Real Estate in Tampa
Craig Kincheloe
813-336-5835813-336-5835

May 2020 Digital Magazine

MAY 2020/VOL 2/ISSUE 5

 

TAMPA BAY INSIDER

FEATURES, TRENDS, AND EVENTS FROM:

THE KINCHELOE GROUP

 

Major Tampa Bay projects still mostly on track for Super Bowl 55

In early February, with exactly one year to go before Super Bowl 55 in Tampa, contractors said they were working to open seven projects with a combined value of more than $1 billion for the championship.

For the most part, that’s still the case despite the economic turmoil created by the COVID-19 pandemic. Here’s a project-by-project update:

St. Petersburg’s new pier as seen from North Shore Park last month. [DIRK SHADD | Times]

St. Pete Pier

800 Second Ave. NE, St. Petersburg

Once scheduled for May 30, the opening date of the new $92 million pier was postponed “a little bit longer,” Mayor Rick Kriseman said last week, because of the likelihood of continued restrictions on public gatherings. The centerpiece of downtown St. Petersburg’s urban waterfront, the new pier will include 26 acres of reconfigured public space with a $1 million wooden playground, public art, a fishing deck, new places to eat and drink and a discovery center with hands-on marine exhibits. “Stay tuned for a new date,” Kriseman said. “It will be worth the wait.”

Aerial image of the new JW Marriott under construction at 510 Water Street, alongside the current Marriott Waterside pictured on Wednesday, April 29, 2020 in Tampa. [LUIS SANTANA | Times]

JW Marriott

510 Water St., Tampa

The website for the $200 million-plus JW Marriott hotel in the Water Street Tampa mega-development says the hotel will open in November, which is consistent with what the hotel’s general manager said last month. When finished, the 26-story hotel will include 519 rooms, a big ballroom and what’s touted as the highest rooftop bar in the city. By connecting it with the neighboring Tampa Marriott Water Street via an elevated walkway, the two hotels will offer a combined 1,200 hotel rooms.

The dual-branded Aloft and Element hotels under construction at Midtown Tampa. (The Bromley Companies) [The Bromley Companies]

Midtown Tampa

Northeast corner of N Dale Mabry and W Cypress St., just south of Interstate 275, Tampa

“We haven’t missed a day of work” and “have had little to no disruptions in the supply chain,” said Nick Haines, president and chief executive officer of The Bromley Companies, the developer of the $550 million Midtown Tampa project. “The schedule remains (for) substantial completion by the Super Bowl.

Construction crews topped out the eight-story Midtown One office building on March 15 and the dual-branded Aloft and Element hotel on March 26. A new Whole Foods Market is scheduled to be turned over to the grocery store company in late July. The 22-acre project also includes specialty outdoor retailer REI Co-op, 400 apartments, and restaurants ranging from a new location for local chef Chris Ponte to the Oprah Winfrey-backed True Food Kitchen to the bay area’s first Shake Shack.

The $52 million Hotel Haya in Ybor City at 1402 E Seventh Avenue in Ybor City is taking reservations for September. (Aparium Hotel Group)

 

Haya Hotel

1412 E Seventh Ave., Tampa

The $52 million Hotel Haya in Ybor City is taking reservations beginning Sept. 1. The four-story hotel includes 176 rooms, a 152-seat restaurant and 42-seat cafe. The location is one of Ybor City’s most storied sites. In 1898, cavalrymen from Teddy Roosevelt’s “Rough Riders” are said to have ridden into the dining room at the Las Novedades restaurant in “the Charge of the Yellow Rice Brigade.” Later it was the home of the notorious El Dorado casino.

An artists’ rendering of the $90 million Museum of the American Arts and Crafts Movement in downtown St. Petersburg. [Courtesy of Alfonso Architects]

Museum of the American Arts and Crafts Movement

355 Fourth St. N, St. Petersburg

“I can say with confidence that there are many, many major events planned around the Super Bowl, and we certainly intend on being part of the festivities,” Tom Magoulis, the executive director of the organization behind the 137,000-square-foot Museum of the American Arts and Crafts Movement, said in an email.

“Unfortunately, given the situation around the COVID-19 and the uncertainty it presents, we hesitate making any new announcement around an opening date,” Magoulis said. “We would not want museum-goers from around the country making travel and lodging arrangements to visit on a certain date when there is still so much up in the air.”

