CONSTRUCTION & INFRASTRUCTURE OVERVIEW
Perspectives: Outlook Jon Paul Bacariza Vice President & Tampa Market Leader – Ryan Companies We continue to maintain that nimbleness and awareness to make sure that we are flexible for potential crises in the future. We’ve been blessed to be able to have great teammates and a highly diverse platform that allows us to take advantage of industry shifts.
Ward Friszolowski President – Harvard Jolly Architecture Construction costs are not going down, that is the only challenge we always have. We will continue working with our clients to determine what is the right budget for their projects and checking the crystal ball out there. But the construction sector as a whole is not slowing down.
Chris Kirschner President – BDG Architects
Tampa mixed-use development, developed by Strategic Property Partners, just outside the Downtown Business District. This development’s first phase is slated to be completed by early 2022 and will consist of 10 buildings. Its construction has even caused the city to realign some of its long-standing infrastructure: an old railway has been removed and some streets adjusted in the hope that this car-centric dead zone will become a vibrant area for pedestrians consisting of 70 street-level restaurants or retailers, 1,300 rental units, and Tampa Bay’s first fivestar hotel. As well, developments such as these give lie to the notion that the pandemic has been the deathblow to physical office space. In Tampa, office construction has slowed but not stopped, and according to Colliers’ 21Q1 Tampa Bay Office report, the market’s “fundamentals remained optimistic as companies focused on regaining traction after the pause in activity during the pandemic.” Other developments of note include Midtown Tampa, a mixed-use estimated at $500 million that is going up between Downtown Tampa and the Westshore Business District; the Channel District Vision Plan, a mixed-use development estimated at $1.5 billion that is being put up by the Port of Tampa and partners; the St. Pete Pier, a $92 million tourist attraction on the waterfront; and, as if to meet the coming demand, the Tampa International Airport is undergoing a $150 million renovation. ( )
I’m so excited for the Tampa Bay area, I’ve never seen it hitting on all cylinders like this before. There was a huge real estate boom in 2007 but it was mostly relegated to the residential sector, fueled by easy mortgages. I haven’t seen the level of activity I see now since then.
Jake Nellis Vice President – JE Dunn Our portfolio has a healthy balance between K-12, student housing, and several healthcare projects. Additionally, if we can work hard to create a niche for ourselves in the area of renovations, it will be a way to differentiate ourselves in the market.
Mauricio Ramos Area Manager – PCL Construction There are many opportunities in this business, and we’re focused on the Greater Tampa Bay area. There’s growth coming. It feels great that now that there are more projects, our locally-based staff can see the ways in which they’re helping their communities.
Grayson Silver Managing Principal – Baker Barrios Architects Tampa Bay is probably the strongest of all the Florida markets. Our job loss during the downturn was around 6-8% compared to 12-14% nationally. The same is true for property values. Tampa Bay has sustained its property values while other areas are seeing a predicted 5-10% loss.
www.capitalanalyticsassociates.com
| 75
