Executive Director Bruce Erhardt Documents Nearly 22 Million Square Feet of New Commercial Development In and Around Downtown Tampa
Cushman & Wakefield today released its inaugural Downtown Tampa CBD Development Report (Click to Download).
Authored by Executive Director Bruce Erhardt of Cushman & Wakefield’s Land Brokerage group, the report details the state of residential, office, retail and hotel development in and around downtown Tampa. The report highlights four developments including Jeff Viniks’ 40-acre Channelside site, a 51.9-acre Port Authority site, a 43-acre Tampa Heights site and a 150-acre West River site.
These four locations total nearly 285 acres and are slated for nearly 22 million square feet of commercial development. This includes 12,520 residential units, nearly 1.9 million square feet of office space, 1.1 million square feet of retail and 840,000 square feet of hotel development. The report estimates enough housing to accommodate 22,536 residents.
According to Erhardt, key takeaways from the report are:
- The amount of developable land available in and around the Tampa CBD is a historically significant figure.
- The high density of these developments mirrors a trend exhibited by other urban municipalities catering to a live-work-play demographic profile.
- The developers involved in these projects are well-respected, financially solvent and have proven track records, minimizing risk and bolstering viability.
The report is accompanied by a short video, which can be viewed here:
According to Erhardt’s research, the new residential developments will have combined densities approaching 44 units per acre. Overall, the new projects will feature a floor area ratio of 1.7. Both are hallmarks of urban, high-density development.
“Coming out of the Great Recession, many developers are focusing on infill locations,” said Erhardt, a 40-year veteran of the commercial real estate industry. “I’m doing more urban work now than I ever have before.”
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