Collector Rodolfo “Rudy” Ciccarello is financing the $90 million museum privately and stocking it with his collection of more than 2,000 pieces of art, furniture, ceramics, glass, lighting and other objects from the American Arts and Crafts Movement of the early 20th century. Finishing touches are underway on the building, and fixtures and art are being moved in, Magoulis said.

The Clearwater Marine Aquarium near Clearwater Beach is working to complete an $80 million expansion. (Rendering courtesy Clearwater Marine Aquarium) [Clearwater Marine Aquarium]

Clearwater Marine Aquarium

249 Windward Passage, Clearwater

Mid to late this year is still the projected opening date for an $80 million expansion of the Clearwater Marine Aquarium, the home of Winter the Dolphin, near Clearwater Beach. The expanded facility will have a total of 103,000 square feet of guest space, five times what it has now, 400 more parking spots and more living space for rescued dolphins, more education space and more room for more wildlife rehabilitation.

Rising next to Tampa City Hall, the combined 17-story, 230-room Hyatt Place hotel and a 115-room Hyatt House hotel will have about 4,000 square feet of meeting space, 3,200 square feet of ground floor retail space and 220-space public parking garage. (Rendering courtesy HRI Properties/Baker Barrios)

Hyatt House/Hyatt Place hotels

Southeast corner of N Florida Avenue and E Kennedy Boulevard, Tampa

HRI Communities of New Orleans is looking at opening its new dual-branded hotel in the first quarter of 2021. “We really won’t be able to refine the project opening date until September,” HRI Communities president Josh Collen said in an email. The 17-story building is going up on a former parking lot across from Tampa City Hall and will have a 230-room Hyatt Place Hotel and a 115-room extended-stay Hyatt House Hotel, plus meeting space, ground floor retail space and a public parking garage.

 

 

Craig’s Take:

 

These projects are critical to the Tampa Bay areas impression on the many visitors anticipated to be traveling to Tampa for Super Bowl 55. The bigger story in my opinion is that construction services are considered essential businesses per the governor’s executive order. This is not only important for the completion of the construction projects listed above for the Super Bowl but is also vital to our economy. Construction has more of an impact on Florida’s GDP than it does for the country. In fact, in Florida construction contributed to 5.1% of the of our states GDP compared to only 4% of the U.S. GDP. Additionally, Florida had 48,100 construction firms in 2015, of which 92% were considered small business (1 to 19 employees) That number is much higher right now as Florida’s has seen a steady increase in construction employment since that time. Construction employment in December 2018 totaled 554,000, an increase of 6.7% from December 2017, but 20% less than the state’s peak in June 2006. The effects of the real estate crash are still being felt in the construction industry 14 years later. The reality is many of the construction workers and business owners left Florida during that time or left the construction industry for other industries with no intension of ever coming back. Currently, the biggest factor holding back residential and commercial construction is the lack of skilled workers. According to Associated General Contractors of America 79% of construction firms in Florida reported difficulty filling salaried and hourly worker positions. In my own research and experience, builders, developers, and the public are all experiencing the lack of construction workers. If we lose any more people in this industry it will have a significant impact on our economy. It is for these reasons, in my opinion, it is vital to our state’s economy both in the short-term and long-term the construction industry and workers are still able to work during the pandemic.

 

 

 

 

WHAT’S HAPPENING THIS MONTH: 


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April’s Market Trends in
Tampa Bay 
Hillsborough County Market Current vs MTD 1 year ago
Pinellas County Market Current vs MTD 1 year ago

COVID-19/

Corona Virus

Updates

Curious whether people in your neighborhood are testing positive for coronavirus? The Florida Department of Health, Division of Disease Control and Health Protection has launched an online tool to map cases of coronavirus by ZIP code.

For real time COVID-19 updates for Florida data click here.

 

If you do not receive updates from the City of Tampa make sure to sign up by texting:

TAMPAREADY to 888-777.

 

The Florida Aquarium is

Making Coral Reef

History

The Florida Aquarium has made a breakthrough that will help save “America’s Great Barrier Reef,” the third largest coral reef in the world.

For the first time in world history, the aquarium in Tampa, Florida has successfully reproduced ridged cactus coral in human care.

The corals are just one of a variety of species rescued from Florida’s waters by the Florida Fish and Wildlife Conservation Commission and NOAA Fisheries after coral reefs in the state began undergoing a major disease outbreak that started in 2014.

