By Anna Ostraya
September 16, 2022
Tampa Bay Development
With so many people moving to the Tampa bay area and the housing market flourishing, everyone is eager to figure out why. It all comes down to the city's development and direction. With numerous new city projects underway and abundant business opportunities, the Tampa Bay area creates a unique setting for many individuals.
It is no wonder that companies located here are growing at an astonishing rate. According to Tampa's Economic Development Council, this area is one of the nation's most cost-friendly and pro-business climates. It provides an excellent local talent pool and easy international and domestic business travel access.
Bloomin' Brands, Jabil, and TD Synnex are some examples of successful companies headquartered in the Tampa Bay area.
But all of this is no surprise when we find out how the city maintains its business-friendly qualities. Tampa has no personal income tax, low operating costs, as well as mild regulatory burdens.
Now, what about the city itself? According to Tampa's EDC, there are currently $13 billion in new projects in the area that will elevate the current urban environment. A large portion of the investments happens along the waterfront area.
Over in between downtown Tampa and the Westshore Business District stands Midtown Tampa. This $500 million development includes a vast retail and entertainment zone and an even bigger office space. The Bromley Company envisioned a genuinely transformative and interactive district for its residents.
Not only does Midtown provide 400 residential units and a 225-room boutique hotel, but it offers its visitors weekly entertainment and wellness practices. It is truly a special place that combines living and working, dining and shopping, and more activities.
However, Tampa is planning to establish an even more significant development in the heart of its city. Strategic Property Brothers are building a new kind of urban community just outside the Tampa business district. Water Street Tampa is a $3.5 billion project that will be across 50 acres of land once it's entirely constructed. Water Street will include an outstanding residential, office, retail, hospitality, educational, and cultural space.
So what makes Water Street Tampa so unique? First of all, this community was thoughtfully designed to keep up its residents' and visitors' health and well-being, providing many opportunities to engage in wellness workshops. This area also stands out because of its close proximity and walkability. Additionally, the project supports communal responsibility for the environment.
One of the most prominent features of the development, of course, is the Tampa Edition Hotel. This residence will be the fifth US property of Edition hotels upon its opening. Tampa Edition Hotel is out to achieve the recognition of being the first 5-star hotel in the Tampa Bay region.
"Not often have I had the opportunity to work on a project that will completely transform the very center and heartbeat of a great city like Tampa, and make it even greater," Ian Schrager, the concept designer for Edition Hotels, said in a statement to the Tampa Bay Times. "I call it urban expansion, rather than urban renewal, and it serves as a model for how cities will transform and evolve the future.”
Now that we've caught up with the latest developments in Tampa Bay, it is clear that this city is full of opportunity and space to grow. The pro-business environment in the city makes it an optimal space to expand or transfer a venture of your own.
If you're interested in learning more about the city's development and business opportunities, we recommend visiting the Tampa Bay Economic Development website.