The Suncoast News recently held a business summit to discuss the New Port Richey Economy as well as Pasco County's. The results of the summit as reported by Carl Orth, Suncoast News assistant editor were highly encouraging. The meeting mostly focused on New Port Richey real estate, both commercial and residential. The recent sale of the Starkey ranch for close to 54 million dollars was cited as a prime example of the growth potential for the areas around State Road 54 also known as the 54 corridor.
Wheelock Street Capital, a private equity firm, has plans in place to begin development near SR 54 and Gunn Highway. This development will consist of 5000 plus new homes for sale in New Port Richey. There will also be space for offices, retail stores and medical facilitities as well. Light industrial will be allocated 300,000 square feet and 220 hotel rooms will be available too.
The New Port Richey Economy is Growing Thanks to the Possibilities of the 54 Corridor
There is a shortage of build-able lots west of the Suncoast Parkway as even during the difficult times New Port Richey real estate experienced, builders were buying up these lots thus shrinking the supplies. Raymond James Financial and T Rowe Price have both committed to expanding to the New Port Richey area. Raymond James is looking to extradite themselves from the flood plains of Old Tampa Bay in Pinellas county and T Rowe Price needs to expand their infrastructure to meet the growth demands the company is experiencing.
What this means for the New Port Richey economy is the potential for a nice influx of construction and building jobs to begin with followed by permanent jobs offered by the two investment giants and the supporting retail establishments. To know the true impact on New Port Richey housing prices we will have to wait and see.
A lot of it will depend initially on where the housing market is at the time construction breaks ground. If we are in the same situation then that we are in now, which is a shortage of houses available, then prices for existing homes could actually come down in areas surrounding the new homes due to the additional inventory that is all of a sudden available. However, the New Port Richey rental market might be a good possibility for investors with the potential for jobs to come to the area and with lending standards still being tight there may be opportunities to buy homes now to use as rentals.
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