The project has been called Ocala South Logistics park and is being constructed on a 93 acre parcel within the Florida Crossroads Commerce Park.

The property is the first ever to meet standards for J.M. Mullis, Inc. Advanced Site Analysis and Planning. Buildings in the park have been specifically designed to provide users optimal flexibility with options ranging in size from 50,000 + SF and 550,000 + SF. Ocala South Logistics Park is among the last remaining sites in the Florida Crossroads and is located conveniently off the newly widened Highway 484. The first building is expected for delivery by the end of 2023. There will be 4 buildings total, providing 1,351,902 + Square-feet of Class-A distribution warehousing.

Amazon, FedEx, Chewy, and AutoZone all have large distribution centers in Ocala. Notably, Ocala South will be adjacent to the 1.5 million square foot distribution center for Dollar Tree. Beyond the first phase of construction, Ocala South will have more flexibility in how the remaining 1.1 million square feet of warehouse space is distributed. Future phases could accommodate custom-built campuses as large as 555,000 square feet.

For more information on leasing, and project completion you can visit the Ocala South Logistics Park website here: Home |OSLP

Sources: Tampa Bay Business Journal | OSLP

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Harbour Island Athletic Club to become Life Time Athletic Country Club

cliggittvaluation@verizon.net — Mon, 10 Apr 2023 13:44:11 GMT

Harbour Island Athletic Club, which closed in late February will now be redeveloped into a Country Club concept from Life Time Athletics. The Athletic Club sits on nearly 6.5 acres on Harbour Island and the site is a prime redevelopment opportunity. The current zoning of the site would have allowed for the development of up to 1,475 multifamily units without city council approval. If a project is proposed within a property's existing zoning, it is evaluated by city staff and is not subject to public hearings before city council.

Back in January, architecture firm Goodwyn Mills Cawood provided renderings for Tampa-based Liberty Group on what could potentially be developed on the site without city council approval.

The Lifetime executive team was spotted at the Harbour Island Athletic Club ( 900 S Harbour Island Blvd, Tampa ) when news broke that the current lessee would not be allowed to renew their lease. A one-year buildout is expected with an estimated completion in Summer 2024. A press release on April 7th broke the news. Life Time memberships start at upwards of $200 a month, and amenities included in the country-club inspired environment will include restaurant/bar space, pickleball courts, tennis courts, massage therapy, group fitness studios, new locker rooms, bike/e-bike parking, and more luxury amenities desired by the Tampa Bay community. More announcements are expected on the development, and we will update as more information becomes available.

Sources : Tampa Bay Business Journal | Tampa Tomorrow

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14-Story Tempo Hotel Approved in St. Petersburg

cliggittvaluation@verizon.net — Thu, 06 Apr 2023 19:40:23 GMT

A new hotel Tempo by Hilton has been approved by St. Petersburg’s Development Review Commission. The hotel will be 14 stories with 192 guest rooms. The hotel will replace the Fit2Run store on the corner of 3 ^rd Avenue North and 2 ^nd Street. The hotel will be developed by an entity controlled by the Kolter Group called St. Pete Runner LLC.

The hotel will have amenities such as a rooftop bar and pool deck. Three stories will be dedicated to parking, the fourth story will contain meeting space, and hotel rooms will occupy floors 5 to 13. The property is zoned for DC-1 which allows a base Floor Area Ratio (FAR) of 3.0. The hotel was approved with a FAR of 4.31 – which requires bonuses for approval. A minimum of $348,000 will be contributed to the city’s Housing Capital Improvements Fund, and the project will also purchase Transfer of Development Rights rom a locally designated landmark or landmark site. Sidewalk width on the northeast corner of the property was also approved to be reduced from 10 feet wide to 5 feet wide to preserve an existing grand oak tree on site. Fit2Run will relocate from the property later this year.

Source: St. Pete Rising

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Tropicana Field Consultants Selected to Evaluate Albert Whitted Airport

cliggittvaluation@verizon.net — Wed, 05 Apr 2023 19:57:13 GMT

HR&A, the consultant firm St. Petersburg hired to evaluate the Tropicana Field redevelopment proposals have been selected to determine the best future use of the Albert Whitted Airport. The airport is 110 acres of waterfront land and the firm will discuss the long-term effects of keeping them as an airport, or if they could be better used for something else.

The study is expected to cost upwards of $75,000 and the firm is currently in a negotiation phase with the city to narrow down study details and negotiate a price. The City Council will then have to give approval due to the cost. HR&A will also need the airports masterplan in order to complete the work, which has been under works for three years and is due to the City Council by June.

One concern the city has with HR&A is their 18 week timeline, because it is somewhat aggressive the City worries they will not be able to keep up with it. The first portion of the study will look at employment, wages, construction activity and required infrastructure to assess the current and future economic impact of the airport. The city has asked for three scenarios that do not include an airport and the effect on jobs, costs and tourism, what limitations exist on the site and what funding opportunities are available.

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Source: Tampa Bay Times

Dr. Kiran Patel purchases 2 lots in Tampa’s Encore District

cliggittvaluation@verizon.net — Wed, 05 Apr 2023 15:26:37 GMT

Encore, the master-planned community in downtown Tampa will now have the influence of Dr. Kiran Patel, a philanthropist and real estate developer. An entity that is linked to Patel purchased Lots 5 and 12 in Encore (see above aerial map for reference) in a deal that closed in late January. Encore is a public-private partnership between Tampa Housing Authority and Banc of America Redevelopment Corp, and includes affordable and market-rate residential units.

In late 2022, Dr. Patel filed plans with the city for Lot 5 that lay out 213 micro condos, as well as 19,000 square feet of retail space. The condo project will include among the first attainable for-sale housing in the downtown core. Micro-Units are defined differently between developers and markets, but typically they are under 500 square feet. All remaining lots in the Encore District are under contract and Tampa Housing Authority expects it to be fully built in the next 3 years.

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Tomlinson Center for Adults Redevelopment Proposals

cliggittvaluation@verizon.net — Mon, 03 Apr 2023 13:28:33 GMT

The Pinellas County School Board issued a Request for Proposal (RFP) to redevelop the 1.3 acre site of the Tomlinson Adult Learning Center that sits near Mirror Lake in Downtown St. Pete back in November (2022). The site sits west of Mirror Lake at 296 Mirror Lake Drive North , and has the former Tomlinson Adult Learning Center on site as well as two surface level parking lots. The RFP has the goal of preserving the existing building in addition to addressing a shortage of workforce housing for Pinellas County School District employees.

Four proposals were submitted by the February 1 ^st deadline with the proposals receiving preliminary rankings based on the priorities of the School Board. The ranking puts Sherman Associates as the top contender followed by Tomlinson Community Partners, then HP Capital Managers. A fourth proposal was submitted by a joint venture between White Keys Real Estate Partners and JCT Development, but did not make the shortlist. Final rankings are expected April 11 ^th .

Sherman Associates

S herman Associates proposed the Tomlinson Historic Lofts and Tomlinson Tower. The proposal consists of 235 apartments split between workforce and market-rate residences. 117 units (50%) would be restricted from 90% to 120% Area Median Income for Pinellas County Schools Employees, and the other 118 units would be market rate. The preserved Tomlinson building would have 14,000 SF of retail and office space on the first floor with amenities such as a café/patio, dog park, coworking offices, and a community space that would serve business incubation, coworking, and public gatherings. The 2 ^nd and 3 ^rd floors will provide 27 historic lofts for residents.

The 17-story Tomlinson Tower will provide 208 apartments, a 265 space parking garage, and include amenities such as an indoor fitness center, rooftop pool, pet spa, and quiet space with east to west views of Mirror Lake and St. Petersburg. Residents in the Lofts and Tower will have access to the amenities and parking garage. There is a possibility of adding 20 to 40 residential units by raising the height of the building one to two stories or lowering the cost of the project by removing one floor of the parking structure.

Two financing plans are projected in the proposal. Option A would allow the school board to own the development financed with a tax-exempt loan through RBC Capital and subsidy provided by Penny for Pinellas. Option B would allow Sherman Associates to own the development, financed through a construction loan, HUD 223(f) permanent loan, Penny for Pinellas Program, and a Tax Incentive Finance Loan. A construction start date is estimated for January 2024, and the 17-story tower would be completed in May 2026. Units in the existing Tomlinson Center would be available for lease in August 2025.

Tomlinson Community Partners

A joint venture between Dantes Partners and Goshen + Cornerstone, Tomlinson Partners proposes 225 total residential units, with only 30% being designated as workforce housing for households with employees of the Pinellas County School District earning between 90 and 120% of the AMI. The proposed design incorporates 40 residential units in the existing Tomlinson Center with retail and amenities for the apartment community at the ground level.

The undeveloped portions of the site will contain a three-level parking podium with 182 parking spaces. Above the podium, an eleven-story residential tower is proposed at the northeast corner of the site and a seven story residential mid-rise along 8 ^th street north will contain 185 residential units. The ground floor of the mid-rise would contain retail and amenity space. Tomlinson Community Partners propose to enter a long-term ground lease with Pinellas County if awarded the project. The terms would include a $90,000 annual rental payment with an annual increase of 3.5% for a minimum of 50 years.

The workforce housing will be financed with conventional debt, developer equity, and equity that is generated from the sale of federal Historic Tax Credits. New construction of the development would be financed by developer equity, and debt partners. The anticipated cost of the project is $62 million with completion in July 2026.

HP Capital Managers

HP Capital Managers is a group of local St. Pete Developers. They submitted two possible plans for the site. The first plan would see development of a new tower to the west of the Tomlinson Center, and the second plan would renovate the existing building, and leave the surface parking lots as is with no developments. The project HP Capital Managers has proposed is dubbed The Terraces at Tomlinson.

Both plans set aside all new and future vacant residential units for School Board Employees with a designated “first look period”. After the first look period expires for a unit, it would be made available to the public. Plan A would construct a 13-story tower with 222 units on the existing surface parking lot west of the Tomlinson building. The tower would have a three-story parking pedestal with ten stories of residential units on top. The Tomlinson building would be refurbished and modernized with 40,000 square feet of office/retail space. 89 of the residential units will be for income-restricted households making 60% AMI or less, and the remaining 133 units rented out at market rate.

Plan A is estimated to cost $94.25 million, financed through tax credit bonds, Penny for Pinellas, city housing grants, city historical restoration grants, developer equity, and traditional debt. Plan A could break ground late 2024 with construction complete in mid-2026. Plan B would convert the existing Tomlinson building into 48 workforce units for households making less than 80% AMI, with no tower being built on the surface parking lots. Plan B is an estimated $9.99 million financed though Penny for Pinellas, city housing grants, city historical restoration grant, developer equity, and traditional debt. Plan B could break ground in early 2024 and be completed mid-2025.

Source: St. Pete Rising

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Big Cat Rescue to sell Tampa Property

cliggittvaluation@verizon.net — Wed, 29 Mar 2023 20:42:06 GMT

Big Cat Rescue, ran by Carol Baskin will sell its property in Suburban Tampa after merging with Turpentine Creek Wildlife Refuge in Arkansas. Big Cat Rescue is funding the cost of the enclosures that its cats will occupy at the accredited car sanctuary in Arkansas, which is expected to cost $1.8 million. The cats reportedly will be able to move as soon as July.

The land could potentially be one of the most significant suburban land deals in the Tampa Bay Region in recent years. The Baskins, who run the Big Cat Rescue do not plan on retaining a broker since the property is unique and desirable. Howard Baskin reports that he is already in discussions with a few developers.

The rescue spans 67 acres in the Citrus Park area, with some of the land abut to The Plaza at Citrus Park. Being situated between Citrus Park and Westchase, it can be expected that real estate developers for single-family and multifamily projects will be eyeing the land.

Big Cat Rescue is located at 12802 Easy Street, Tampa.

WestShore Plaza Redevelopment

cliggittvaluation@verizon.net — Tue, 28 Mar 2023 15:51:22 GMT

WestShore Plaza, an enclosed suburban style shopping mall in the heart of an urban district will one day bring a live-work-play environment that the Tampa Bay region has seen brough to life in other areas such as Water Street and Midtown. Owners of the plaza, Washington Prime Group, announced a three-phase redevelopment plan back in 2019 prior to the pandemic. These plans were approved, but no project dates have been officially announced.

Washington Prime Group filed for Bankruptcy back in 2021 - citing online shopping becoming a struggle for traditional shopping centers. The bankruptcy filing is said to not have affected any redevelopment plans. The three phases would look like this:

Phase One:

835 Residential Units
240-Key Hotel
120,000 Square feet of Medical Office Space
93,000 Square Feet of Office Space
45,000 Sqaure Feet of Retail Space
30,000 Sqaure Foot Grocer

Phase Two:

649 Residential Units
31,000 Sqaure Feet of Food and Beverage Space

Phase Three:

281 Residential Units
149,000 Sqaure Feet of Office Space
9,000 Sqaure Feet of Food and Beverage Space

Below are renderings of the planned redevelopment:

Sources: Tampa Bay Business Journal , Tampa Bay Times

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The City of St. Petersburg approves zoning change hoping to increase housing supply

cliggittvaluation@verizon.net — Mon, 27 Mar 2023 13:27:50 GMT

A zoning change that will allow for more residential units to be added to nearly 3,000 parcels in St. Petersburg was approved by the city council with a 7 to 1 vote. The zoning change will allow owners of single-family homes to add additional units to their property.

If homeowners wish to take advantage of the zoning change, they have to comply with city design standards. Homes in high-hazard coastal areas do not qualify in the zoning change. Lots that do qualify have to be within 175 feet of main thoroughfares and have direct access to a public alley. There also must be a minimum of one parking space per unit, and for three or more units an alley must be paved to the nearest roadway and there must be a reserved garbage area.

Last year, the city approved amending the city’s regulations to expand accessory dwelling units in 47 neighborhoods (with conditions), including the Historic Old Northeast, Shore Acres, and Snell Isle. Those who wish to add an ADU are required to follow a ratio of their primary residence being 60% of the area with the ADU being 40% of the area.

Source: Tampa Bay Business Journal , Tampa Bay Business Journal (2022)

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Rome Yard: A Mixed Use/Mixed Income Community to Break Ground Next Year

cliggittvaluation@verizon.net — Wed, 22 Mar 2023 14:24:15 GMT

Rome Yard, a mixed-use neighborhood is an 18-acre development project that is a $300 million joint venture between Tampa Housing Authority and Related Urban - the affordable housing sector of the Related Group. Last week, officials announced they expect to break ground on the project by this time next year. The project is being developed on a former city storage yard and will be a mixed-use/mixed-income development providing affordable, workhouse, and market-rate housing in the West Tampa area.

The new neighborhood will feature 900 residential units, with 600 of them being for workforce and affordable housing. An amphitheater, great lawn, and micro space for local startups as well as a workforce training center will be featured among other amenities that will define an urban lifestyle for future residents. Future expansion of the Riverwalk along the west side of the Hillsborough River will connect the neighborhood to the downtown core.

Source: Rome Yard Tampa

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Affordable Housing proposed in Clearwater

cliggittvaluation@verizon.net — Wed, 15 Mar 2023 13:18:58 GMT

A vacant lot that has been considered an eyesore for many is now being eyed for a 40-unit affordable housing project. The site, located at 1467 S Martin Luther King Jr. Ave , is 1.18 acres and is owned by Tampa based HSW Associates. Krikor Kassarjian and Robert Pergolizzi of Golf Coast Consulting are the developers behind the application to redevelop the property.

The site currently has commercial zoning. The plan for the site is to build a three-story, 40-unit building with 10 units set aside for households making no more than 120% of the Area Median Income. The current zoning of the site allows for 24 units per acre, but with an affordable housing density bonus the developer could build up to 42 units.

There will be a mix of one- and two-bedroom units, 43 parking spaces, and a bike rack. A PTSA bus stop is nearby. The site was previously used as an automotive sales center that was demolished in 2010, and the site has been vacant since. The Clearwater Development Review Commission will review the project on April 6 ^th .

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New Townhome Development in West Tampa

cliggittvaluation@verizon.net — Tue, 14 Mar 2023 14:56:21 GMT

Rez by Mez Development is bringing a 10-townhome development to West Tampa. The project, which has been called The 3201 @ West Tampa, will be located at 3201 West Tampa Bay Boulevard . Each unit will be three-stories and feature split-level roof decks that allow for private gatherings, entertaining, and lounging. Units will be approximately 2,250 square feet with open floor plans. Units will be three bedrooms and three and a half bathrooms .

