More condo projects, though sales slow
February 23rd, 2007 - Category: Condo, Real EstateTampa, Florida - Downtown Tampa is a city in the midst of an evolution. The goal: to turn this mainly business district into a more residential and retail destination.
While some projects are clearly selling, it’s not a clear cut success for every venture.
Mayor Pam Iorio admits the Trump Towers is stalled, hitting one snag after another, and several other condo projects are in limbo or dead altogether.
“Many of the projects that are not moving forward are priced out of a range for a lot of people,” She said.
The latest statistics provided by the Downtown Tampa Partnership put the total number of people living downtown at 600. It is expected to double by next year to 1,200. Yet more than 2,200 condos are under construction and more than 3,000 units are proposed. Jason O’Neil with Palermo Reality in South Tampa says it’s up to developers — not the city — to make the condos enticing to potential buyers.
“At some point in time the demand will be there,†O’Neil said. “That’s the approach the city’s taken for urban planning but in the short run there may be a glut of vacancies.”
O’Neil insists the units are selling. It may not be as fast as some developers would like, but Mayor Iorio is confident they’ll fill up, even though it could take years.
“Think about it. Once a tower goes up, it’s there forever,†Iorio said. “When’s the last time a skyscraper was demolished?”
In the meantime, construction continues on more condos, changing the landscape and perhaps eventually life itself in downtown.
The mayor says they are doing their best to entice more retailers to move downtown, but so far the businesses have made it clear they will not take the risk until more residents move in. In the long term, the mayor expects the downtown population to top 20,000, which is about the same as Temple Terrace.
Source: www.tampabays10.com