Scientists are now caring for the rescued adult coral colonies to breed and reproduce them in hopes of someday restoring the reefs once the disease is gone. While reproducing these species, scientists are discovering for the first-time basic information on their biology, such as when they have babies or what their larvae look like.

To read more click here.

 

Looking for Ways to

Help your Community?

The Community Foundation of Tampa Bay has created the Nonprofit Needs List to connect businesses, foundations and individual donors with local nonprofits that are providing key services and addressing emerging issues like social isolation and learning loss.

The Nonprofit Needs List shows local nonprofits’ greatest needs during the pandemic and the specific dollar amounts needed to fund each project. It includes requests from more than 300 local nonprofits, totaling more than $13M.

See the Nonprofit Needs List.

To date, the Community Foundation has processed $833,000 in donations with a 1-to-3 match. The Community Foundation thinks it’s only a portion of the donations as it’s been encouraging donors to give directly to nonprofits from the Nonprofit Needs List.

The Community Foundation has also created a Rapid Response Fund for people who want to help, but may not know which nonprofit to support. The Rapid Response Fund addresses immediate and mid- to long-term community needs through grants to local nonprofits.

Through these efforts and others, the Community Foundation of Tampa Bay has already infused nearly $3 million to sustain local nonprofits’ operations and ensure nonprofits can continue to provide essential services in our community.

 

Tampa Foodie:

Love In-N-Out Burger?

We’ve Got You!

Tampa chef Ferrell Alvarez and his partners are launching a new pop-up concept — a riff on West Coast icon In-N-Out Burger — to bring back some of the employees whose jobs were cut by the coronavirus pandemic. The Nebraska Mini Mart space for NMM-N-Out Burger, which is open from 5 to 8 p.m. Friday through Sunday.

Just like the original In-N-Out, the menu is limited; it”s burgers, fries and soft drinks. The meatless Impossible Burger will also be available. Customers can order on Uber Eats, GrubHub or call in for carryout orders.

A double cheeseburger, fries and a drink is $12.75; the same combo with the Impossible Burger is $14.25. Burgers, fries and soft drinks are also available a la carte.

The PHG team reacted swiftly to the coronavirus pandemic. After laying off 41 of 53 employees, the group consolidated all three of its concepts into Rooster Redux — essentially opening a ghost kitchen in the Rooster & the Till space in Seminole Heights, offering a limited menu for pickup and delivery.

Rooster Redux opened with 11 employees; over the last month, Alvarez has brought back another 10. NMM-N-Out Burger, he says, should allow him to bring back another eight to 10 employees. Read the full story here.

Tampa Bay Road Work is

Speeding Ahead

Roads are barren in Tampa Bay due to the stay-at-home orders to decrease the spread of coronavirus, but that has created a silver lining for much-needed road projects.

“With less traffic, the department is able to accelerate certain projects. For example, depending on the project, the hours for lane closures could be extended allowing for more work to be completed,” a Florida Department of Transportation District 7 Communications Manager Kris Carson said in an email to the Tampa Bay Business Journal.

One example is the Interstate 275 Operational Improvement Punch-Through Project, a roughly $31 million project, which will add a lane where currently there are two lanes from Kennedy Boulevard northbound to State Road 60. It involves adding an extra lane in each direction, that would alleviate a choke point at the Howard Frankland Bridge northbound.

The project’s contract time is through September, but FDOT anticipates it will finish early. The slated date was fall 2020. As an example, the contractor was able to complete work in three days, and it would have normally taken five to seven days.

Earlier this month, Gov. Ron DeSantis ordered the acceleration of road construction in the state during a press conference, including the $864 million Howard Frankland Bridge project.

The new bridge will include four non-tolled/general use lanes, two tolled express lanes in both the north and southbound directions, and a 12-foot shared use path adjacent to the non-tolled/general use lanes.

“You have the ability to operate a long time during the day, you can close down more lanes because the traffic isn’t what it was and really start to make progress on these key projects,” DeSantis said at the time.

The bridge is a design-build project, so it will not see significant construction until later this year as it is still in the design phase, Carson said. Read the full article by clicking here.