The townhome community is in an ideal location with a primary entrance on West Tampa Bay Boulevard, and a secondary entrance on North Lincoln Avenue. The secondary entrance has shaded parking for guests and a covered mail depot that then leads residents to their spacious double garages that allow for the charging of two electric vehicles.

Rez by Mez Development acquired two properties - 3201 W. Tampa Bay Blvd & 4005 N. Lincoln Ave. for $1,080,000 in August 2021 for the townhome project. They purchased the land for around $27 per square foot. 3201 W Tampa Bay Blvd. previously had a vacant office building on site that has since been demolished. 4005 N. Lincoln Ave. has a single-family residence that will be demolished to make way for the secondary entrance/exit to the townhome development.

Rez by Mez Development has partnered with California-based OJMR Architects for the development. The townhomes are located just over half a mile east of Raymond James Stadium and are just a 10-minute drive to Tampa's downtown area. Pre-sales of the townhome units are expected to begin in Spring 2023. You can submit a request form on the website here to learn more about plans and timing.

Source: Rez by Mez Development

*All images are from the Rez by Mez Development website & Instagram page.

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St. Petersburg Church to move forward with affordable housing project

cliggittvaluation@verizon.net — Wed, 08 Mar 2023 17:09:31 GMT

Palm Lake Christian Church, located at 5401 22nd Ave in St. Petersburg has received unanimous approval from the city to move forward with proposed affordable housing units on the vacant portions of the church property. The church will build a three-story residential building on the northeast portion of the property. There will be 72 beds, used for those living with disabling conditions. Also included in the site plan are 14 one-story garden cottages on the northwest side of the property. Units would have one to two bedrooms and surround a community garden.

Palm Lake Church sits on 8.28 acres of land, with the majority remaining undeveloped. Bill 1339 will be utilized for the project - which allows cities to approve affordable housing on land that is zoned for commercial, industrial, or residential use. Rent for the three-story development will be for those earning below 60% of the area median income, and the garden-cottages will be set for workforce housing for residents earning up to 120% of the area median income. Parking will be added along 22nd Ave. N near the west side of the three-story development.

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Indoor Pickleball Facility to open in Ybor City

cliggittvaluation@verizon.net — Tue, 07 Mar 2023 16:59:26 GMT

Tampa Pickleball Crew has signed a lease for an Ybor City Warehouse owned by developer Darryl Shaw. The warehouse, located at 1701 E. Second Avenue will be converted into a membership-based indoor pickleball club. The 28,000 square-foot warehouse will be converted into at least seven courts.

Shaw, who is the developer behind the massive Gas Worx project ( read more here ), told the Tampa Bay Business Journal that projects like this are his favorite for the district. The project will activate the area with Shaw putting an emphasis on amenitizing the future district. This is just the latest Pickleball-centered development for the Tampa Bay Area - with another facility being announced last week in St. Petersburg.

The owners of Tampa Pickleball Crew - Susan Forsyth, Dene Williamson, Jennifer Plummer, and Kayla Goldman plan on funding the startup costs and have no plans for outside investors or debt. Goldman worked in the franchise development of Orange Theory Fitness and says the club will offer tiered memberships similar to boutique fitness studios.

The club will hold an inaugural tournament on April 1st as Cuscaden Park in Tampa, and the warehouse is planned to open in late spring or early summer with initial renovations estimated to be at less than $100,000.

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USF breaks ground on $42 million Student Center at Sarasota-Manatee Campus

cliggittvaluation@verizon.net — Wed, 01 Mar 2023 15:54:17 GMT

The University of South Florida has started site work on a new housing & student center at its Sarasota-Manatee campus. Site work began last week with the official groundbreaking taking place today. The center will house around 200 students and is scheduled to be completed for the Fall 2024 semester.

The center will be six-stores and total 100,000 square feet. The center hopes to recruit and retain students in the Sarasota-Manatee area – where many have had a hard time finding off-site housing or have remained living at home. Being the only four-year research university in the region they hope to shed the label of being a commuter college.

The project was originally announced in September. The building will have 32,000 square feet dedicated to the student center which will include a bookstore, dining options, and lounges/meeting rooms. The top four floors will be made of 70 double occupant rooms, and 60 single occupancy rooms that will be like apartments with one, two, and four-bedroom options with shared bathrooms and kitchens.

The building is being constructed on Seagate Drive, south of the campus and just west of the Selby Auditorium.

Source: Business Observer, FL

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Pickleball complex with restaurant and bar to open in downtown St. Petersburg

cliggittvaluation@verizon.net — Thu, 23 Feb 2023 15:22:40 GMT

St. Pete Athletic, a new pickleball athletic club, is coming to downtown St. Pete. St. The athletic campus will be situated on 1.6 acres near the intersection of Burlington Avenue and Dr. Martin Luther King Jr. Street, north of the EDGE district.

The facility will have 16 professional pickleball courts (9 being indoor), a full-service restaurant & bar, and amenities such as lockers, showers, pro-shop, gym equipment, lounge seating, cornhole, Spike ball, and more! There will also be areas dedicated to table tennis and Padel, a Mexican racket sport.

Local real estate investor Jonathan Daou, is allowing a team of local entrepreneurs, investors, and pickleball players to utilize his land for St. Pete Athletic. Reuben Pressman will be the managing operation, and Travis Rettenmaier (#12 pickleball professional in the world) will be the resident pro. Jarrett Sabanti, the founder of Intermezzo will be involved with food and beverage.

There are few pickleball courts in St. Pete at this time, and the ones that do exist often lack amenities such as restrooms, lighting, and a lack of courts in one space. There is no location in St. Pete with more than six courts currently. The club will offer all-access memberships, with hourly and daily public access for residents and visiting players.

Membership pricing has not been decided yet, but Pressman states they want to keep it accessible and affordable for all. In addition to priority reservations for courts, memberships will likely hold perks such as bringing guests at no charge, and discounts at the restaurant and bar. In addition to the athletics club, a boutique hotel is being proposed on the property. Doors are expected to open later this year.

Source: St. Pete Rising

For additional updates visit : St Pete Athletic

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Port Tampa Bay approves $50 million logistics & distribution center

cliggittvaluation@verizon.net — Wed, 22 Feb 2023 15:40:38 GMT

Tradepoint Atlantic, a Maryland shipping logistics company is coming to Tampa, a deal that Port Tampa Bay CEO Paul Anderson dubs “potentially one of the biggest modern opportunities in the modern history of our port.” Tradepoint Tampa will lease 35 acres and build a 500,000 square-foot distribution facility designed to move cargo between ships, trucks, and rail cars. The facility will cost around $50 million.

The 40-year lease has great potential to draw companies looking to push more cargo through Tampa. Tradepoint Tampa will be located next to the container terminal and cold storage facility at Hooker’s Point. Companies will be able to unload directly from a dock to a truck that can deliver the cargo to its direct destination, versus a distribution facility.

The project will have a development period of about two years. Tradepoint will pay the port $30,000 per acre for per year four years, with rent increasing 12.5% every five years after. Tradepoint will not request any specific additional capital investment but may ask for easements and other forms of access. After 40 years of leasing, Tradepoint will have three options to extend the lease by 10 years.

Source: Tampa Bay Times

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Luxury Townhomes to be developed on Clearwater Beach

cliggittvaluation@verizon.net — Tue, 21 Feb 2023 15:45:07 GMT

Four luxury vacation homes will soon fill a vacant site on Clearwater Beach. Clover Investment Properties in partnership with One of One Hospitality will be leading the development. The development has been named Somerset Beach and is located 125 feet off the beach. The lot is located at 668 Mandalay Avenue – a site that has been vacant for more than 15 years.

The project will total 13,700 square feet across four units. Each unit will average 3,400 square feet with six bedrooms, six and a half baths, a full chef’s kitchen, exterior lounge space, and an individual pool with luxury finishes. The vacant lot was purchased in December 2021 for $4 million by Clover Somerset Beach LLC, an entity linked to Clover Investment Properties. The sale price based on land was $227 per square foot. The lot is currently zoned for up to 12 units, but the developer has decided the neighborhood will be better served with a smaller amount.

The vacation homes are being built adjacent to the Cambria Clearwater hotel and is located across the street from Hotel Cabana Clearwater Beach. Few vacant parcels remain on Clearwater Beach with the area seeing a wave of tourism in recent years. Luxury condominiums are planned for the majority of the remaining vacant parcels in the area.

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Indian Rocks Beach revisits Short Term Rental Regulations

cliggittvaluation@verizon.net — Mon, 20 Feb 2023 19:16:59 GMT

Indian Rocks Beach, a beach community made of less than 4,000 residents has been working to sort out a reconsideration of how they regulate short-term rentals – a topic that has neighbors in the community showing allegiances with signs posted outside their homes.

State law restricts cities from outlawing rentals or regulating duration or frequency of stays, leaving cities for over a decade to figure out how far they can go with their restrictions. Indian Rocks Beach passed an ordinance in 2018 that levies fines for rental operators who do not obtain business licenses, and break rules on noise, trash, and parking.

At last month’s meeting, commissioners walked through what may be a new ordinance. A consensus was made on key features such as: occupancy being limited to 10 people in residential areas, 12 in the commercial-tourist district. Rental owners will have to pay a $400 registration fee and pay an annual $400 fee so the regulatory efforts can be self-funded. The city would also seek out a special magistrate to oversee any rental-related code violations. Two more public hearings will take place before the ordinance is finalized in the spring – as long as there is no new statewide legislation that preempts what the ordinance will aim to do.

Source: Tampa Bay Times

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Tampa releases request for qualifications to extend the riverwalk

cliggittvaluation@verizon.net — Wed, 15 Feb 2023 20:14:12 GMT

The City of Tampa is seeking a design-build firm to extend the Riverwalk west of the Hillsborough River according to a RFQ released on February 5 ^th . The extension will be approximately 5 miles with a price tag around $30 million. $24 million will be covered by the Federal Government thanks to a grant awarded through the Better Utilizing Investments to Leverage Development program in 2020. The Tampa City Council accepted the grant in July.

The RFQ was initially supposed to be released in mid-2022. For each segment of the process, the city is seeking categorial exclusions in accordance with the National Environmental Policy Act. Exclusions would allow the Riverwalk extension to not need an environmental assessment or an environmental impact statement which saves resources and reduces paperwork. The approval process should be complete by February 27 ^th .

40% of the decision criteria for a design build firm includes experience with complete streets, urban trail, and coastal projects in the past. 20% of the decision criteria is based on general experience with design-build projects. Experience is key for any firm looking to apply for the project.

Only three short-listed firms that apply for the project will be asked to submit a project proposal. The final price and design will be known at that time.

Key events in the timeline are:

Feb. 17: Pre-submission meeting for prospective design-build firms
March 20: Statement of qualifications due
April 11: Shortlist of companies published, along with the RFP
August 17: Sealed price proposals due
August 28: Final selection by the city, with city council voting afterward
October: Execution of the contract

This extension of the riverwalk is separate from the proposal to make cruise terminal 2 toward the Florida Aquarium open to walkers and bikers as a part of the Riverwalk.

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Downtown Lakeland could see construction on its first apartment complex start this summer

cliggittvaluation@verizon.net — Tue, 14 Feb 2023 18:54:02 GMT

Onicx Investments, LLC a Tampa-based developer has released updated plans to build a high-rise apartment complex with at least 200 units. The development is planned on the Oak Street Parking lot that is adjacent to McKeel Elementary Academy. Lakeland-based architectural firm The Lunz Group will oversee the project. The development will replace surface-level parking and be downtown Lakeland’s first apartment complex.

The cost of the project is estimated to be upwards of $50 million. The units will be a mix of 50% studio and one-bedroom apartments, 25% two bedroom, and 25% townhomes. One-bedroom units will range from 550 to 800 square feet. The apartment building will be seven stories and have a leasing office and 2,100 square feet of ground floor retail. There will also be a four-story parking structure with 413 parking spaces. Only 130 of the parking spaces will be available for public use.

The developer currently faces a small but potentially costly issue. Lakeland Electric has a transformer on the southwest corner of the property where the main entrance is proposed due to its proximity to downtown. The developer would like to have the transformer moved to the northeast corner of the property – which has an estimated cost of over $150,000. The developer is otherwise ready to start construction by mid-summer.

Source: The Ledger

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City of Clearwater highlights U.S. 19 corridor for development

cliggittvaluation@verizon.net — Wed, 08 Feb 2023 18:49:29 GMT

Clearwater’s Economic Development and Housing Department released a video earlier this week to highlight four areas along the U.S. Highway 19 corridor that are ripe for redevelopment. Conceptual renderings released show several office and mixed-use projects that would bring office, retail, and residential developments to the corridor.

The Tampa Bay Regional Planning Council was commissioned by Clearwater to create conceptual renderings that highlight the types of development that could be created. Four areas were identified:

Northeast Quadrant SR 60/Gulf-to-Bay-Boulevard - 5.5 acres
Southeast Quadrant Drew Street - 17 acres
Northwest Quadrant Drew Street - 16.7 acres
Northeast Quadrant Countryside Blvd to Southeast SR 580 - 61.8 acres

The city rezoned around 4,000 parcels along U.S. 19 that go through Clearwater back in 2017. This also includes the eastern portion of SR 60/Gulf-to-Bay-Blvd. The rendering for the northeast quadrant of Countryside Blvd to Southeast SR 580 includes office, residential, and retail offerings to the area. Structured parking, and new buildings on existing surface parking lots to create improved accessibility to the area. The northwest quadrant of Drew Street shows office, residential, and retail as possible development for the quadrant. The southeast quadrant of Drew Street and the northeast quadrant of SR 60/Gulf-to-Bay showcase the potential for office space, spanning across multiple buildings.

Sources: YouTube | Tampa Bay Business Journal

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Pocket Park considered for Dunedin City Hall site.

cliggittvaluation@verizon.net — Wed, 08 Feb 2023 15:14:37 GMT

The city of Dunedin is expecting to open their new 39,000 square-foot city hall located at 737 Louden Ave . in March. The current city hall, located at 542 Main Street , will potentially be transformed into a pocket park. Commissioners on Tuesday gave input on preliminary designs for the park and have given authorization for staff to proceed with the next steps to demolish the building.

The current city hall was built in the 1940’s. Because of the buildings age and the city wanting to preserve the large trees that are on the site, they will first rip up portions of flooring to determine how easily the slab of the building can be removed. Transforming the site into a pocket park has no funding, so the city will have to allot funds to go forward with the project.

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Gas Worx to break ground in March

cliggittvaluation@verizon.net — Tue, 07 Feb 2023 16:05:56 GMT

Gas Worx, a joint venture between developer Darryl Shaw and Washington D.C. based Kettler, is set to break ground on March 6 ^th . The development will span 50-acres and when completed will around 5,000 residences, over 500,00 square feet of office space, and more than 140,000 square feet of retail. The first apartment development will have 317 units and is set to be complete in 2024. The developers secured a $67.4 million construction loan in October 2022 from Valley National Bank for the apartments.

In a statement, Kettler’s Senior Vice President, Graham Tyrell, said “When completed, Gas Worx will be one of the most walkable neighborhoods in Tampa, with priority given to pedestrians and bike traffic while adding needed greenspace in the city’s urban core.” The development will honor Ybor’s rich history and connect surrounding neighborhoods.

For a more in-depth look at the Gas Worx project read our previous blog here.

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Affordable Housing Project coming to Largo

cliggittvaluation@verizon.net — Mon, 06 Feb 2023 14:28:28 GMT

In November 2022 Developer Archway Partners closed on 4.8 acres for 3.8 million where they intend to construct an affordable housing project. The sale price was $791,666 per acre. The project dubbed Seminole Square Apartments, will be available to households that have incomes between 30% AMI and 80% AMI. The project is located at 2075 Seminole Boulevard and will have a total of 96 units.

Construction began at the end of 2022, and developers are now just weeks from going vertical on the project. Most of the units will be rent reduced, so residents making less than 80% AMI would pay anywhere between $800 and $1,300 for the units. Other units will be subsidized for section 8 vouchers. At least 25 units will be reserved for households at 50% AMI. The property will be placed in the Pinellas County Housing Finance Authority Land Trust for 99 years. The project is expected to be completed in 2024.

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Developer plans spec warehouses in Tampa

cliggittvaluation@verizon.net — Wed, 01 Feb 2023 15:06:09 GMT

Graham & co., a Birmingham-based developer, has acquired 21 acres of land and a 72,236 square-foot warehouse located at 9208 Palm River Road . The developer is planning to build over a quarter million square-feet of speculative industrial space.

