CB Richard Ellis’ website has an interactive map that shows most, if not all of the projects that were planned in the downtown and Channel District areas of Tampa. And while many of these projects are now dead or delayed, the map gives a good overview of what the future of these areas may hold.
Some of the projects, such as Parkside at One Bayshore, Parkcrest Harbour Island, Victory Lofts, Art Center Lofts and Channelside 212 Lofts have been completed. Others, such as Skypoint, Grand Central at Kennedy, The Towers at Channelside, The Place and The Plaza at Harbour Island are under construction, some to be soon completed.
Many of the others are on hold or are just plain dead. One of the more active developers in the area, Ken Stoltenberg (Grand Central, The Martin), is still very bullish on Channelside:
“You have to look out into the future. “We still believe people are going to move out to Florida, and the Channel District will be a popular place to live. You can’t look at what’s happening over the past three months and extrapolate what’s going to happen for years.” Stoltenberg recently said.
Good point, but just how many of those Grand Central units will actually be occupied when they are completed? How many will be (or are already) back on the market to be flipped? There are already 31 units at Grand Central listed for resale by a number of different brokerages.
The Slade at Channelside is another bullish project that is marketing aggressively in this slower market.
Channelside will be an interesting place to live and will offer residents something Tampa has really never had. The fact is that some developers, as well as their providers of capital, are still very bullish on these areas. Those that can weather the longer sales cycle and have the deeper marketing pockets will certainly do best.
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