Over the past few years, the planning commissions involved in the Tampa Bay area have been seeking ways to improve the region. Through hard work and perseverance, the commissions have lined up several new developments for the area that aim to improve local neighborhoods and attractions. In the next few years, Tampa Bay residents will see these developments come to life in various areas of the city. Here are some of the new developments slated to come to the Tampa Bay area.
Tampa Bay Lightning owner Jeff Vinik has come a step closer to realizing his $2 billion vision for Tampa’s urban core. Vinik’s real estate firm Strategic Property Partners and capital investment firm Cascade Investments LLC have signed a $35 million contract with Kimmins Contracting Corporation, of Tampa, to redevelop roadways and make infrastructure improvements around the 40-acre property to be developed in downtown Tampa. Vinik’s plan calls for a new 400-500 room luxury hotel, a 650,000-square-foot office tower and more than 300,000 square feet of retail and restaurant space, as well as improvements at the Marriott Waterside Hotel and Marina and Channelside Bay Plaza.
According to an announcement for the road improvements, the work is expected to begin this summer along Channelside Drive. Construction will be completed in phases over two years to accommodate traffic and pedestrian access. Strategic Property Partners will be reimbursed for expenses related to improving public spaces by the city’s Community Redevelopment Areas and Hillsborough County. Approval from the city must still be obtained before work can begin.
Another Tampa developer has announced plans to develop part of the Tampa Bay Area, this one revitalizing a neglected block of Ybor City. Sight Real Estate plans to restore historic bungalows and build new row houses in a new development named Casitas En Cuatro. The development will be located on Fourth Avenue, between 18th and 19th streets, and will consist of three restored single-family homes and three new row houses.
Work has already begun on the existing homes, and construction will begin on the new homes once the plan has been signed off on by the city’s barrio Latino commission. According to an announcement about the development, the single family homes will be priced from $250,000 to $290,000, and the row houses will be priced in the low $300,000s. Michael Mincberg, president of Sight Real Estate, is also working on the conversion of a Tampa Heights bottling factory to apartments.