Graham & Co. purchased the property for $6.19 million for a sales price of $294,761 per acre, and the building price to $85 per square foot. The site is located at the intersection of U.S. 301 and Florida Palm River Road and the developer believes it is “the best remaining infill location in Tampa”. The existing warehouse on the site is 100% occupied, and speculative development will total 262,440 SF.

The development will bring three new warehouses ranging from 85,000 to 91,400 square feet each. The development will be called the East Tampa Commerce Center and cater to distribution tenants. The development is a joint venture between Graham & Co. and previous owners, Palm River JLM Cener Ltd.

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Tampa Bay Rays, Hines chosen by Mayor Welch to redevelop the Gas Plant District

cliggittvaluation@verizon.net — Mon, 30 Jan 2023 18:36:52 GMT

At Mayor Welch’s first State of the City address he made the highly anticipated announcement regarding the developer of the Gas Plant District in downtown St. Petersburg. Mayor Welch has chosen the Tampa Bay Rays and Hines development team to redevelop the 86-acre district.

The team has proposed a 7-million SF redevelopment plan for a mixed-use community that will surround a new ballpark for the Rays. Welch stated that he is fully confident in his choice with the Rays/Hines team. The development will be one of the largest in St. Petersburg’s history and sets the stage for the next chapter of the city.

The Rays lease on the city-owned Tropicana Field expires in 2027. The hope is to have a term sheet complete by the end of the year so a development agreement can be presented for approval by city council in summer 2024. The city hopes the 86 acres can be used to address the lack of workforce and affordable housing inventory downtown as well as increase the amount of office space and jobs downtown.

The team has proposed 5,700 multifamily units with 850 set aside for affordable and workforce housing units on-site, and around 600 similar units off-site. Additionally, they will develop 1.4 million square feet of office space, 300,000 square feet of retail, a 2,500-person entertainment venue, 700 hotel rooms, and 600 senior living residences. A music hall will be constructed on the property and the Dr. Carter G. Woodson African American Museum will be relocated to the site. The Rays proposal also includes a new stadium. The Rays/Hines proposal offered the most money to the city for the development rights with a timeline that has a new ballpark by the 2028 home opener for the Rays’.

The Rays/Hines are one of four teams that submitted bids to redevelop the site. 50 Plus 1 Sports, Restoration Associates, and Sugar Hill Community Partners. Sugar Hill is the only development team that also participated in the previous bid under former Mayor Rick Kriseman. City officials stated that they hope to negotiate an agreement with the Rays that will keep them at Tropicana Field for years to come before they commit to a broader development agreement.

Development is estimated to total more than $6 billion over the next 20+ years. This includes $2.5-$3 billion to be immediately invested in the construction of a new ballpark for the Rays and the initial development stages.

Sources: Tampa Bay Times | WTSP | Tampa Bay Business Journal

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Tempo Hotel proposed for downtown St. Petersburg

cliggittvaluation@verizon.net — Mon, 30 Jan 2023 15:25:44 GMT

The Tampa Bay area could see its first Tempo by Hilton Hotel in Downtown St. Petersburg. An entity controlled by Delray Beach-based Kolter Group submitted site plan review documents for a new 14-story 192 key hotel. The hotel would be built on a 0.53-acre site at 232 and 256 2 ^nd Street North. The properties were purchased for a combined price of $7.5 million in late 2021. 232 2 ^nd Street N is currently a vacant lot used for parking. The parcel is 13,200 SF and sold for $2.4 million ($181/SF). 256 2 ^nd Street North Currently has a Fit2Run store on the parcel. The parcel has a land area of 9,973 SF and sold for $5.1 million with a land sale price of $511 per SF.

Kolter has a history of developing properties in St. Petersburg including ONE St. Petersburg, Hyatt Place in downtown St. Pete, and is currently amid construction on two luxury condominium towers Saltaire and Art House. The Tempo Hotel is planned to top out at 172 feet. There will be a ground floor lobby that fronts 2 ^nd Street and will be topped by three floors of parking containing 127 parking spaces. The fourth floor will have meeting space available. Floors 5 to 13 will be hotel rooms – with 192 rooms planned for the development. There is also a proposed rooftop bar and pool deck.

Source: St. Pete Rising

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Coca Cola to open a new sales and distribution facility in Tampa

cliggittvaluation@verizon.net — Wed, 25 Jan 2023 18:38:27 GMT

Coke Florida is currently developing a new state-of-the-art facility for its Tampa Sales and Distribution Center in Brandon, Florida. The facility will sit on a 156-acre parcel located on U.S. Highway 301 between the Selmon Expressway and Causeway Boulevard. Coke Florida currently has 800 employees across sales, manufacturing, warehousing, distribution, fleet operations, and professional services. The new facility will bring new jobs and allow those in current positions together on one campus to improve the speed and accuracy of Coke’s operations. Groundbreaking was in June and construction is estimated to take 24 to 36 months.

Coke Florida was approved in March 2020 to move forward with its development plans. Coke Florida received approval for 1.8 million square feet of new commercial development, including retail, hotel, and office space. 1.4 million square feet of the 1.8 million approved will be used for Coke’s manufacturing, production, distribution, and fleet uses. Site plans will include the following uses:

344,956 square feet of product warehouse
341,582 square feet of distribution space
391,442 square feet of product packaging space
96,969 square feet of utilities space
38,638 square feet of office space

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Sources: Tampa Bay Business Journal , Business Wire, Tampa Bay Business Journal

A 21-story mixed-use tower proposed in downtown St. Petersburg

cliggittvaluation@verizon.net — Tue, 24 Jan 2023 19:26:51 GMT

The Mirror Lake neighborhood in downtown St. Petersburg may have a 21-story mixed-use tower coming. Real estate development and investment firm Gravel Road Partners filed an application to the city’s Community Redevelopment Agency with plans for the tower that show 200 apartments, 10,843 square feet of commercial space, as well as a 264-space parking garage with 214 bicycle storage spaces.

The tower has been proposed at 685 First Ave N., 699 First Ave N., and 694 Arlington Ave N. The properties have existing buildings on them currently and according to the application the developer will demolish the existing buildings for the project. The properties were purchased in March 2022 for $3.2 million. The properties combined amount to 21,858 square feet brining the sales price to $146.40 per square foot. The Community Redevelopment Agency will vote on February 2 ^nd to determine if the tower aligns with the Intown Redevelopment Plan.

Construction costs for the project are estimated to be $63.5 million. The northeast side of the property will have a large outdoor space helping to provide separation between the proposed development and the existing Unitarian Universalist Church. There are also large covered open spaces along the east and south sides of the building according to the plans.

The ground floor will have a residential lobby, commercial space, back-of-house facilities, as well as parking spaces and a parking garage entrance. Floors two through seven will be used for the parking garage. Amenity space and residential units will be available on the eighth floor with all remaining floors being designated to residential units.

Improvements to the site will also include a 10-foot sidewalk, landscaping, and street trees. A mural or public art is being considered for the northeast corner of the building that faces Arlington Avenue N. A new drainage system will also be implemented. The developer will contribute $1.27 million to the Housing and Capital Improvement Trust Fund for workforce housing according to the application.

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Source Information: Tampa Bay Business Journal

Darryl Shaw's vision for the downtown Tampa waterfront "Ybor Harbor"

cliggittvaluation@verizon.net — Mon, 23 Jan 2023 15:33:29 GMT

Darryl Shaw, the developer behind Gas Worx is moving forward with plans to rejuvenate downtown Tampa’s waterfront. On Thursday, a rezoning request was filed for what Shaw is envisioning for a new district named Ybor Harbor.

Shaw confirmed plans in August to buy land surrounding the Ybor Channel in August, closing on the land in phases to give time for the relocation and preservation of maritime jobs. Shaw closed on 1 acre of property late last year, with the remaining vacant land west and north of the Ybor Channel closing in the first half of 2023. The remaining land could close out over the next five years as efforts to relocate the shipyard and preserve maritime jobs are made.

The Ybor Harbor is seeking approval for just over six million square feet of commercial development that will include hotel rooms, residential units, and office and retail space. Proposed uses are:

Up to 2,586 residential units.
Up to 140,400 square feet of office space.
Up to 375 hotel rooms.
Up to 292,600 square feet of commercial retail, spanning 20 blocks.

Renderings for the district did not include a Ray’s stadium – and the Ray’s have proposed the area to be a site for a new stadium and even have renderings for the site. Shaw told the Tampa Bay Business Journal that his team did not create the renderings and would not comment on assertions made by Tampa City Officials that he was in negotiations with the team to develop a stadium on the site.

Shaw plans to work with Port Tampa Bay to coordinate public access to piers, boat slips, and floating docks. A boardwalk lined with restaurants and entertainment concepts is also planned. Parks will be throughout the neighborhood and Shaw will improve the Lee Roy Selmon Expressway greenway that runs along the northern edge of the proposed district. Shaw is one of the largest landowners in Ybor City and is currently working on the mixed-use development Gas Worx, partnering with Kettler on the development that spans more than 50 acres between Ybor City and the Channel District.

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NYC Developer acquires land along the Hillsborough River

cliggittvaluation@verizon.net — Tue, 17 Jan 2023 19:43:01 GMT

A New York City-based developer Shorewood Real Estate Group has purchased 41.34 + AC of waterfront land on the Hillsborough River and 12.34+ of upland. Shorewood has partnered with the Vanbarton Group to form VBG communities, which is advertised as a “uniquely positioned strategic initiative that targets workforce housing opportunities across U.S. Sunbelt markets.”

The land was purchased from an entity linked to River Hills Church of God, with the land being on the market since 2020. The site address is 6502 E Sligh Ave in Tampa . The project – named River Hills, is the initial transaction for VBG Communities.

According to project plans provided by the Vanbarton Group, River Hills will be a $90 million project. There will be 330 units spread across 11 buildings with each building being 3 stories. 590 parking spaces are planned for the project. Amenities will include a riverwalk, watersport dock, pool, clubhouse, gym, dog run, fire pits, and BBQ grills.

The Vanbarton Group states in their project overview that ground will break in March 2023. The site is an ideal location for many as it is centrally located between I-4, I-75, and I-275. All units will be offered at market rate. Target renters for VBG Communities are those who make between $50-$70K with the ability to spend around 1/3 of their income on rent ($1,500-$2,000 per month). Unit sizes will be between 700+ SF and 1200+ SF with floor plans for studio, 1, 2, & 3 bedrooms. VBG Communities will partner with Summit Contacting Group for all new development construction, utilizing their “protype program” to maximize efficiency. You can read more about VBG groups and their community plans here . No exact renderings are available currently, but the project will be typical of properties that are from Summit Contracting Group.

Sources: Tampa Tomorrow | Shorewood Real Estate Group

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Kolter Urban downsizes downtown Tampa luxury condominium project

cliggittvaluation@verizon.net — Wed, 11 Jan 2023 15:50:57 GMT

Kolter Urban, the developer behind the luxury condo tower One Tampa will reduce the scale of the project to minimize and avoid regulatory delays on the development. The tower has already been delayed after a legal battle with the City of Tampa which has ultimately been resolved ( read more here ).

The Hillsborough County Aviation Authority indicated to Kolter Urban that they would be contesting a height waiver for the tower, so ultimately the developer has decided to scale down the project from 55 stories to 42. Because of this, the number of units has been reduced from 311 to 225 (nearly a 30% reduction).

Kolter Urban paid $11.64 million in late 2021 for the Tampa One site which consists of 520 N. Tampa Street , 514 N. Tampa Street , and 507 N. Ashley Drive . 507 N. Ashley Drive is a vacant lot, but the other two parcels will begin demolition in February. Amenities offered at the tower will remain the same – which includes a pool and spa, a fitness center, yoga and cycling studios, a pet park, catering kitchen, movie theater, three fully furnished guest suites, and a work from home lounge.

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Motorsport Community with a driving track is coming to Tampa

cliggittvaluation@verizon.net — Fri, 06 Jan 2023 18:24:11 GMT

In 2011, Brad Oleshansky had a simple idea to purchase a few acres of land and build the space out with units that can be turned into “mancaves” with garages or “car condos” to make an area for those in the car community to have a space to hangout. While the development only needed around 7 acres to do what Oleshansky wanted to accomplish, he found 87 acres in Pontiac, Michigan and used the remaining acres on the site to build a track. The project is called the M1 Concourse and opened in 2016 offering a 1.5-mile track for the 250-unit owners to drive their sport and racing cars. The project was so successful that Oleshansky decided to open a second location. A computer program pulled different land parcels from around the country that were available for sale and met Oleshanksky's qualifications. Tampa was number eleven on the list - but thanks to the weather, close proximity to downtown, and the neighboring parcel being Tampa executive airport Motor Enclave quickly secured Tampa as a location.

The Tampa location is called The Motor Enclave and is slated for a grand opening in March 2023. The site is located at 6499 N Falkenburg Rd in Tampa. According to Hillsborough County records, the site is a total of 188.32 acres and was purchased for $2.5 million in March of 2021. This brings the land to a value of $13,275 per acre, or $0.30 per SF. In total, The Motor Enclave will offer a 1.6 mile, 32-foot-wide winding paved track where cars can go as fast as 168 mph, four off road courses spanning a total of 100 acres, a 37,000 SF events center, and 240 units that can be built out as owners desire. According to VP Chas Ostezan, the site plan was for 280 units, but multiple owners bought and combined units bringing the total to 240. Only eight units remain.

The first 100 units will be completed and ready when the track opens, the remaining will be complete by the third quarter of 2023. Units range from 657 SF to 14,000 SF. Owners are responsible for handling and paying for the buildout. Each unit is purchased as an elevated empty white box. Most owners are conducting the space to be two or three stories, with the first floor being utilized as garage space and the second and third floors being office space, bar, or den. Owners cannot live in the units as zoning does not allow anyone to spend 30 consecutive nights at a time in the units.

The remaining units range from $368,000 to $2 million. The average buildout cost is around $400,000. The priciest units come with a balcony overlooking the paved track. Some units have multiple owners who may not even have cars for the track yet, some owners are collectors who will use the garage as storage. A notable number of owners are just now looking at purchasing a track car as there has not previously been space to keep or drive one. The motorsport community borders Tampa Executive Airport and is a 15-minute drive to downtown Tampa. 80% of unit owners are from the Tampa Bay area.

Source: T ampa Bay Times

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Tampa International Airport begins clearing land for new air cargo facility

cliggittvaluation@verizon.net — Wed, 04 Jan 2023 19:30:06 GMT

Tampa International Airport crews have started clearing and grading land to prepare for a new air cargo facility. When completed, UPS will use the $74 million space to fly cargo in and out of Tampa. The air cargo facility will be on the east side of the airport and is expected to be complete at the end of 2023. The air cargo facility was originally put on hold due to the pandemic but was put back into action when the $790 million Airside D project was approved. UPS currently operates out of the space where the new terminal will be built – which is expected to break ground in 2024.

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Source Information: Tampa Bay Business Journal

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A new retail strip is coming to Central Avenue in St. Pete

cliggittvaluation@verizon.net — Thu, 29 Dec 2022 20:00:12 GMT

The corner lot of 22 ^nd Street S. and Central Avenue is currently used as a parking lot for Euphoria Salon and Day Spa Business, but soon a new retail strip will rise on the crushed shell lot. 2160 Central Ave will be the location of the new retail strip, which is dubbed “The Shoppes on Central”.

Nick Molina of Endangered Investments (Miami-based) purchased the lot last year under the LLC “The Shoppes on Central”. Molina purchased the property for $2,175,000. The lot is a total of 11,945 SF, at a purchase price of $182 per SF or 7,931,603 per acre. The plan is for an 8,756 SF retail strip that will house 6 different store fronts, with several having the ability to be combined to create more space for certain tenants. At the current planned building space there is a price of $248 per SF. Molina says a restaurant user would take the corner space, and an employee and retail customer parking lot will be available on the south side of the building. Tenants will be able to create their exterior design depending on the use of the space. Construction is expected to start in January and be completed by fall of 2023.

Source: The St. Pete Catalyst

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Hillsborough County awaits a Ray's Stadium Pitch

cliggittvaluation@verizon.net — Wed, 28 Dec 2022 14:33:04 GMT

The same day developer Darryl Shaw’s Banana Docks LLC closed on the $1.2 million purchase of two parcels off the Ybor Channel of Port Tampa Bay, Tampa Bay Rays President and others from the team met with Tampa and Hillsborough County officials for a briefing of a proposed baseball stadium located on the north end of the Ybor Channel of Port Tampa Bay and south of the Selmon Expressway.

