Market voices: Developing for future needs
William Bertolero Partner Vision Properties
Overall, in southeastern Florida, from Miami to West Palm, there has been a lot of high-profile relocations. Southeast Florida is more built out so the opportunity for land is much scarcer, pushing up cost. The cost of being able to relocate will weed people out because the expense of that area is much higher. On the I-4 Corridor from Orlando to Tampa, there is much more opportunity for companies to build out. The area is continuing to grow, and connectivity is becoming much easier. From what I have already seen, I think Pasco County will grow as well because there is still the convenience of beaches, downtown and great connectivity, not to mention the spending power and increased quality of life relative to the more built-out areas.
The vision is to create resources to fully develop an urban innovation community out of what has been referred to as the University Area for many years. The “Area” has grown to be much more than that, and is truly meant to be a vibrant and nationally-recognized, innovation community. We have made key advancements in the midst of a tough year. The innovation community has been growing organically for the last 50 years and for the past decade the Innovation Partnership has been guiding the growth by providing direction, planning and resources to fully realize this community’s potential.
Nick Haines
CEO The Bromley Companies
Chief Development Strategist RD Management
Previously, Tampa as a business center attracted regional or back-office uses for larger corporations. However, I think that has and is changing quickly. Employers will be increasingly less tied to a traditional corporate center and will be able to follow talent in a more flexible way. I think you see that in recent moves by companies like Blackstone and Goldman Sachs, which are opening larger hubs in Florida. Companies are beginning to realize that Tampa provides a great lifestyle and accessibility to a large, well-educated population. Tampa also is building up a tech base, especially in cybersecurity.
There has always been opportunity for redevelopment on the Pinellas beaches but, in many cases, the communities have not been so supportive of modifying their small-town character. The other areas of development are quite well known, with a lot of focus on Downtown Tampa and Downtown St. Pete. Westshore continues to be the largest office market in the region, but it may be getting a little dated, which could create redevelopment opportunities. If the Brightline train is brought to Tampa as anticipated, that is a tremendous opportunity to see some high-density development around that terminal.
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Christopher Bowen
| Invest: Tampa Bay 2021 | REAL ESTATE
Jay Miller
President J Square Developers