Craig’s Take:

This is one of many silver linings from the stay-at-home order. As, Hillsborough and Pinellas counties have seen rapid growth over the past 5 years we all know commute times have increased exponentially.  Commute times have major impacts on the lives of Tampa Bay area residents. The Howard Frankland project is a significant project that will have a major impact on commute times for those who cross the bay on a regular basis. The project involves building an eight-lane bridge and a bike pedestrian trail. There will be four general use lanes, two northbound/eastbound express lanes plus the bike pedestrian path. The goal is for the bridge to be complete by 2025. The other project that will allow Tampa Bay area residents to travel across the Bay more quickly is the Selmon Extension which is a 1.9 mile toll lane that connect the existing Selmon Expressway to the Gandy Bridge. This is going to be a game changer in cutting down commute times for all who travel in that area.

 

Yoga Anyone?

 

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TAMPA BAY YOGA STUDIOS WITH VIRTUAL CLASSES

We are all under a new type of uncharted territory when it comes to stress.  If Yoga and positive energy, are a welcome addition to your day, we’ve got local and YouTube favorites to help you get your zen on.

Bella Prana Yoga

Bella Prana is a local yogi wonderland that is now offering a virtual studio! There you can enjoy yoga classes on any level including workshops, live stream classes and so much more! You can even see a virtual tour of the studio to get your head in the right place before your practice. If you’re interested in a class package or aren’t a member reach out at info@bellaprana.com.

Lotus Pond Yoga

This tranquil yogi escape in Citrus Park is now offering online classes and teacher training as well! Their classes are On-Demand in their digital library where you can choose from 100+ yoga classes from the best Lotus Pond Teachers and all frontline healthcare workers have access to FREE stress relief and meditation sessions.

Gaze Hot Yoga

This Seminole Heights Yoga studio known for their hot yoga is offering online, virtual Zoom classes on a daily basis. Classes are around at least an hour or more and are a great way to release any stress, tension, steam, and toxins. Sign up for a class today and get moving.

 

YOUTUBE YOGIS TO CHECK OUT

Adrienne Mishler – Yoga with Adriene

When you type “yoga” into the YouTube search bar the odds of Yoga with Adriene popping up are incredibly high. A long time YouTube yogi, Adriene has amassed over 7 million subscribers with hundreds of yoga videos for all seasons of life and all intensity levels. Whether you’re just starting out or are a full-blooded yogi – Adriene has a video for you.

Briohny Smith – Yoga with Briohny

Ever heard of Alo Yoga? If so, you might recognize YouTube Yogi from their YouTube videos. Now posting her own content, Briohny offers a variety of yoga-inspired classes and workouts as well as awesome “how-to” videos. Her following is quite smaller than Adriene’s with 31.7k subscribers, but her videos are awesome nonetheless.

Sarah Beth – SaraBeth Yoga

Sara Beth is another yogi who is bound to pop up on your Yogi YouTube search. With almost 1 million subscribers – Sarah’s flows are intentional, straightforward, and full of variety from morning yoga to power yoga – Sarah has it all.

Cat Meffan

Cat Meffan is the yoga teacher you need if you want to sweat and learn. She is intentional, witty, and her flows vary in experience and speed. She also offers awesome yoga classes if you’re looking for more of a sweaty workout sequence vs a traditional vinyasa flow.

Tampa Bay Featured
Luxury Listing

Classic Mediterranean on two lots! The property includes 804 and 806 Idlewood Avenue. Combined over one-quarter acre in the heart of Beach Park. Surrounded by million-dollar homes and Old Tampa Bay. A-rated schools. You will appreciate the timeless architecture; soaring ceilings, gleaming wood floors, expansive rooms, windows galore, French doors, crown molding and two fireplaces. The impressive formal living room greets you as you walk in the front door. A huge dining room easily accommodates 8-12 and has French doors that lead to an expansive brick patio that is perfect for alfresco dining and accessible from both the living and family rooms. The kitchen/family room combo boasts a fireplace and easy access to the kitchen as well as French doors to the generous yard. Bay windows stream sunlight into the casual kitchen eat-in area, while overlooking the sizable kitchen. Custom-wood cabinets exhibit vintage charm. Large center island. Butler’s pantry with sink. Upstairs is host to a master suite that includes a large walk-in closet, en-suite master bath with garden tub, separate shower and double sinks. The spacious master bedroom has French doors to a private balcony as well as beautiful views. Three additional bedrooms upstairs and two baths and a downstairs bedroom with en-suite bath. Detached two-car garage with attached imagination space that could be guest quarters, office or gym. Just waiting for your personal touches. Make it yours today!