The meeting comes just near the same time the Rays submitted a proposal for a new stadium on the site of Tropicana Field to the City of St. Petersburg. Time is of the essence for the Rays to come to an agreement with either the City of Tampa or the City of St. Petersburg since their contract with Tropicana Field expires in 2027.

Hillsborough County Commissioner Michael Owen told the Tampa Bay Times it would be difficult to sell a commitment for a baseball stadium at this time. In the recent election, Hillsborough County Voters said no to a sales tax referendum that would pay for the county’s transportation needs including building and maintaining roads, intersections, and sidewalks. The county announced back in November that it is facing a $1.5 billion shortfall on its transportation system for the next 10 years, and this number doesn’t include the estimated $700 million it will take to preserve current transportation facilities. Funding a baseball stadium would not be the priority for the county government when transportation needs are much more important.

Commissioner Ken Hagan who also sits on the board of Tampa Sports Authority expressed that his goal is “for the ballpark to be primarily financed with user fees, not tax dollars.” Tampa Sports Authority has previously commissioned a study on another site that Shaw owns in Ybor City. The study was released in February suggested paying for the public portion of the costs through a levy or an assessment within a new ballpark district that would take in the stadium site and areas beyond. It calculated $14 million a year in property taxes from 6 million square feet of “ancillary” development. The projected cost of the stadium was $960 million. The stadium was a part of the Rays proposal to split the season with Montreal, which was put to a halt in January when Major League Baseball said no to the proposal.

The Rays have not submitted a specific proposal to Hillsborough, leaving the county with questions as to what the teams needs and their plans. There is no specific understanding as to what is being proposed or what they would be requesting from Tampa. Financing, infrastructure, and more will need to be addressed before any talks move past the preliminary stage, which leaves the Rays with some work to do.

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Overview of downtown Clearwater's $400 million transformation

cliggittvaluation@verizon.net — Tue, 27 Dec 2022 15:37:12 GMT

Back in November, Clearwater voters said yes to a proposed $400 million redevelopment of two city-owned properties on the downtown waterfront. The city will sell the land for $24.7 million to the DeNunzio Group (based out of Palm Harbor, FL) and Gotham Property Acquisitions (New York based).

Overall, the project will include a hotel, apartment space, and retail space. Since the referendum was passed by voters, a 30-year development agreement is now in effect with Gotham and DeNunzio. The project will take place on two sites: the site of the demolished Harborview Center (1.3 AC), and the vacant City Hall (2.6 AC) that is located a half-block south from the demolished Harborview Center.

For the Harborview site, a 13-story, 158-key hotel with 9,000 SF of commercial space, including a 1,000-person conference center and a rooftop bar. Separately will be another two-story building with 12,000 SF of commercial space and a beer garden. For the City Hall site, between 500 and 600 apartments across two 27-story towers with ground floor retail, restaurants, and cultural uses has been proposed. The commercial space can accommodate five to six restaurants and smaller retail. Underground parking will be developed as the city requires subterranean parking so there are no garages blocking the intracoastal waterway views. Harborview will have 169 spaces, 50 of them being for city use. The City Hall site will have at least one parking space for each apartment built. Clearwater purchased a lot from Peace Memorial Church in August for $1.85 million to develop a 550-space parking garage as well.

The development teams will pay the city $24.7 million in total, $9.4 million for the Harborview site, and $15.4 million for the City Hall site. The city will contribute $22 million towards underground parking with the money coming from revenue generated from meter and customer fees from city parking. The Community Redevelopment Agency will also pay the $1.5 million in impact fees the developers have.

Total Acquisition Price - $24,700,000 / 3.9 acres total / $6,333,333 per acre, or $145.30 SF
Harborview Site - $9,900,000 / 1.3 acres / $7,230,769 per acre, or $165.99 per SF
City Hall Site - $15,400,00 / 2.6 acres / $5,923,077 per acres, or $135.98 per SF

Since the vacant City Hall is still standing, the city will demolish the building at an estimated cost of $558,000 and will perform an environmental assessment on the Harborview site, paying for any remediation that may be required. The city will also provide up to $2 million for a pedestrian bridge if the developers decide to connect the projects.

A final site plan will be submitted by April 2023, and the sale of the two properties must be completed by December 31 ^st , 2024. The hotel, commercial building, and one apartment tower will be built during phase one, and phase two will follow with the second apartment tower. Construction will take an estimated four years to complete.

Sources: Tampa Bay Times | Tampa Bay Business Journal

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4 Florida Airports included in a 17-state aviation portfolio

cliggittvaluation@verizon.net — Thu, 22 Dec 2022 15:59:28 GMT

Four Florida airports are a part of a 17-state aviation portfolio from Colorado-based Burrell Aviation. Cushman & Wakefield is marketing the properties. Burrell Aviation has partnered with Lemartec to develop the sites for build-to-suit projects that include a variety of non-passenger airport actives such as air cargo, maintenance repair, cold storage, and more.

The Florida properties included in the portfolio include the Brooksville-Tampa Bay Regional Airport (86 acres), Ocala International Airport (28 acres), Orlando Sanford International Airport (36 acres), and the Tallahassee International Airport (19 acres).

Sites are available in the following states: Alaska, Arizona, Idaho, California, New Mexico, Colorado, Nebraska, Oklahoma, Texas, Indiana, Alabama, South Carolina, Louisiana, Georgia, Mississippi, Massachusetts, and Florida.

A detailed list of site information can be found on the Cushman & Wakefield site.

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Amazon expanding air cargo facility at Lakeland Airport

cliggittvaluation@verizon.net — Wed, 21 Dec 2022 20:39:24 GMT

Lakeland officials have agreed to allow Amazon to expand its usage at the Lakeland Linder International Airport. Amazon will have a 22.6% increase of land by adding 10.6 acres to have a total of 57.6 acres. Amazon originally opened the air-cargo facility back in 2020. It is 300,000 SF and had a cost of $100 million.

Amazon will pay an additional $90,000 annually for the additional acres and increase its base rent to over $500,000. The airport will also receive around $600,000 annually from just the new acreage since Amazon will pay for landing and fuel fees for each B767 plane that it brings in. Included in the expansion will be a new truck bay and two parkin positions for the airplanes as well as a renovated taxiway that will be improved at the cost of $1.7 million. Amazon is paying for the renovation upfront, but the airport will reimburse them $1.2 million over the next 15 years in interest free payments using the landing fees generated by Amazon.

Amazon moved its local air cargo operations from Tampa International Airport to Lakeland Linder as they were presented with the opportunity to have more land to operate on. The facility is among the largest of its kind in the southeast even prior to its expansion.

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The city of Largo is developing a mixed-use City Hall

cliggittvaluation@verizon.net — Tue, 20 Dec 2022 16:30:13 GMT

The city of Largo recently broke ground on their $81 million city hall project that is projected to open doors in 2024. Located on the 400 block of West Bay Drive , the city hall will be centered around a modern live-work-play environment. The facility will be mixed-use with 18,000 SF of retail and restaurant space, a 365-space parking garage, and will house the new city hall. The project has been in the planning stages since before the pandemic and the city of Largo has teamed with Colliers to acquire the property which is centralized in downtown with the hopes of transforming the Largo area for the better.

Ground floor retail for the development has a primary purpose to house food and beverage tenants so residents and visitors to will have space to grab a coffee, or a bite to eat even after the city hall itself has closed. The current Largo City Hall is outdated and, in a flood, prone area, and has a been nearing capacity. The city will fully relocate to the new city hall in 2025 and the former city hall will be demolished. Between 8-10 tenants are expected to fill the retail space at the new city hall.

Source: Tampa Bay Business Journal - Breanne Williams

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Pinellas County Approves Yacht Manufacturing Facility at St. Pete - Clearwater Airport

cliggittvaluation@verizon.net — Wed, 14 Dec 2022 16:50:58 GMT

MarineMax to develop a $38 million yacht manufacturing facility

A portion of the St. Pete-Clearwater International Airport will be leased to MarineMax for the construction of a $38 million yacht manufacturing facility. Marine Max has proposed a 132,000 SF yacht manufacturing, launch and dock facility and a 400-space parking garage. The development would be on 9.5 acres of waterside land located west of the airport just off Bayside Bridge. The land will be leased for 50 years at 60 cents per SF coming to a total of around $248,987 per year.

A request for negotiation for the property was announced last November (2021) and MarineMax was the only company to reply to the request. MarineMax expects to staff 300 employees, and along with clients and other potential uses the parking garage will be needed. The company estimates the facility will generate $75 million annually in boat sales.

The county request did not specify if the land had to be used for airport purposes only that it should advance one or more of Pinellas County’s development goals like creating jobs and increasing the tax base. The deal went before County Commission on Tuesday, December 13 ^th . It was approved and now the Federal Aviation administration will have to approve the project as it is within close proximity to the airport.

Source information: Tampa Bay Times

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New hotel coming to Downtown Tarpon Springs

cliggittvaluation@verizon.net — Tue, 13 Dec 2022 15:00:02 GMT

Tarpon Springs city commissioners have approved the with a 5-0 vote for a future land-use change and a conditional use permit needed to restore a former livery stable and boarding house into a self-service eight-room boutique hotel in downtown district of the city. Kokolakis J Contracting, Inc. will restore the former livery stable located at 100 N Ring Ave. in Tarpon Springs, Florida. he restoration will add an 11-12 space parking lot adjacent to the building.

The boutique will be operated with no on-premises staff with customers booking the room online and an electronically automated interior kiosk will be available for guests to check into their rooms. Each room will range around 200 SF and rent from $170 a night.

There is a single-family home on the parcel as well that will remain unchanged and potentially serve as housing for a caretaker to supervise the hotel.

The Pinellas County Property Appraiser provides references for the Parcel ID # as 12-27-15-15210-000-0070.

Source Information:

Suncoast News | K okolakis Building Portfolio

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325 Apartments planned for South Tampa Waterfront

cliggittvaluation@verizon.net — Thu, 08 Dec 2022 16:33:28 GMT

A waterfront parcel located just south of Gandy boulevard in South Tampa has sold for $15.5 million. The project is called Broadstone Westshore and will feature 285 apartments, 40 townhomes, a parking garage, pool, clubhouse, and dog park. The location of the planned development is 5105 W. Tyson Ave near West Shore Boulevard.

The project will be led by Arizona’s Alliance Residential Company. They have developed several properties including the Bleecker Hyde Park and Citrus Village Apartments. The land was previously used as above-ground fuel storage, but an extensive environmental inspection of the land revealed no concerns to developers. Alliance’s Broadstone properties are dubbed as ultra-luxury and have been built in Pompano Beach, Plano, Texas, and Phoenix Arizona.

It is hoped that ground will break in the upcoming weeks, and that the property will open in late 2024. Alliance says it plans to rebuild the seawall and elevate the grade on the land for the apartments to adhere to FEMA standards.

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Source Information: Tampa Bay Business Journal

Tampa International Airport to build new terminal

cliggittvaluation@verizon.net — Wed, 07 Dec 2022 13:22:19 GMT

Hillsborough County Aviation Authority has devoted funding for Airside D, which will become the airport’s fifth terminal. The project is expected to cost $790 million. Construction will begin in 2024 and the terminal is expected to be open in 2027. The terminal will have 16 gates and serve both domestic and international flights. It will feature concessions, an outdoor terrace and more customs and security facilities. In total Airside D will be 563,000 SF+, and it is estimated the terminal will help serve the anticipated 13 million additional passengers they are expecting to come through by 2037.

Source Information:

Tampa International's new terminal Airside D gains approval - TBJ

Tampa International Airport to add first new terminal in nearly 20 years

Bids for the Historic Gas Plant District

cliggittvaluation@verizon.net — Mon, 05 Dec 2022 18:05:41 GMT

The city of Saint Petersburg requested proposals for the site that Tropicana Field (the Tampa Bay Ray’s stadium) currently sits on. Mayor Welch has designated the area as the Historic Gas Plant District. The proposals were due on Friday, December 2 ^nd . Four bids were submitted from the following groups: Sugar Hill Community Partners, Plus 1 Sports, Restoration Associates, and the Tampa Bay Rays. Mayor Ken Welch will recommend a developer in January and a term sheet with the chosen developer will be completed and a development agreement is expected to be brought to City Council for approval by September or October of 2023.

Sugar Hill Community Partners have proposed to bring the following if selected:

· 5,200 residential units (50% being affordable and workforce housing. 325 units will be developed off-site)

· Two boutique hotels – total of 400 rooms

· 2.7 million SF of office space

· 409,000 SF of retail, including all ground floor uses like libraries, daycare, senior care centers, etc.

· 174,000 SF conference center that will include a 350-key conference center hotel

· 39,000 SF performance hall

· 96,000 SF museum

· 22,000 SF transit hub

The Sugar Hill Team says it intends to bring a mix of office, residential, and commercial properties together versus having separated districts across the 86-acre site. Walkability and highlighting the city’s culture and amenities is a trop priority of the project.

The Tampa Bay Rays partnered with global real estate firm Hines to redevelop the St. Petersburg site. The development team has proposed a 7-million SF redevelopment plan including a mixed-use community surrounding a new ballpark on the 86-acre site. The current lease for the Rays will expire in 2027, and most recently the team has attempted relocating to a site in Hillsborough County. In total the Rays proposal includes:

· 5,700 multi-family units – 850 dedicated to affordable and workforce housing

· 1.4 million SF office space

· 300,000 SF of retail

· 700 hotel rooms

· 600 senior living residences

· 2,500-person entertainment venue

Plans also call for the Dr. Carter G. Woodson African American Museum to be relocated to the site and for a music hall.

5 0 Plus 1 Sports proposes the development of entertainment and shopping districts as well as an education and tech campus. The proposal breaks into 4 phases. Phase one will build a new stadium and 3.2 million SF will be mixed-use. There will be at least 2 hotels, with ground floor commercial space and 500,000+ SF of office space. Phase 2 includes more parking, a grocery store, the completion of Booker Creek Commons and 2.8 million SF of mixed-use developments. Phase 3 will have 3.7 million SF of mixed-use development, with 200,000 SF of it being office space and residential units offered at different price points. The fourth phase will be mainly residential developments and future off-site developments. In total the proposal included:

6,700 multi-family apartments - 50% for affordable and workforce housing.
A minimum of 3 hotels
Intermodal Transit Hub
Education & Tech Campus
A cultural venue either museum or performance venue

Restoration Associates has partnered with big names such as Dr. Kiran Patel. They plan to build out the 86 acres in 8 phases. They presented two options for development. One is to build a new retractable dome stadium on the 17.3-acre site, or to renovate the current Tropicana Field Stadium rather than demolishing it to build a new one. If no baseball stadium, then 1,000 more workforce and affordable housing units will be made available. Restoration Associates has proposed the following:

2,800-3,800 residential units for mixed incomes
280,000 SF of self-storage
500,000 SF office tower
Convention Center hotel
Gas Plant District Memorials
African American History Museum

Thank you for your interest!

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Source Information : Hopeful Tropicana Field developer further details development plan | Tampa Bay Rays unveil vision for Tropicana Field redevelopment | Dr. Kiran Patel among bidders to redevelop Tropicana Field

St. Pete to develop a new sanitation facility

cliggittvaluation@verizon.net — Mon, 05 Dec 2022 15:09:16 GMT

St. Petersburg will replace 2 aging buildings with a new 18,600 SF sanitation facility. The new sanitation facility will be built on the site of the existing one that is located at 20 ^th Avenue North and 28 ^th Street north. The development will consolidate the administrative and operational needs into a single facility. The new sanitation building will be on the parking lot of the existing site, and the two original buildings will be operational during construction. Once complete, they will be demolished. Office space, meeting rooms, lockers & showers, a sub- emergency operations center on the second floor. Rooftop solar panels will also be installed. Construction broke ground this November and the project is expected to be completed by December 2023.

Source Information: St. Pete sanitation facility to break ground - TBJ

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Darryl Shaw closes on property surrounding Ybor Channel at Port Tampa Bay

cliggittvaluation@verizon.net — Thu, 01 Dec 2022 15:26:20 GMT

Darryl Shaw has closed on the sale of 1 acre on the northern tip of the Ybor Channel that is adjacent to the Lee Roy Selmon Expressway and Adamo Drive for $1.2 million. The address of the site is 1705 E Adamo Dr. Shaw acquired the property from J.H. Williams Oil Co., and is under contract to purchase 25 acres from International Ship Repair & Marine Services Inc. The sale will close in phases with vacant land west and north of the Ybor Channel closing in the first half of 2023. The rest of the land could take up to five years to close as the business has made the transition contingent as they make efforts to relocate the ship repair business and preserve maritime jobs.

