REAL ESTATE INTERVIEW
Transformation Repurposing of older buildings is helping transform Clearwater as the development pace kicks into high gear
Brian Andrus Broker & Owner – Stonebridge Real Estate What is the future of Clearwater regarding development? Repurposing is more the theme in our area. When Opportunity Zones came into being because of the legislative act it provided for a new investment option. We engaged a business partner and secured a property that is now halfway through a full renovation. It will be a beautiful 30,000-square-foot office building. It was an old wreck that is being fully transformed. That redevelopment is a testament to what is happening in Clearwater, just one among many. We are partners in a 12-story office building, our main tenant being KnowBe4, a cybersecurity unicorn with a $1 billion-plus valuation. Its upper floors remind me of the California West Coast office spaces in the “cool” factor, while some other floors provide a New York corporate feel. In Clearwater, I believe we’re slowly catching up to Tampa Bay’s growth. A lot more has been happening in terms of development in the last few years than in the last two decades since we’ve operated in real estate here. Keep in mind that Clearwater has a population of 125,000 people who are somewhat spread out, so there are projects all over. The beach has newly completed projects as well as ones that are going to be started. The beach area has transformed over the past decade. Clearwater’s government and city personnel are highly proactive about moving the ball forward, evidenced by the Imagine Clearwater Project on the Downtown’s waterfront. How do you see the Tampa Bay region capturing warehousing activity? Tampa Bay’s Polk County, Lakeland and Plant City are bustling with warehouses, the size of which will surprise you. To see industrial assets extending over 500,000600,000 square feet in size is an impressive sight. We expect that trend to continue going forward, with the possible exception of Pinellas County, which lacks available space for new developments. That will require
repurposing of buildings and land, which I expect will continue. I am working on an industrial development now. Land is more the challenge than demand. What are some of your near-term goals? In 2021, we’ll be completing our latest project called Marina Bay 880 and move onto the next one. We will work to enable our staff and their families to continue to do well. That means I have to work so that each one sets realistic goals, makes progress on those goals and reaches them. I want them to sharpen the edge of their skill sets. To succeed in real estate and development, you need to be a quick study, be able to pivot well and be professional at what you do. I plan to continue to work with the large number of very smart and very professional business individuals in our area. www.capitalanalyticsassociates.com
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