Victor A. Torres, MAI
St Peterburg, Florida and Current Economic Trends
St. Petersburg, Florida has rapidly become one of the most sought-after cities in the United States, known for its picturesque beaches, thriving arts and culture scene, and robust economy. As a result, the city has seen a surge in real estate development and economic growth in recent years.
One of the most notable trends in St. Petersburg's real estate market is the expansion of the downtown area. The city center has seen an influx of new residential and commercial projects, including high-rise buildings, luxury condominiums, and mixed-use developments. This has led to a strong demand for housing in the downtown area, as more people seek to live closer to work, entertainment, and other amenities.
According to Landmark Reports, there are currently several proposed real estate projects in the pipeline that have been submitted for permitting. These include three commercial projects, three residential projects, and one institutional/government project. The commercial projects include The Dali Dome Project, Shoppes on Central, and 2800 Central Ave. Development. The commercial projects descriptions are as follows:
The Dali Dome Project, an ambitious semi-permanent dome structure located on existing Museum property to the east, is set to revolutionize the way we think about education and community space. Boasting 2,400 square feet of state-of-the-art facilities, this commercial project was submitted for review on September 23, 2022 and is poised to make a significant impact on the local area.
Shoppes on Central, an exciting new redevelopment of an 8,700 square foot retail site located along Central Avenue, is set to breathe new life into the area. With a focus on innovation and design, this project is sure to attract a wide range of businesses and shoppers alike.
2800 Central Ave. Development, a redevelopment of a 10,590 square foot site which had previously a 10,590 sf building, is poised to be a game-changer in the commercial real estate market. This ambitious project was submitted for review on January 3, 2022 and is expected to make a significant impact on the local area. With a focus on sustainability and functionality, it is sure to be a popular choice among businesses and investors alike.
The residential projects include Tuxedo Apartments, 900 Central Avenue, and 1000 1st Ave Apartments. While, the institutional project is a proposed refit of a wastewater treatment plant located at the Albert Whitted Airport.
Another trend in St. Petersburg's real estate market is the increasing popularity of waterfront properties. The city boasts more than 250 miles of waterfront along the Gulf of Mexico, making it a highly desirable location for real estate investors and buyers. Waterfront properties in St. Petersburg are in high demand, as more people seek to take advantage of the city's beautiful beaches and coastal lifestyle. There are currently two projects near the water in St. Pete Beach in the pipeline, Corey Landings and Kellys Roast Beef.
The Corey Landings project is an opportunity for growth and development in the area. This proposal includes the construction of 243 multifamily units, as well as 17,223 square feet of commercial space for retail, restaurant, and office use. Additionally, the project features 31 proposed boat slips on Boca Ciega Bay, offering unparalleled waterfront access for residents and visitors alike.
Another development is the Kellys Roast Beef project. This proposal includes the demolition of an existing building and the construction of a 3,634 square foot Quick Service Restaurant (QSR) complete with parking and a drive-through lane. Both projects were submitted for review on January 3, 2022.
Overall, St. Petersburg's real estate market continues to show strong growth and development, driven by the city's thriving economy, vibrant arts and culture scene, and desirable waterfront location. Additionally, St. Petersburg's real estate market has seen an increase in demand for luxury properties and high-end amenities. The city has attracted a growing number of high-income residents and retirees, who are looking for properties that offer high-end finishes, modern amenities, and breathtaking views. This has led to the development of luxury condos, high-rise buildings, and waterfront properties that offer upscale amenities such as fitness centers, swimming pools, and private balconies.
One of the most notable luxury developments in St. Petersburg is The Tower at 100 Beach, which is a proposed luxury high-rise development that will feature state-of-the-art amenities, panoramic views of the Gulf of Mexico, and a rooftop infinity pool. This development is one of the most sought-after properties in the city and attracts a number of affluent residents and retirees.
Another trend that is driving the growth of St. Petersburg's real estate market is the city's growing reputation as a tourist destination. The city's beaches, arts and culture scene, and growing number of attractions and events have made it a popular destination for visitors from around the world. As a result, the city has seen a surge in demand for vacation rentals and short-term rentals, which has led to the development of a number of new properties that are specifically designed for vacationers and short-term renters.
The city's economy is stable, with a growing number of businesses and entrepreneurs moving to the area. The city has a diverse economy, with a mix of small businesses, large corporations, and a growing technology sector. The city has a strong focus on innovation, and it has been successful in attracting new businesses and entrepreneurs to the area. However, as per Tampa Journal, St. Pete is currently facing a lack of affordable and workforce housing inventory as well as modern office space in the downtown area. According to the city, they plan to solve this issue by redeveloping the Historic Gas Plant District, which is part of the site where the Tropicana Field is located.
In conclusion, St. Petersburg's real estate market continues to show strong growth and development, driven by a number of key trends such as the expansion of the downtown area, growing popularity of waterfront properties, increasing demand for luxury properties and high-end amenities, and the city's growing reputation as a tourist destination. These trends are expected to continue in the coming years, making St. Petersburg an attractive market for both real estate investors and homebuyers.
For information about real estate valuation for commercial and real estate appraisals please reach us at 813-330-1339 or at firstname.lastname@example.org. Bluemark Realty Advisors is a real estate valuation firm located in St. Peterburg Florida. As a privately-owned appraisal company, we specialize in offering a comprehensive range of commercial and residential appraisal services, including appraisal reports, reviews, litigation support, and portfolio valuation. Our team of certified general appraisers and MAI members possess a deep understanding of the processes and challenges of the commercial real estate market, enabling us to deliver results that are accurate, impartial, and of the highest quality and integrity.