Shaw unveiled intent to purchase the land to develop it into a waterfront neighborhood back in August. The Wharf, in Washington, D.C. is one of the many inspirations Shaw has taken for the project. More information can be found in our previous blog here: Darryl Shaw set to purchase land between Ybor and Port Tampa Bay

The parcels Shaw is under contract to purchase are the largest part of the Channel District that is a part of the port but not owned by Port Tampa Bay. The site has previously been pitched as a future site for a new Tampa Bay Ray's stadium. Shaw owns over $100 million of land in Ybor and is working to redevelop the area while paying homage to Ybor's historic roots. Since the remaining land could take years to close, we may see some changes as to what Shaw envisions for the area surrounding the port.

1705 E Adamo Dr. is referenced as P arcel ID #A-18-29-19-4WX-000002-00001.0 Shaw confirmed the sale to Tampa Bay Business Journal on 11/30/2022. At time of publishment, the sale record was not available on the property appraiser website.

Sources: Tampa Bay Times: Darryl Shaw to buy, develop 25 acres between Ybor City, Port Tampa Bay | Tampa Bay Business Journal: Darryl Shaw closes on first pieces of Ybor Channel assemblage

Car condo community breaks ground in St. Petersburg

cliggittvaluation@verizon.net — Wed, 30 Nov 2022 17:20:53 GMT

Developers for Motocave broke ground on the site in October. Motocave is essentially a storage unit for luxury automotives. The units are customizable for each owner, and any amenity such as a lift, machinery, TV, or sound system can be added to a unit. Aside from the extra amenities, each unit will have basics such as a restroom, air conditioning, and fire sprinklers. There will be 43 units ranging from 918 SF to 1,440 Sf in size. The units will span across five buildings and prices will start at $350,000. There will also be a 2,200 SF community clubhouse. Motocave is being built at 2051 Gandy Boulevard in St. Petersburg.

Source Information : Motocave in St. Petersburg Breaks Ground

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Office Market - Pasco County, FL - Data & Trends

cliggittvaluation@verizon.net — Tue, 29 Nov 2022 17:49:32 GMT

Office Buildings from 1,000 SF to 5,000 SF in Size (Data and Charts from Costar)

The above chart displays the sales price trend based on the average price per square foot for smaller offices in Pasco County, Florida. Over the last decade the small office market has experienced an upward trend in the average price per square foot of building area. The average price per square foot ranged from $75/SF to $120/SF from 2012 through most of 2015 with an abnormality in the second quarter of 2014. In 2016 prices began escalating out of that range of the prior 3 years. Over the more recent 2021 and 2022 period the average price per square foot has ranged from $120/SF up to almost $260/SF. This change in prices represents a near doubling in the average price per square foot of small office space in Pasco County, Florida over the last decade.

Average Office Prices ($/SF) – 1,000 SF to 5,000 SF Office Buildings

· 2 ^nd ½ of 2012 - $100/SF

· 2013 - $75/SF to $100/SF

· 2014 - $90/SF to $170/SF

· 2015 - $85/SF to $120/SF

· 2016 - $110/SF to $140/SF

· 2017 - $105/SF to $140/SF

· 2018 - $90/SF to $145/SF

· 2019 - $105/SF to $160/SF

· 2020 - $120/SF to $190/SF

· 2021 - $120/SF to $180/SF

· 2022 ytd $155/SF to $260/SF

The above chart displays the total dollar volume of transactions that have occurred over the last decade for small office properties ranging in size from 1,000 SF to 5,000 SF. The overall trend in $ volume of transactions has been upward over the last 10 years. The last quarter of 2021 and the 1 ^st half of 2022 volume jumped and ranged between $5 million and $8 million per quarter with the 1 ^st quarter of 2022 having over $8 million in transaction $ volume. The below chart overlays the trend in average price per square foot with the trend in total dollar volume of transactions.

Asking rents for small office space have also been on the rise over the last decade. From 2012 to 2018 asking rent nudged upward year over year. Then in 2019 average asking rents for small office spaces jumped $17 to $18 per square foot and then stabilized more gradual increases over the last 2 years.

The vacancy rate for small office space in Pasco County has trended downward over the last decade after reaching a high of 20% vacancy in 2012. By 2018 average market wide vacancy had reached 4% to 6% range and stabilized at that level for a few years. More recently over the 2 ^nd half of 2021 and 1 ^st half of 2022 vacancy rates for small office space (1,000 SF to 5,000 SF) in Hillsborough County dropped from 4% to sub 3%.

For more information or to get help in determining the value of your property please call or email Mike Cliggitt, MAI, MRICS, CCIM!

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Topgolf St. Petersburg

cliggittvaluation@verizon.net — Fri, 25 Nov 2022 19:48:06 GMT

Topgolf in St. Petersburg was originally expected to be completed back in 2020, but the project was delayed after residents from the Carrillon neighborhood sued the city of St. Petersburg. The complaint stated that the city had approved the project without public comment, but a Pinellas County judge ruled in favor of Top Golf and the City which cleared way for construction. The ground broke on the site in August, and completion is estimated for 2023 but there has been no official opening date released yet. The newest Topgolf will be located at 220 Carrillon Parkway North in St. Petersburg, FL . Like other Topgolf locations, this one will feature 3 floors, 100 climate-controlled bays, and a bar and restaurant.

Source Information: Topgolf in St. Petersburg under construction, set to open next year

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Tampa Hillsborough Expressway Authority to decide what to do with Tampa real estate assets

cliggittvaluation@verizon.net — Wed, 23 Nov 2022 15:07:24 GMT

In late October the Tampa Hillsborough Expressway Authority (THEA) requested advisory services of a real estate firm to prepare for possible development or sale of downtown Tampa property. Back in May, Gregory Slater, CEO of THEA laid out his vision for downtown Tampa. Slater’s focus is on the safety of bikers and walkers in the downtown core. Slater would like to see more places where people can gather like Armature Works. THEA was investigating its greenway network to determine if expanding access would be possible. Food trucks, public parks, and even pickleball courts were in mind for spaces THEA owns and operates downtown. It is even a possibility that the Selmon Greenway would connect with a pedestrian/cyclist path that Darryl Shaw has been envisioning for Gas Worx.

THEA owns around 11 acres downtown and with the removal of railroad tracks that lead to the now demolished old Ardent Mills flour mill, more space will open for use since THEA owns the unused tracks. Priority will be given to firms that have experience with executing project plans, financial analysis, market feasibility studies, and if THEA sold any of its property the firm would possibly advise with negotiation and transaction. Because more and more people are moving downtown to live, work, and entertain, a focus on pedestrian safety and bringing people together with the space THEA owns is a priority for Slater.

Source Information: Tampa real estate assets of expressway authority under evaluation - TBJ

THEA's new CEO lays out new downtown vision - TBJ

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Office Market - Polk County, FL - Data & Trends

cliggittvaluation@verizon.net — Tue, 22 Nov 2022 15:33:00 GMT

Office Buildings from 1,000 SF to 5,000 SF in Size (Data and Charts from CoStar)

The above chart displays the sales price trend based on the average price per square foot for smaller offices in Polk County, Florida. Over the last decade the small office market has experienced an upward trend in the average price per square foot of building area. The average price per square foot ranged from $70/SF to $165/SF from 2012 through most of 2015 with an abnormality in 2015. In 2017 prices began escalating out of that range of the prior 4 years. Over the more recent 2021 and 2022 period the average price per square foot has ranged from $110/SF up to almost $270/SF. This change in prices represents a near doubling in the average price per square foot of small office space in Polk County, Florida over the last decade.

Average Office Prices ($/SF) – 1,000 SF to 5,000 SF Office Buildings

2 ^nd ½ of 2012 - $105/SF
2013 - $60/SF to $150/SF
2014 - $75/SF to $125/SF
2015 - $90/SF to $190/SF
2016 - $65/SF to $105/SF
2017 - $75/SF to $165/SF
2018 - $105/SF to $175/SF
2019 - $90/SF to $105/SF
2020 - $90/SF to $250/SF
2021 - $110/SF to $150/SF
2022 ytd $140/SF to $270/SF

The above chart displays the total dollar volume of transactions that have occurred over the last decade for small office properties ranging in size from 1,000 SF to 5,000 SF. The overall trend in $ volume of transactions has been upward over the last 10 years. The last 3 quarters of 2021 volume jumped and ranged between $7 million and $9 million per quarter with the 3 ^rd quarter of 2021 having over $9 million in transaction $ volume. The below chart overlays the trend in average price per square foot with the trend in total dollar volume of transactions.

Asking rents for small office space have also been on the rise over the last decade. From 2012 to 2017 asking rent nudged upward year over year. Then in 2018 and through 2019 average asking rents for small office spaces jumped $15 to $18 per square foot and then stabilized more dramatic increases in 2020 from $18 to over $22 per square foot. Rent decreased in early 2021 and gradually increased and stabilized in 2022 from $19 per square foot I mid 2021 to an average of $21 per square foot in 2022.

The vacancy rate for small office space in Polk County has trended downward over the last decade after reaching a high of 15% vacancy in 2013. By 2018 average market wide vacancy had reached 4% to 5% range and stabilized at that level for a few years until 2020 where a abnormal 7% high came on. More recently over the 2 ^nd half of 2021 and 1 ^st half of 2022 vacancy rates for small office space (1,000 SF to 5,000 SF) in Polk County dropped from 4% to sub 3%.

For more information or to get help in determining the value of your property please call or email Mike Cliggitt, MAI, MRICS, CCIM!

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St. Petersburg Business Park Breaks Ground

cliggittvaluation@verizon.net — Mon, 21 Nov 2022 15:27:15 GMT

Gateway Logistics Center is the largest industrial development to come to Pinellas County in over two decades. Located off Gandy Blvd. and I-275 in Saint Petersburg, the prime location of the industrial park cannot be beaten. There will be six rear-load buildings, customizable spaces ranging between 20,000 to 150,000 SF, and the first phase has an anticipated completion date for the third quarter of 2023. In total, the project will bring 1 million square feet of industrial space, with 622,270+ being spanned across the 6 planned buildings.

The development will also feature a 400 + unit apartment community, with 20% of the units being reserved for workforce housing to those who make under 120% of the area median income.

Source Information: Tampa Bay Business Journal | Gateway Logistics

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Office Market - Pinellas County, FL - Data & Trends

cliggittvaluation@verizon.net — Wed, 16 Nov 2022 18:01:01 GMT

Office Buildings from 1,000 SF to 5,000 SF in Size (Data and Charts from Costar)

The above chart displays the sales price trend based on the average price per square foot for smaller offices in Pinellas County, Florida. Over the last decade the small office market has experienced an upward trend in the average price per square foot of building area. The average price per square foot ranged from $90/SF to $140/SF from 2012 through most of 2016. In 2017 prices began escalating out of that range of the prior 4 years. Over the more recent 2021 and 2022 period the average price per square foot has ranged from $135/SF up to almost $280/SF. This change in prices represents a near doubling in the average price per square foot of small office space in Pinellas County, Florida over the last decade.

Average Office Prices ($/SF) - 1,000 SF to 5,000 SF Office Buildings

• 2nd ½ of 2012 - $110/SF

• 2013 - $90/SF to $135/SF

• 2014 - $90/SF to $160/SF

• 2015 - $80/SF to $140/SF

• 2016 - $120/SF to $135/SF

• 2017 - $150/SF to $220/SF

• 2018 - $130/SF to $190/SF

• 2019 - $150/SF to $160/SF

• 2020 - $135/SF to $240/SF

• 2021 - $160/SF to $230/SF

• 2022 ytd $215/SF to $270/SF

The above chart displays the total dollar volume of transactions that have occurred over the last decade for small office properties ranging in size from 1,000 SF to 5,000 SF. The overall trend in $ volume of transactions has been upward over the last 10 years. The last 3 quarters of 2021 and the 1 ^st half of 2022 volume jumped and ranged between $15 million and $26 million per quarter with the 4 ^th quarter of 2021 having $35 million in transaction $ volume. The below chart overlays the trend in average price per square foot with the trend in total dollar volume of transactions.

Asking rents for small office space have also been on the rise over the last decade. From 2012 to 2018 asking rent nudged upward year over year. Then in the beginning of 2019 and through 2020 average asking rents for small office spaces jumped $17 to $22 per square foot and then stabilized more gradual increases over the last 2 years.

The vacancy rate for small office space in Pinellas County has trended downward over the last decade after reaching a high of 12% vacancy in 2013. By 2017 average market wide vacancy had reached 4% to 7% range and stabilized at that level for a few years. More recently over the 2 ^nd half of 2021 and 1 ^st half of 2022 vacancy rates for small office space (1,000 SF to 5,000 SF) in Pinellas County dropped from 6% to sub 2%.

The graphic below displays the average sale price per SF for office space in Hillsborough County , Pinellas County, and Polk County starting from 2015. One thing to keep in mind in regard to the sales price per SF is the vacancy rate in each county. Pinellas and Hillsborough County have seen an influx of businesses relocating or starting up in the area, therefor an increasing demand for office space can be noticed in the trends. Polk County has also seen an increase of sale price per SF, just not as prominent as Hillsborough and Pinellas County.

For more information or to get help in determining the value of your property please call or email Mike Cliggitt, MAI, MRICS, CCIM!

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Mike Cliggitt, MAI, MRICS, CCIM

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findvalue@cliggitt.com

Pinellas County Office Real Estate Appraiser

$200 Million Mixed Use Project proposed for Tampa's Encore District

cliggittvaluation@verizon.net — Wed, 16 Nov 2022 15:51:25 GMT

Miami based developer LD&D plans to build a $200 million mixed-use project in Tampa’s urban district Encore . This will add apartments, hotel rooms, and retail space. LD&D will acquire a 2-acre parcel from Tampa Housing Authority located at 1101 E. Harrison Street. A deed has not yet been filed for the transaction, but city staff has notified developers the proposal has been approved.

The proposed project includes a 28-story luxury apartment building with 365 units. The building will also feature over 45,000 SF of amenity space that will have a wellness area and coworking space. There will be a residential sky lounge on the 26 ^th floor that will overlook the city. A 178-key hotel is also planned and will be separated from apartments with a pedestrian walkway lined with shops and restaurants. There will be 32,500 SF of street level retail space, and a 586-space parking podium.

The development is just the latest planned for the Tampa Bay area’s ongoing development. The Encore district is between the Channel District and Ybor City – which has begun development on the mixed-use district Gas Worx.

1101 E Harrison St is referenced as P.A. ID #: A-13-29-18-9ZN-000000-00010.0

In addition to the proposed mixed-use development from LD&D, all five of the remaining vacant lots in the Encore district are under contract to be sold. CEO of Tampa Housing Authority, Leroy Moore, provided information regarding the vacant lots and what is planned for them to Tampa Bay Business Journal:

Lot 5 - Corner of East Scott Street & Nebraska Avenue: Condominiums & Medical Office Space
Lot 12 - Corner of East Harrison Street & Nebraska Avenue: Boutique Grocer
Lot 10 - 1101 E. Harrison Street: LD&D's mixed-use development (described above)
Lot 8 - East Harrison Street and Hank Ballard Street - Market-Rate Residential with ground-floor retail
Lot 13 - Market Rate multi-family

All the lots are under contract and developers will close on them between December and mid-2023. Construction is expected to begin on all lots upon closing with each project taking an 18-month planned construction time frame.

For more information or to get help in determining the value of your property please call or email Mike Cliggitt, MAI, MRICS, CCIM!

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Source Information : Encore in downtown Tampa nears full buildout with pending land sales - Ashley Gurbal Kritzer

Encore in downtown Tampa to see $200 million mixed-use development - Ashley Gurbal Kritzer

Darryl Shaw proposes "Collaborative Werx"

cliggittvaluation@verizon.net — Tue, 15 Nov 2022 14:25:57 GMT

What is in store for Darryl Shaw's latest development pitch?

Darryl Shaw has a new vision for the eastern edge of Ybor City. On behalf of Darryl Shaw, Tyler Hudson (Gardner Brewer Hudson PA) has filed a rezoning request for four parcels located at 2701 E. Second Ave. The rezoning requests will require city council approval and public approval but will make way for a mixed-use development that will bring more housing, office, and commercial storefronts to Ybor City. The project is called “Collaborative Werx” and will total 392,000 SF split between 2 buildings.

