CushWake executive director Bruce Erhardt of the firm’s land brokerage group authored the report. CushWake executive director Bruce Erhardt of the firm’s land brokerage group authored the report.

ORLANDO—The inaugural Downtown Tampa CBD Development Report offers keen insights into what’s really going on in the metro’s urban core. Cushman & Wakefield released the report to detail the state of residential, office, retail, and hotel development in and around Downtown Tampa.

CushWake executive director Bruce Erhardt of the firm’s land brokerage group authored the report. His findings detail four developments: Jeff Viniks’ 40-acre Channelside site, a 51.9-acre Port Authority site, a 43-acre Tampa Heights site, and a 150-acre West River site.

These four locations total nearly 285 acres and are slated for nearly 22 million square feet of commercial real estate development. This includes 12,520 residential units, nearly 1.9 million square feet of office space, 1.1 million square feet of retail, and 840,000 square feet of hotel development. The report estimates enough housing to accommodate 22,536 residents.

According to Erhardt’s research, the new residential developments will have combined densities approaching 44 units per acre. Overall, the new projects will feature a floor area ratio of 1.7. Both are hallmarks of urban, high-density development.

“Coming out of the Great Recession, many developers are focusing on infill locations,” Erhardt, a 40-year commercial real estate industry veteran, tells GlobeSt.com. “I’m doing more urban work now than I ever have before.” Erhardt says the key takeaways from the report are:

  • The amount of developable land available in and around the Tampa CBD is a historically significant figure;
  • The high density of these developments mirrors a trend exhibited by other urban municipalities catering to a live-work-play demographic profile; and
  • The developers involved in these projects are well-respected, financially solvent and have proven track records, minimizing risk and bolstering viability.

Central Florida CRE remains strong with Multifamily, Retail and Industrial leading the way. Are You In The Know? How can you profit? Join us at RealShare Central Florida on September 7th for impactful information from the leaders in Central Florida CRE. Learn more.