 

Craig’s Take:

The home was last sold on October 1, 1987 for $340,000. If the property sells for $1,300,000 that would be an average appreciation of 11.57% per year. I think we all can agree appreciation of 11.57% per year is very good. Think about all the ups and downs in the economy over that 33-year period. The savings and loan crisis in 1989 that caused -3.6% GDP in 1990. The 2001 recession caused by the dotcom bust. The 9/11 attack that also caused negative GDP and high unemployment rates. Then the great recession in 2008-2009 caused by the subprime mortgage crisis. This was the greatest real estate collapse in US History. Yes, real estate values were hit harder during the Great Recession than they were during the Great Depression. Even through all those ups and downs the data continues to support US real estate is a great long-term investment.

 

 

Tampa Bay Featured

JUST SOLD
Luxury Listing

A contemporary home on the South Tampa waterfront has sold for $6.4 million — the highest price ever paid for a home built speculatively in Tampa, according to the listing agent.

The home at 38 Sandpiper Road wrapped up construction last week. The builder acquired the property in April 2018 for $1.75 million, according to county property records. Valley National Bank provided a $2 million loan for the project. Speculative luxury homes are a big bet on the Tampa economy — builders, banks and investors spend millions building them without a buyer in place.

The Beach Park home is just over 7,600 square feet with six bedrooms and seven and a half bathrooms. Beach Park has several fingers of land that jut out into the bay, and 38 Sandpiper sets right on the tip of one, making for sweeping waterfront views and open water access. The sale is a testament to the Tampa Bay luxury market, is thriving despite much of the U.S. economy being shut down since mid-March because of the coronavirus pandemic.

 

Craig’s Take:

This new construction home is a modern piece of art situated on a lot that has breathtaking views of Old Tampa Bay. The lot is located at the end of Sandpiper which means it is on the point of the finger allowing for the most incredible views. The modern design features large windows all centered around the magnificent views. This sale is the second highest sale in Tampa over the past year. To think it happened during the middle of pandemic is amazing. It is a sign of confidence the wealthy have in the Tampa luxury real estate market.

 

Storytime with Craig:

WE ARE NOT IN THE SAME BOAT …

I heard that we are all in the same boat, but it’s not like that. We are in the same storm, but not in the same boat. Your ship could be shipwrecked and mine might not be. Or vice versa.

For some, quarantine is optimal. A moment of reflection, of re-connection, easy in flip flops with a cocktail or coffee. For others, this is a desperate financial and family crisis.

For some that live alone they are facing endless loneliness. While for others it is peace, rest and time with their mother, father, sons and daughters.

With the $600 weekly increase in unemployment some are bringing in more money to their households than they were working. Others are working more hours for less money due to pay cuts or loss in sales.

Some families of 4 just received $3400 from the stimulus while other families of 4 saw $0.

Some were concerned about getting a certain candy for Easter while others were concerned if there would be enough bread, milk and eggs for the weekend.

Some want to go back to work because they don’t qualify for unemployment and are running out of money. Others want to kill those who break the quarantine.

Some are home spending 2-3 hours/day helping their child with online schooling while others are spending 2-3 hours/day to educate their children on top of a 10-12 hour workday.

Some have experienced the near death of the virus, some have already lost someone from it and some are not sure if their loved ones are going to make it. Others don’t believe this is a big deal.

Some have faith in God and expect miracles during this 2020. Others say the worst is yet to come.

So, friends, we are not in the same boat. We are going through a time when our perceptions and needs are completely different.

Each of us will emerge, in our own way, from this storm. It is very important to see beyond what is seen at first glance. Not just looking, actually seeing.

We are all on different ships during this storm experiencing a very different journey.

Realize that and be kind.

Unknown author

Craig’s Final Thoughts:

A friend shared this story with me, and I thought it was apropos with the current times. I would like everyone reading this to understand I am here to help in any way I can. Obviously, I can help with any real estate questions or needs you may have. If someone you know is having trouble making their mortgage payment have them call me before they do anything. I have a deep understanding of the various options available and can help guide them through each of the options to make sure they do not get taken advantage by their lender or others. I can also be a resource if anyone you know is looking for a job. Most of us, unfortunately, know someone who has lost their job due to COVID-19. I have a vast network of friends and colleagues who are hiring in a wide range of industries. There are still companies out there hiring even given the circumstances. I can help with any matter. I am here to support and be a resource for you and your family. Be safe and together we will get through this.

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