Just over 260,000 SF of the space will be proposed for multifamily use, 120,000 SF proposed for office space, and 10,000 SF is proposed for storefronts. While office space is proposed, the buildings will be designed so office space can be converted to multifamily units. The 120,000 SF of office space will be useful to Tampa’s defense industry and office spaces will range from individual workstations to full office suites with collaboration workspace. Iron EagleX Inc. CEO Michael Grochol will be a partner in developing the office space and plans to be a tenant and lease enough space for 20 to 30 people.

Information Source: Tampa bay Business Journal - Ashley Gurbal Kritzer

Collaborative Werx in Tampa's Ybor City will cater to defense industry - Tampa Bay Business Journal (bizjournals.com)

Darryl Shaw pitches mixed-use Collaborative Werx in Ybor City - Tampa Bay Business Journal (bizjournals.com)

Home - Collaborative Werx

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Source Information: Tampa Bay Business Journal

Office Appraiser Tampa Florida

33 Story Mixed-Use tower proposed in Downtown St. Petersburg

cliggittvaluation@verizon.net — Mon, 14 Nov 2022 16:43:44 GMT

Echelon Real Estate Services in proposing a 33-story mixed-use tower in Downtown St. Petersburg. The development is planned at 235 Third Street South on a 0.88-acre site. The project will cost approximately $96 million and will include 268 units, and just over 15,000 SF of commercial space.

Currently, a three-story office building and surface parking lot cover the site and will need to be demolished for the project. The City Council will review the project on November 3 ^rd and will determine if the project is consistent with the Intown Redevelopment Plan. The plan “provides mechanisms and programs for coordinating and facilitating public and private improvements to encourage revitalization” according to the city.

The aerial image above is provided by the Pinellas County Property Appraiser and outlines the parcel the development will be proposed on. The Parcel ID is 19-31-17-90465-001-0020. Echelon owns the parcel and purchased it in December 2000 for $1,378,200 according to Pinellas County sales records.

In total the development plans for a residential lobby, back-of-house facilities, and floors two through eight will contain residential units and parking. The ninth and 33 ^rd floors will also have residential units and 80 units will be less than 750 square feet. The exterior will have floor-to-ceiling glass, rap around balconies, and there will also be 10-foot-wide sidewalks, street trees, and landscaping. A total number of residential units hasn’t been revealed yet, but only 323 parking spots will be planned.

For more information or to get help in determining the value of your property, please call or email Mike Cliggitt, MAI, MRICS, CCIM!

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Mike Cliggitt, MAI, MRICS, CCIM
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St. Petersburg Commercial/Retail Real Estate Analyst

University Tampa breaks ground on new building

cliggittvaluation@verizon.net — Tue, 08 Nov 2022 16:22:30 GMT

University Tampa breaks ground on a new multipurpose building for UT Students

The University of Tampa's downtown campus will see a transformation as University Tampa breaks ground on its newest building. In April of 2022, the University demolished the Walker Hall pool to make room for the newest building. The building is planned to be 10 stories with multiple purposes. It will include a residence hall, classrooms, offices, as well as a parking deck. The project is expected to be complete by fall of 2024.

The residence hall will be able to house 600 students - mainly incoming freshman. There will be approximately 440 parking spaces, 37 offices, 5 classrooms, and an abundance of study rooms and a faculty lounge will also be incorporated. UT President Ron Vaughn says the building will put an emphasis a purpose for UT students to "gather, study, and relax".

Source Information: Tampa Bay Business Journal | University of Tampa News

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Mike Cliggitt, MAI, MRICS, CCIM
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Tampa Real Estate Analyst

South St. Petersburg Apartment Project secures construction loan

cliggittvaluation@verizon.net — Mon, 07 Nov 2022 21:26:12 GMT

St. Petersburg based Stoneweg U.S. LLC obtains a $50 million construction loan

Stoneweg U.S. LLC is a real estate investment firm that specializes in multifamily acquisitions and developments. Based out of St. Petersburg, FL the company has acquired a $50 million construction loan to develop their first ground-up apartment community in south St. Petersburg.

The development is being dubbed Lake Maggiore Apartments and will be built across 14 acres of land at Sixth Street South and 32nd Ave South. Construction is projected to be completed by the second quarter of 2024. There will be 330 units with 20% of the units being utilized for workforce housing. In total, the development will include townhomes, garden-style apartments, a pool, event space, and vehicle charging stations. The apartment community has a close proximity to the Downtown St. Petersburg area, making it an ideal location for those wanting to live in the area.

Pinellas County Property Appraiser lists the parcel ID for the site location as 31-31-17-08244-000-0101 as well as 31-31-17-08244-000-0105 . The development will span across the 2 parcels, which currently has a site address listed as 6th Street S., St. Petersburg, FL. Both parcels are owned by SWD LAKE MAGGIORE LLC, whose title manager is Stoneweg U.S. LLC. Both Parcels were purchased by SWD Lake Maggiore LLC on April 14th of 2021 for $6,400,000.

For more information or to get help in determining the value of your property please call or email Mike Cliggitt, MAI, MRICS, CCIM!

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Saint Petersburg Office Real Estate Advisor

Resource s:

Lake Maggiore apartments move forward in South St. Pete - Tampa Bay Business Journal (bizjournals.com)

Downtown St. Petersburg Retail Strip goes on the market

cliggittvaluation@verizon.net — Wed, 02 Nov 2022 14:57:43 GMT

A prominent retail strip on Central Avenue has hit the market. Franklin Street listed the property which spans from 654 to 670 Central Ave. for $12,250,000 in early September. The property is 15,848 SF and is currently fully occupied. Current tenants include Maple Street Biscuit Co., Mangosteen, Pacific Counter, and Colony Grill.

Central Avenue is well known part of downtown St. Petersburg and rents, and property values are only expected to climb. The property has undergone an extensive number of renovations including new roofing, updated electrical systems, and new HVAC systems. The retail strip is less than a mile from waterfront in downtown and is close to many office and multifamily properties.

The image above is an aerial provided by Pinellas County Property Appraiser. The parcel is identified as 24-31-16-94842-000-1230 which can be traced back to 670 Central Ave - which Colony Grill currently occupies. The entirety of the strip is outlined in red.

For more information or to get help in determining the value of your property, please call or email Mike Cliggitt, MAI, MRICS, CCIM!

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Mike Cliggitt, MAI, MRICS, CCIM
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findvalue@cliggitt.com

St. Petersburg Commercial/Retail Real Estate Analyst

Resource Information:

Franklin Street Listing (property information and photographs)

Tampa Bay Business Journal

City of Clearwater purchases property to build parking garage

cliggittvaluation@verizon.net — Tue, 01 Nov 2022 17:12:19 GMT

Clearwater's Community Redevelopment Agency approved a contract to purchase a 0.83-acre site at 107 S. Osceola Ave - which is the rear portion of Peace Memorial Presbyterian Church's property. The city plans to use the site to build a 550-space parking garage. Part of the purchase agreement states that 125 spaces will be reserved on Sunday mornings for the church services. The ground portion of the garage also will have 12,000 +/- SF of retail space and there are limitations on what may go into that space. There will be no liquor stores, bars, or tattoo parlors allowed in the space. The city was given an approved purchase price of $1.85 million with $20,000 in expenditures also approved. This comes out to a price of about $51.78 per square foot.

The aerial image above is provided by the Pinellas County Property Appraiser. The property is located on the northeast corner of South Osceola Avenue and Pierce Street in Downtown Clearwater. The Parcel ID is referenced as 16-29-15-20358-002-0110.

Source Information:

Tampa Bay Business Journal

For more information regarding the Clearwater market or for appraisal services contact:

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Tampa Office Appraiser

Office Market - Hillsborough County, FL - Data & Trends

cliggittvaluation@verizon.net — Wed, 26 Oct 2022 19:05:16 GMT

Office Buildings from 1,000 SF to 5,000 SF in Size (Data and Charts from Costar)

The above chart displays the sales price trend based on the average price per square foot for smaller offices in Hillsborough County, Florida. Over the last decade the small office market has experienced an upward trend in the average price per square foot of building area. The average price per square foot ranged from $100/SF to $140/SF from 2012 through most of 2015. In 2016 prices began escalating out of that range of the prior 3 years. Over the more recent 2021 and 2022 period the average price per square foot has ranged from $200/SF up to almost $280/SF. This change in prices represents a near doubling in the average price per square foot of small office space in Hillsborough County, Florida over the last decade.

Average Office Prices ($/SF) – 1,000 SF to 5,000 SF Office Buildings

2nd half of 2012 - $120/SF
2013 - $100/SF to $140/SF
2014 - $90/SF to $150/SF
2015 - $130/SF to $150/SF
2016 - $150/SF to $220/SF
2017 - $135/SF to $165/SF
2018 - $160/SF to $215/SF
2019 - $160/SF to $215/SF
2020 - $175/SF to $220/SF
2021 - $190/SF to $275/SF
2022 YTD - $200/SF to $270/SF

The above chart displays the total dollar volume of transactions that have occurred over the last decade for small office properties ranging in size from 1,000 SF to 5,000 SF. The overall trend in $ volume of transactions has been upward over the last 10 years. The last 3 quarters of 2021 and the 1 ^st half of 2022 volume jumped and ranged between $25 million and $30 million per quarter with the 3 ^rd quarter of 2021 having over $30 million in transaction $ volume. The below chart overlays the trend in average price per square foot with the trend in total dollar volume of transactions.

Asking rents for small office space have also been on the rise over the last decade. From 2012 to 2017 asking rent nudge upward year over year. Then in the tail end of 2018 and through 2019 average asking rents for small office spaces jumped $6 to $7 per square foot and then stabilized more gradual increases over the last 2 years.

The vacancy rate for small office space in Hillsborough County has trended downward over the last decade after reaching a high of 14% vacancy in 2012. By 2018 average market wide vacancy had reached 5% to 6% range and stabilized at that level for a few years. More recently over the 2 ^nd half of 2021 and 1 ^st half od 2022 vacancy rates for small office space (1,000 SF to 5,000 SF) in Hillsborough County dropped from 6% to sub 4%.

For more information or to get help in determining the value of your property please call or email Mike Cliggitt, MAI, MRICS, CCIM!

Thanks for your interest.

Mike Cliggitt, MAI, MRICS, CCIM

813-405-1705 Direct Line

findvalue@cliggitt.com

Tampa Office Real Estate Appraiser

Miami Developer purchases, set to develop 6 acres on prime Downtown Tampa waterfront property.

cliggittvaluation@verizon.net — Wed, 12 Oct 2022 15:01:38 GMT

Tampa's newest neighborhood is set to break ground at the end of 2023

Back in July, Miami developer Related Group purchased 6 acres on the west bank of the Hillsborough River for $55.5 million. According to the Tampa Bay Business Journal, the following parcels were included in the purchase:

102 S. Parker St., 2.19 acres
101 S. Parker St., 1.83 acres
108 Cedar Ave., 1.75 acres
110 Kellar Ave., 0.53 acres

Related Group has proposed the site include 1,079 residential units with 32,760 SF of retail space, along with 10 boat slips. The Riverfront District will be Tampa’s newest neighborhood, and it is expected to break ground during the third quarter of 2023. The head of Related Groups market-rate rental division, Steve Patterson said in a statement “Our vision is to create a landmark residential destination including a high street lined with shops, restaurants, and entertainment venues. The residential component is comprised of four separate buildings that will offer a wide range of unit sizes, features, and price points, from student housing to luxury condominiums.”

Information Source: Related Group buys downtown Tampa for massive mixed-use development - Tampa Bay Business Journal (bizjournals.com)

South Tampa office park sells, townhomes planned in its place

cliggittvaluation@verizon.net — Tue, 11 Oct 2022 15:25:45 GMT

Townhomes to replace The Mariner Square Office Park

Located at 200 S Hoover Blvd, The Mariner Square office park sold for $16 million on September 14th to a Tampa Real Estate Investor. This sale comes just 6 weeks after the city approved for rezoning the property for the proposed Beach Park Townhomes project. The buyer is a LLC (DODO Investments LLC) tied to Daniel Ochstein, who sold his window manufacturing and installation company in 2019 for $92 million.

Back in February 2021, another proposed project for the site would have seen 392 apartments and 16 townhomes on the site. The proposed project raised concerns from the community, and the proposal was withdrawn prior to going to City Council. In May, property seller Wisco 7 LLC submitted the proposal that would allow 87 townhomes to be developed on the site, and with the plan being approved in August the site was cleared for sale. The site has a vast history of development attempts, as developers have to reach an agreement with the Park Beach HOA prior to development. With the townhome proposal, the site buyer has met with the HOA and properly addressed concerns for future development. Ochstein will be partnering with Wolf Partners to lead the project, and the project is expected to break ground next spring. The above rendering provided by Wolf Partners shows the vision for the site.

Information Source: Jay Cridlin - Tampa Bay Times , Breanne Williams, Tampa Bay Business Journal

Tampa and Kolter Urban reach settlement, allowing 55-story tower to move forward

cliggittvaluation@verizon.net — Mon, 10 Oct 2022 14:05:29 GMT

Tampa One Tower to move forward in development

Kolter Urban, a developer based in Delray Beach, and the City of Tampa have reached a settlement agreement allowing a 55-story tower to move forward. The tower is planned at the site of the old Tarr Furniture Building, which is currently occupied by a First Watch restaurant at the lower level. When Kolter Urban announced plans to tear down the building and replace it with the 55-story condo tower, many were not happy. The Tampa Historic Preservation Committee stopped the demolition permit for the tower last May. As part of the settlement to demolish the building, Kolter Urban will incorporate design elements from the original building into the ground level façade of the tower. The tower will be the tallest residential development on Florida’s west coast. It will include 311 units, and a ground level restaurant. The project is anticipated to break ground in 2023.

Information Source: FOX 13 - Lloyd Sowers , Tampa Bay Business Journal - Ashley Gurbal Kritzer

Ground breaks on 40-acre industrial park in Manatee County

cliggittvaluation@verizon.net — Wed, 05 Oct 2022 14:26:58 GMT

40-Acre Industrial Park coming to Manatee County

Atlanta’s Stonemont Financial Group and Illinois based LandMarks Group Cos. have broken ground on a 40-acre industrial park in Manatee County. The park will include three buildings which will provide manufacturing, warehouse, and distribution space. The development will total 427,000 SF and is located at 830 17 ^th St. E in north Manatee County. Along with the Manatee County industrial park, Stonemont has also acquired property in Lakeland and Pasco County. The Lakeland site will include 4 buildings and will be more than 900,000 SF. The Pasco site will total just over 315,000 SF. The first building of the Manatee County site is expected to be complete in early 2023.

The image above (taken from Manatee County Property Appraiser), shows the parcel the industrial park is currently being built on. The developers website provides more information on the location, gives park highlights, and contact information for anyone interested in leasing space in the park .

The Palmetto Industrial Park will have a 2023 quarter 3 expected delivery date (as per developer information). I-75 and I-275 are both located within 5 miles of the site, allowing easy access to Tampa, South Florida, and Lakeland.

For more information regarding the Manatee County Market or for analysis and valuation services contact:

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Miami Developer to redevelop 39 waterfront acres in St.Petersburg

cliggittvaluation@verizon.net — Tue, 04 Oct 2022 14:48:42 GMT

39 Acres off Gandy Boulevard planned for redevelopment

Miami investment firm Key International purchased 39 acres of waterfront off Gandy Boulevard in St. Petersburg. Pinellas County Records indicate the purchase price was $19 million. The unnamed development plans include 324 waterfront apartments, 52 rental townhomes, and an 8,000 SF restaurant that is adjacent to a marina and slips. The development will also include amenities such as pools, playgrounds, pickleball courts, and a public boardwalk that will include a kayak launch. There is no planned date for development to begin at time of blog being posted.

Information Source: Jay Cridlin, Tampa Bay Times

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Darryl Shaw set to purchase land between Ybor and Port Tampa Bay

cliggittvaluation@verizon.net — Mon, 26 Sep 2022 15:33:17 GMT

North end of Port Tampa Bay to see redevelopment from Darryl Shaw

Darryl Shaw, the developer behind Gas Worx has his eyes set on a 25-acre ship repair site and the north end of Port Tampa Bay. The property would be purchased in two phases over the next five years. The first phase would include the north and west sides of the port as International Ship Repair relocates its operations as well as their 300 employees.

The site is the largest part of Channel District land that is a part of the port but not owned by Port Tampa Bay. Shaw’s vision for the port property is said to take after The Wharf in Washington, DC . In 2007, a Clearwater developer received approval to build condos, office space, and retail on the site but the deal later fell through during the recession. Shaw, who is the former CEO of BluePearl and has acquired nearly $100 million worth of land in Ybor doesn’t face the same financial challenges as some developers would. The site was also pitched as a site for a new Tampa Bay Ray’s stadium.

Information Source: Tampa Bay Times - Jay Cridlin, Sue Carlton

Images: Google Earth, Hillsborough County Property Appraiser

For more information regarding the Tampa Office Market or for analysis and valuation services contact:

Mike Cliggitt, MAI, MRICS, CCIM

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Ybor City Redevelopment

cliggittvaluation@verizon.net — Tue, 20 Sep 2022 14:46:50 GMT

Gas Worx Phase One

Gas Worx is a joint venture between the former BluePearl CEO Darryl Shaw and Kettler, a Washington DC based real estate firm. Gas Worx hopes to reconnect Ybor City to the Chanel District neighborhood, which includes Water Street, which is entering the second phase of development. Gas Worx proposes a residential complex to replace the Tampa Park Apartments, as well as a park (with city approval), replacing a roundabout near Channelside Drive and Parkside Ave. The project spans 50 acres and would be the home to 5,000 residents along with an abundance of stores, restaurants, and office space. Gas Worx has been praised by Water Street Developer Jeff Vinik. Vinik describes Gas Worx as the “latest example of Tampa Bay’s push to become a national magnet for young professionals in search of an urban, green space to live where they work – with plenty of entertainment options close at hand.”

Gas Worx will include the restoration of a 1950’s warehouse that is 70,000 SF that could find new purpose as a food hall, brewery, market, or even include office space. The project in its entirety will include 5,000 residential units, over 500,000 SF of office space, and more than 140,000 SF of retail space. 325 units of affordable housing will also be included in Gas Worx. Shaw is committed to preserving Ybor’s rich history while providing a diverse mix of housing, retail, and office spaces. Rezoning requests for Gas Worx were approved in August 2022, and construction is projected to start in fall 2022.

Information Source: Tampa Bay Times - Charlie Frago , Tampa Bay Business Journal - Ashley Gurbal Kritzer

For more information regarding the Tampa Office Market or for analysis and valuation services contact:

Mike Cliggitt, MAI, MRICS, CCIM

813-405-1705 - Direct Line

Water Street Tampa’s Phase 1 is almost done. Here’s what Phase 2 holds

Tampa, FL - Water Street Development Phase One Recap

Wed, 14 Sep 2022 20:47:06 GMT

Water Street Phase One Development

As phase one of Jeff Vinik’s vision for the Water Street Development reaches its completion point, we look back at what has been accomplished since the ground broke for the project. In 2014, Jeff Vinik had a 40-acre vision at a cost of over $1 billion, now that development is more than 70 acres, and with more than 9 million SF of space being under development with an overall cost of $3.5 billion.

Strategic Property Partners (SPP) which is a partnership between Jeff Vinik and Cascade Investments (Controlled by Bill Gates) oversaw the development of Water Street Tampa. 4 residences were developed during phase one. These are The Residences at The Tampa EDITION , Heron , Asher , and Cora . Heron includes 420 leasing apartments which range from 1 bedroom to penthouse suites. Asher provides Tampa residents with 393 operating apartments ranging from studio to 2 bedrooms. The remaining 97 units are used as extended-stay rooms for ROOST Tampa . The Residences at The Tampa EDITION are exclusive condos that tower over Tampa’s first 5-star hotel The Tampa EDITION with 37 total units available. Altogether nearly 800 rooms have been added to Tampa’s hotel options thanks to ROOST Tampa, JW Marriot Tampa Water Street , and The Tampa EDITION . Water Street has also added plenty of new office space in Sparkman Wharf (180,000 SF +), Thousand & One tower (375,000+) , and 400 Channel Side (500,000 SF+).

Exact plans for phase 2 have still not been released to the public but with the demolition of the old Ardent Mills flour plant being underway, it can be expected that plans will start coming public soon. The water street project is still hoped to be fully completed by 2027.

Information Source:

Water Street Site

For more information regarding the Tampa Office Market or for analysis and valuation services contact

Mike Cliggitt, MAI, MRICS, CCIM

813-405-1705 - Direct Line

Tampa, FL Office Data 2014-2015 (15,000+ SF)

Mon, 22 Feb 2016 18:09:26 GMT

Tampa, FL - 2015 Office Transaction Summary (15,000+)

We have analyzed sales office properties 15,000 SF and up from the Tampa market for 2015. 18 sales were reviewed and summarized. These sales were of office properties over 15,000 SF in size. Sales transactions slowly increased from quarter 1 (3 transactions) to quarter 2 (5 transactions) and then increased again in quarter 3 (9 transaction). There is a major drop off in the 4 ^th quarter with only 1 large office transaction. Total transaction volume for the year for this size segment of the office market totaled over $764 Million and the average price per square foot for all transactions for 2015 was $179.32/SF with an average building size of 236,750 SF. On a quarterly basis the price per square foot analysis is as follows:

1 ^st Quarter 2015 – 3 Office Sales: Average Price per SF = $102.15
2 ^nd Quarter 2015 – 5 Office Sales: Average Price per SF = $135.17
3 ^rd Quarter 2015 – 9 Office Sales: Average Price per SF = $178.61
4 ^th Quarter 2015 – 1 Office Sale: Average Price per SF = $248.71
Full Year 2015 – 20 Office Sales: Average Price per SF = $179.32

Tampa, FL - 2014 Office Transaction Summary (15,000 SF+)

We have analyzed office sales data from the Tampa market for 2014. Just under 40 sales were reviewed and summarized. These sales were of office properties over 15,000 SF in size. Transactions of offices in this size segment were well dispersed but also on an upward trend in volume for 2014. There were 7 transactions in Q1, 8 office sales in Q2, 10 office transactions in Q3, and 14 transactions in Q4. Total transaction volume for this office market segment totaled over $630 Million for 2014 and the average price per square foot for all transactions for 2014 was $117.98/SF with an average building size of 138,527 SF. On a quarterly basis the price per square foot analysis is as follows:

1 ^st Quarter 2014 – 7 Office Sales: Average Price per SF = $73.18
2 ^nd Quarter 2014 – 8 Office Sales: Average Price per SF = $94.34
3 ^rd Quarter 2014 – 10 Office Sales: Average Price per SF = $109.90
4 ^th Quarter 2014 – 14 Office Sales: Average Price per SF = $140.33
Full Year 2014 – 39 Office Sales: Average Price per SF = $117.98

Tampa Office Market (15,000 SF+)- Year over Year Changes (2014 to 2015)

Average Size Building Sold – 71% increase in the avg. building size sold from 138,527 SF to 236,750 SF

Price per Square Foot – 52% increase in average $/SF from 2014 to 2015

Number of Transactions – 54% decrease in the # of transactions from 2014 to 2015

Dollar Volume of Transactions – 20% increase in the total $ volume for transactions from 2014 to 2015

Thank you for your interest. For more information on the Tampa Office Market or to discuss your property valuation needs feel free to contact:

Mike Cliggitt, MAI, MRICS, CCIM

813-405-1705 Direct Line

Tampa Office Real Estate Appraiser

Tampa, FL Office Data 2014-2015 (5,000-15,000SF)

Sun, 14 Feb 2016 17:55:43 GMT

Tampa, FL - 2015 Office Transaction Summary (5,000 SF to 15,000 SF)

We have analyzed office sales data from the Tampa market for 2015. 20 sales were reviewed and summarized. These sales were of office properties in the 5,000 SF to 15,000 SF size range. Quarter 1 of 2015 was the strongest with regard to number of transactions. Quarter 2 had one less transaction but was the highest total dollar volume of sales for the year. Sales dropped off in the 3 ^rd quarter to 3 sales and the 4 ^th quarter posted 4 transactions within this size segment. Total transaction volume for the year for this size segment of the office market totaled over $26 Million and the average price per square foot for all transactions for 2015 was $143.15/SF with an average building size of 9,290 SF. On a quarterly basis the price per square foot analysis is as follows:

1 ^st Quarter 2015 – 7 Office Sales: Average Price per SF = $137.49
2 ^nd Quarter 2015 – 6 Office Sales: Average Price per SF = $151.92
3 ^rd Quarter 2015 – 3 Office Sales: Average Price per SF = $131.48
4 ^th Quarter 2015 – 4 Office Sales: Average Price per SF = $143.66
Full Year 2015 – 20 Office Sales: Average Price per SF = $143.15

Tampa, FL-2014 Office Transaction Summary (5,000 SF to 15,000 SF)

We have analyzed office sales data from the Tampa market for 2014. Just under 30 sales were reviewed and summarized. These sales were of office properties in the 5,000 SF to 15,000 SF size range. Transactions of offices in this size segment were well dispersed throughout the year with 7 office sales in the 1 ^st Quarter, 9 office sales in the 2 ^nd Quarter, 7 office sales in the 3 ^rd Quarter and a slight drop to 6 sales in the 4 ^th Quarter. Total transaction volume for this office market segment totaled over $33 Million for 2014 and the average price per square foot for all transactions for 2014 was $134.45/SF with an average building size of 8,679 SF. On a quarterly basis the price per square foot analysis is as follows:

1 ^st Quarter 2014 – 7 Office Sales: Average Price per SF = $108.68
2 ^nd Quarter 2014 – 9 Office Sales: Average Price per SF = $145.86
3 ^rd Quarter 2014 – 7 Office Sales: Average Price per SF = $122.82
4 ^th Quarter 2014 – 6 Office Sales: Average Price per SF = $156.54
Full Year 2014 – 29 Office Sales: Average Price per SF = $134.45

Tampa Office Market (5,000 SF to 15,000 SF) - Year over Year Changes (2014 to 2015)

Average Size Building Sold – 7% increase in the average building size sold from 8,679 SF to 9,290 SF

Price per Square Foot – 6.5% increase in average $/SF from 2014 to 2015

Number of Transactions – 31% decrease in the # of transactions from 2014 to 2015

Dollar Volume of Transactions – 21% decrease in the total $ volume for transactions from 2014 to 2015

Thank you for your interest. For more information on the Tampa Office Market or to discuss your property valuation needs feel free to contact:

Mike Cliggitt, MAI, MRICS, CCIM

813-405-1705 Direct Line

Tampa Office Real Estate Appraiser

Tampa, FL Office Data 2014-2015 (2,000 to 5,000SF)

Thu, 04 Feb 2016 17:43:23 GMT

Tampa, FL - 2015 Small Office Transaction Summary (2,000 SF to 5,000 SF)

We have analyzed office sales data from the Tampa market for 2015. Over 50 sales were reviewed and summarized. These were smaller office properties in the 2,000 SF to 5,000 SF size range. Well over half of the 50 sales occurred in the first two quarters of the year with a drop to less than 10 transactions per quarter for the 3rd and 4th quarters of 2015. Total transaction volume for this small office market segment totaled over $22 Million for 2015 and the average price per square foot for all transactions for 2015 was $149.39/SF with an average building size of 2,968 SF. On a quarterly basis the price per square foot analysis is as follows:

1 ^st Quarter 2015 – 23 Office Sales: Average Price per SF = $137.18
2 ^nd Quarter 2015 – 16 Office Sales: Average Price per SF = $193.15
3 ^rd Quarter 2015 – 7 Office Sales: Average Price per SF = $118.79
4 ^th Quarter 2015 – 6 Office Sales: Average Price per SF = $115.60
Full Year 2015 – 52 Office Sales: Average Price per SF = $149.39

Tampa, FL - 2014 Small Office Transaction Summary (2,000 SF to 5,000 SF)

We have analyzed office sales data from the Tampa market for 2014. Just under 60 sales were reviewed and summarized. These were smaller office properties in the 2,000 SF to 5,000 SF size range. The first quarter of 2014 was relatively quiet with just six transactions. But transaction volume picked up substantially in the 2 ^nd quarter with 19 office sales and stayed relatively strong through the remainder of the year with 18 transactions in the 3 ^rd quarter and 16 in the 4 ^th quarter of 2014. Total transaction volume for this small office market segment totaled over $24 Million for 2014 and the average price per square foot for all transactions for 2014 was $124.30/SF with an average building size of 3,272 SF. On a quarterly basis the price per square foot analysis is as follows:

1 ^st Quarter 2014 – 6 Office Sales: Average Price per SF = $79.66
2 ^nd Quarter 2014 – 19 Office Sales: Average Price per SF = $128.52
3 ^rd Quarter 2014 – 18 Office Sales: Average Price per SF = $128.22
4 ^th Quarter 2014 – 16 Office Sales: Average Price per SF = $133.38
Full Year 2014 – 59 Office Sales: Average Price per SF = $124.30

Tampa Office Market (2,000 SF to 5,000 SF) - Year over Year Changes (2014 to 2015)

Average Size Building Sold – 9% decrease in the average building size sold from 3,272 SF to 2,968 SF

Price per Square Foot – 20% increase in average $/SF from 2014 to 2015

Number of Transactions – 12% decrease in the # of transactions from 2014 to 2015

Dollar Volume of Transactions – 6% decrease in the total $ volume for transactions from 2014 to 2015

Appraising Office Property and Commercial Real Estate - Tampa, FL

Thank you for your interest. For more information on the Tampa Office Market or to discuss your property valuation needs feel free to contact:

Mike Cliggitt, MAI, MRICS , CCIM

813-405-1705 Direct Line

Tampa, FL Office Data 2014-2015 (up to 2,000 SF)

Mon, 25 Jan 2016 14:06:19 GMT

Tampa, FL - 2015 Small Office Transaction Summary (up to 2,000 SF)

We have analyzed office sales data from the Tampa market for 2015. Over 20 sales were reviewed and summarized. These were smaller office properties less than 2,000 SF in size. The sales occurred in relatively equal distribution over the first three quarters of the year with no office sales in this size segment occurring in the 4th Quarter of 2015. Total transaction volume for this small office market segment totaled over $5 Million for 2015 and the average price per square foot for all transactions for 2015 was $172.02/SF with an average building size of 1,429 SF. On a quarterly basis the price per square foot analysis is as follows:

1st Quarter 2015 – 7 Office Sales: Average Price per SF = $200.26
2nd Quarter 2015 – 8 Office Sales: Average Price per SF = $164.84
3rd Quarter 2015 – 7 Office Sales: Average Price per SF = $154.19
4th Quarter 2015 – 0 Office Sales
Full Year 2015 – 22 Office Sales: Average Price per SF = $172.02

Tampa, FL - 2014 Small Office Transaction Summary (up to 2,000SF)

We have analyzed office sales data from the Tampa market for 2014. Over 20 sales were reviewed and summarized. These were smaller office properties less than 2,000 SF in size. The first quarter of 2014 was relatively quiet with just three transactions. But transaction volume picked up progressively throughout the year with 6 office sales in the 2nd quarter, 7 in the 3rd quarter, and 8 in the 4th quarter. Total transaction volume for this small office market segment totaled just over $4 Million for 2014 and the average price per square foot for all transactions in the size segment for 2014 was $117.39/SF with an average building size of 1,430 SF. On a quarterly basis the price per square foot analysis is as follows:

1st Quarter 2014 – 3 Office Sales: Average Price per SF = $142.56
2nd Quarter 2014 – 6 Office Sales: Average Price per SF = $99.01
3rd Quarter 2014 – 7 Office Sales: Average Price per SF = $126.51
4th Quarter 2014 – 8 Office Sales: Average Price per SF = $116.46
Full Year 2014 – 24 Office Sales: Average Price per SF = $124.30

Tampa Office Market (up to 2,000 SF) - Year over Year Changes (2014 to 2015)

Average Size Building Sold – Stayed consistent year over year

Price per Square Foot – 38% increase in average $/SF from 2014 to 2015

Number of Transactions – 8% decrease in the # of transactions from 2014 to 2015

Dollar Volume of Transactions – 32% increase in the total $ volume for transactions from 2014 to 2015

Thank you for your interest. For more information on the Tampa Office Market or to discuss your property valuation needs feel free to contact:

Mike Cliggitt, MAI, MRICS, CCIM

813-405-1705 Direct Line

Tampa Office Real Estate Appraiser

http://tampawaterfront2020.com

Downtown Tampa Development

Sat, 16 Jan 2016 14:06:19 GMT

Vinik's Downtown Tampa Development

40 acres of Downtown Tampa owned and/or controlled by Tampa Lighting owner Jeff Vinik is planned for a massive redevelopment that would become the City’s new entertainment district. The plans include a downtown medical school, corporate headquarters, condos, hotels, meeting space, numerous shops and restaurants. In all the development was unveiled in 2014 has a total planned cost of approximately $1 Billion and a total of 3 million square feet of new space once completed. Projected space plans include over a million square feet of office space, 600,000+ SF of residential space, 575,000 SF of hotel/meeting space, 330,000 SF medical Campus, 250,000 SF of retails, 50,000 SF energy/cooling plant, along with 5,000 new parking spaces.

Information Source: Tampa Bay Times - Jamal Thalji

http://www.tampabay.com/news/business/jeff-viniks-1-billion-plan-for-downtown-tampa-finally-revealed/2210519

Plan Grows for Downtown Tampa Redevelopment District

Vinik’s downtown development plan has grown to a projected $2 Billion investment planned for two phases. After working with renowned planners (Jeff Speck and David Dixon) over the last year the project which was originally projected to cost $1 Billion has grown in size and total investment and economic impact for the Downtown Tampa market. This redevelopment will be the first entire neighborhood in the world to be WELL Certified. (WELL Certification is based on quality standards for air, water, nourishment, light, fitness, comfort, and mind). Phase 1 of the project includes 1,000 residential units, an office building, 200,000 square feet of retail / restaurant / entertainment space. Additionally, USF Morsani College of Medicine will be part of Phase 1 as well as the necessary infrastructure work and community space planned for the redevelopment.

Information Source: Tampa Bay Business Journal – Ashley Gurbal Kritzer

http://www.bizjournals.com/tampabay/news/2015/09/29/vinik-first-phase-of-downtown-development-alone.html

For more information regarding the Tampa Office Market or for analysis and valuation services contact:

Mike Cliggitt, MAI, MRICS, CCIM

813-405-1705 Direct Line

findvalue@cliggitt.com

Office Appraiser Tampa Florida

Plant City Market Data 2012

Wed, 11 Dec 2013 20:30:00 GMT

Plant City, Florida - 2012 Commercial & Industrial Real Estate Transaction Synopsis

2012 Transaction Information and Analysis

(Data Extracted from MLS Only - Does not include additional transaction information from Non-MLS Listings/Sales)

18 Commercial & Industrial Property Sales in the Plant City Market

12 Property Sales labeled as No Special Sale Conditions

o 66.66% No Special Sale Condition Property Sales

6 Property Sales labeled as REO/Bank-Owned Transactions

o 33.33% REO/Bank-Owned Property Sales

0 Property Sales labeled as Short-Sale Transactions

o 0% Short Sale Property Sale s

Property Pricing Analysis

Sale Prices Ranging from a low of $70,000 to a high of $1,000,000

o Sale Price Average was $251,417

o Sale Price Median was $190,000

o There were more property sales in the lower tier price segments or more sales that were less than the average sale price indicated above.

o More Specifically 12 of the 18 Plant City Commercial & Industrial Property Sales (67%) were below the average price of $251,417.

Sale Price/SF Analysis

Sale Price/SF Ranging from a low of $15.07/SF to a high of $182.38/SF

o Sale Price/SF Average was $65.42

o Sale Price/SF Median was $51.91

o There were slightly more property sales in the lower tier price/SF segment meaning there more sales with a Price/SF less than the average Price/SF.

o More Specifically 10 of the 18 Plant City Property Sales (62%) were below the average price of $65.42.

Sale Price to List Price Analysis

Sale Price Compared Lowest Listing Price Comparison revealed a range:

o The Low was 64.24% Sale Price to Listing Price

o The High was 100% Sale Price to Listing Price (1 Sold for 100% of Listing)

o Average Sale Price to List Price was 80.41%

o Median Sale Price to List Price was 79.69%

o Most properties are selling near 80% range of their final listing price or to put it another way a 20% discount from the final/last listing price for a property is being realized by sellers in this market.

Note – The above sales included a range of property types such as: Warehouse, Office-Warehouse, Office, Medical Office, Motel/Hotel, Vehicle Related, Day Care, Church, Retail, General Commercial, etc.

The above information helps display the state of the commercial and industrial sales market in Plant City, as represented by the sold properties that were listed in MLS. Two-thirds of these sales were typical transactions, but approximately 1/3 of the sales were bank-owned inventory. Bank-owned and/or distressed type sales continued to be part of the local commercial and industrial real estate sales market but made up less the ½ the sales within the MLS data for Plant City.

For more detailed information regarding the Plant City market or to have us perform an analysis or appraisal of your property please feel free to contact us.

Mike Cliggitt, MAI, MRICS, CCIM

813-405-1705 (Direct)

Cliggitt Valuation, Inc.

Real Estate Analysts, Advisors, & Appraisers

Plant City Commercial, Industrial, and Investment Real Estate Appraisals

Plant City Land Appraisals

Auburndale, Lake Alfred, Polk City Data 2012

Mon, 11 Nov 2013 20:13:55 GMT

Auburndale, Lake Alfred, Polk City, Florida - 2012 Commercial & Industrial Real Estate Sales Synopsis

Auburndale, Lake Alfred, Polk City Commercial & Industrial Real Estate Analysis

2012 Transaction Information and Analysis

(Data Extracted from MLS Only- Does not include additional transaction information from Non-MLS Listings/Sales)

Only 4 Commercial Property Sales in the Auburndale, Lake Alfred, Polk City Market

4 Commercial Property Sales labeled as No Special Sale Conditions

o 100% No Special Sale Condition Property Sales

0 Commercial Property Sales labeled as REO/Bank-Owned Transactions

o 0% REO/Bank-Owned Property Sales

0 Commercial Property Sales labeled as Short-Sale Transactions

o 0% Short Sale Property Sales

Property Pricing Analysis

Sale Prices Ranging from a low of $46,000 to a high of $514,500

o Sale Price Average was $212,625

o Sale Price Median was $145,000

o Average and median comparison indicates that the sales/price level in the lower tier segments were more drastic than the upper tier price segments.

o More Specifically the # of sales were an even split between the below and above average price. 2 of the 4 Auburndale, Lake Alfred, Polk City Commercial Property Sales (50%) were below the average price of $212,625.

Sale Price/SF Analysis

Sale Price/SF Ranging from a low of $38.13/SF to a high of $80.71/SF

o Sale Price/SF Average was $58.93

o Sale Price/SF Median was $58.45

o Average and median comparison indicates that property sales on a per square foot basis were generally similar with 2 above and 2 below the average.

Sale Price to List Price Analysis

Sale Price Compared Lowest Listing Price Comparison revealed a range:

o The Low was 74% Sale Price to Listing Price

o The High was 92% Sale Price to Listing Price (0 Sold for 100% of Listing)

o Average Sale Price to List Price was 84%

o Median Sale Price to List Price was 85%

o Most properties are selling near 85% range of their final listing price or to put it another way a 15% discount from the final/last listing price for a property is being realized by sellers in this market.

Note – The above sales included a range of property types such as: Automotive-Vehicle Related, Retail, General Commercial, etc.

The above information helps display the state of the commercial and industrial sales market in Auburndale, Lake Alfred, Polk City, as represented by the sold properties that were listed in MLS. Most notably was the limited amount of sales activity within these three market areas in 2012. We also note that there were no sold properties that were bank owned or labeled as short sales. Bank-owned and/or distressed type sales continue to be part of the local commercial and industrial real estate sales market but there were no transactions in 2012 within the MLS data for Auburndale, Lake Alfred, Polk City.

For more detailed information regarding the Auburndale, Lake Alfred, Polk City market or to have us perform an analysis or appraisal of your property please feel free to contact us .

M ike Cliggitt, MAI, MRICS, CCIM

813-405-1705 (Direct)

Cliggitt Valuation, Inc.

Real Estate Analysts, Advisors, & Appraisers

Auburndale, Lake Alfred , Polk City Real Estate Appraisals

Mulberry, Bartow, Lake Wales Data 2012

Tue, 05 Nov 2013 19:57:39 GMT

Mulberry, Bartow, Lake Wales: Commercial & Industrial Real Estate Transaction Summary

2012 Transaction Information and Analysis

(Data Extracted from MLS Only – Does not include additional transaction information from Non-MLS Listings/Sales)

12 Commercial Property Sales in the Mulberry, Bartow, Lake Wales Market

7 Commercial Property Sales labeled as No Special Sale Conditions

o 58% No Special Sale Condition Property Sales

5 Commercial Property Sales labeled as REO/Bank-Owned Transactions

o 42% REO/Bank-Owned Property Sales

Property Pricing Analysis

Sale Prices Ranging from a low of $49,000 to a high of $630,000

o Sale Price Average was $190,179

o Sale Price Median was $128,250

o Average and median comparison indicates that there were more property sales in the lower tier price segments or more sales that were less than the average sale price indicated above.

o More Specifically 9 of the 12 Mulberry, Bartow, Lake Wales Commercial Property Sales (75%) were below the average price of $190,000.

Sale Price/SF Analysis

Sale Price/SF Ranging from a low of $11.61/SF to a high of $105.61/SF

o Sale Price/SF Average was $47.65

o Sale Price/SF Median was $41.69

o Average and median comparison indicates that there were more property sales in the lower tier price/SF segment or more sales with a Price/SF less than the average Price/SF.

o More Specifically 5 of the 12 Mulberry, Bartow, Lake Wales Commercial Property Sales (42%) were below the average price of $47.65/SF.

Sale Price to List Price Analysis

Sale Price Compared Lowest Listing Price Comparison revealed a range:

o The Low was 73% Sale Price to Listing Price

o The High was 149% Sale Price to Listing Price (2 Sold for 100% of Listing and 1 Sold 49% Over its Listing Price)

o Average Sale Price to List Price was 94%

o Median Sale Price to List Price was 92%

o Most properties are selling near 93% range of their final listing price or to put it another way only a 7% discount from the final/last listing price for a property is being realized by sellers in this market.

Note – The above sales included a range of property types such as: Office, Grocery, Retail, General Commercial, Industrial, Mobile Home Park, Recreational, etc.

The above information helps display the state of the commercial and industrial sales market in along the Polk County State Road 60 corridor that includes the Mulberry, Bartow, Lake Wales market area, as represented by the sold properties that were listed in MLS. Almost 60% percent of these sales were typical transactions, but over 40% of the sales were bank-owned inventory transactions. Bank-owned and/or distressed type sales continued to be part of the local commercial and industrial real estate sales market but made up less the ½ the sales within the MLS data for Mulberry, Bartow, Lake Wales.

For more detailed information regarding the Mulberry, Bartow, Lake Wales market or to have us perform an analysis or appraisal of your property please feel free to contact us.

Mike Cliggitt, MAI, MRICS, CCIM

813-405-1705 (Direct)

Cliggitt Valuation, Inc.

Real Estate Analysts, Advisors, & Appraisers

Mulberry , Bartow , Lake Wales Real Estate Appraisals

Lakeland Market Data 2012

Tue, 29 Oct 2013 17:27:45 GMT

Lakeland Commercial & Industrial Real Estate Analysis

2 012 Transaction Information and Analysis

(Date extracted from MLS Only- Does not include additional transaction information from Non-MLS Listings/Sales)

25 Commercial Property Sales in the Lakeland Market

16 Commercial Property Sales labeled as No Special Sale Conditions

o 64% No Special Sale Condition Property Sales

9 Commercial Property Sales labeled as REO/Bank-Owned Transactions

o 36% REO/Bank-Owned Property Sales

Property Pricing Analysis

Sale Prices Ranging from a low of $15,000 to a high of $1,200,000

o Sale Price Average was $211,420

o Sale Price Median was $123,500

o Average and median comparison indicates that there were more property sales in the lower tier price segments or more sales that were less than the average sale price indicated above.

o More Specifically 17 of the 25 Lakeland Commercial Property Sales (68%) were below the average price of $211,420.

Sale Price/SF Analysis

Sale Price/SF Ranging from a low of $12.84/SF to a high of $127.78/SF

o Sale Price/SF Average was $46.85

o Sale Price/SF Median was $37.37

o Average and median comparison indicates that there were more property sales in the lower tier price/SF segment or more sales with a Price/SF less than the average Price/SF.

o More Specifically 13 of the 25 Lakeland Commercial Property Sales (52%) were below the average price of $46.85.

Sale Price to List Price Analysis

Sale Price Compared Lowest Listing Price Comparison revealed a range:

o The Low was 26% Sale Price to Listing Price

o The High was 100% Sale Price to Listing Price (1 Sold for 100% of Listing)

o Average Sale Price to List Price was 70.86%

o Median Sale Price to List Price was 72.79%

o Most properties are selling near 70% to 75% range of their final listing price or to put it another way a 25% to 30% discount from the final/last listing price for a property is being realized by sellers in this market.

Note – The above sales included a range of property types such as: Warehouse, Flex, Office-Warehouse, Distribution, Special Purpose, Office, Vehicle Related, General Commercial, Mobile Home & Apartments, etc.

The above information helps display the state of the commercial and industrial sales market in Lakeland, as represented by the sold properties that were listed in MLS. Over 60% percent of these sales were typical transactions, but a little over 1/3 of the sales were bank-owned inventory transaction. Bank-owned and/or distressed type sales continued to be part of the local commercial and industrial real estate sales market but made up just over a 1/3 the sales within the MLS data for Lakeland.

For more detailed information regarding the Lakeland real estate market or to have us perform an analysis or appraisal of your property please feel free to contact us.

Mike Cliggitt, MAI, MRICS , CCIM

813-405-1705 (Direct)

Lakeland Real Estate Appraisers

Cliggitt Valuation, Inc.

Real Estate Analysts, Advisors, & Appraisers

cliggitt.com

Winter Haven Market Data 2012

Tue, 22 Oct 2013 17:59:34 GMT

Winter Haven Commercial & Industrial Real Estate Analysis

2012 Transaction Information and Analysis

(Data Extracted from MLS only- Does not include additional transaction information from Non-MLS Listings/Sales)

21 Commercial Property Sales in the Winter Haven Market

12 Commercial Property Sales labeled as No Special Sale Conditions

o 57% No Special Sale Condition Property Sales

7 Commercial Property Sales labeled as REO/Bank-Owned Transactions

o 33% REO/Bank-Owned Property Sales

2 Commercial Property Sales labeled as Short-Sale Transactions

o 10% Short Sale Property Sales

Property Pricing Analysis

Sale Prices Ranging from a low of $33,700 to a high of $901,000

o Sale Price Average was $250,238

o Sale Price Median was $125,000

o Average and median comparison indicates that there were more property sales in the lower tier price segments or more sales that were less than the average sale price indicated above.

o More Specifically 16 of the 21 Winter Haven Commercial Property Sales (76%) were below the average price of $250,000.

Sale Price/SF Analysis

Sale Price/SF Ranging from a low of $11.82/SF to a high of $164.81/SF

o Sale Price/SF Average was $49.68

o Sale Price/SF Median was $33.53

o Average and median comparison indicates that there were more property sales in the lower tier price/SF segment or more sales with a Price/SF less than the average Price/SF.

o More Specifically 13 of the 21 Winter Haven Commercial Property Sales (62%) were below the average price of $250,000.

Sale Price to List Price Analysis

Sale Price Compared Lowest Listing Price Comparison revealed a range:

o The Low was 61% Sale Price to Listing Price

o The High was 100% Sale Price to Listing Price (2 Sold for 100% of Listing)

o Average Sale Price to List Price was 83.5%

o Median Sale Price to List Price was 84.75%

Note – The above sales included a range of property types such as: Warehouse, Office-Warehouse, Office, Medical Office, Vehicle Related, Retail, General Commercial, etc.

The above information helps display the state of the commercial and industrial sales market in Winter Haven, as represented by the sold properties that were listed in MLS. Almost 60% percent of these sales were typical transactions, but approximately 1/3 of the sales were bank-owned inventory with 10% listed as short-sale transactions. Bank-owned and/or distressed type sales continue to be part of the local commercial and industrial real estate sales market but made up less the ½ the sales within the MLS data for Winter Haven.

For more detailed information regarding the Winter Haven real estate market or to have us perform an analysis or appraisal of your property please feel free to contact us.

Mike Cliggitt, MAI, MRICS, CCIM

813-405-1705 (Direct)

findvalue@cliggitt.com
Cliggitt Valuation, Inc.

Real Estate Analysts, Advisors, & Appraisers