Despite consumer optimism’s ebb and flow, commercial real estate continues to thrive – and mid-size markets, like ours, are reaping the benefits after years of slow improvements. Developers have kept their eyes on places like Tampa, Dallas-Fort Worth, and Pittsburgh as they’ve reacted to the younger generation’s entry into the workforce, changes in housing trends, and digital transformation. As residents of the Pittsburgh area, we’ve been fortunate to experience the renewed energy, enthusiasm, and pride that goes along with redevelopment, and are excited for what’s in store this year. Check out a few of the more notable projects that are underway (or soon to be) in each market.
With the Tampa market outperforming the national market, Tampa has appreciated sustainable growth in recent years. Although, it feels like we’ve been talking about the revitalization of Tampa for a while, the time has finally come for residents to really get excited – because this year marks a flurry of commercial development projects, such as:
Water Street Tampa
- This 50-acre parcel of land on the waterfront in downtown Tampa affords a new urban landscape fit for a number of unique gathering spaces. Bringing to life the synchronicity of people and the environment, Landscape Architect Reed Hilderbrand connects the Central Business District to the water. Construction began in 2018 with the JW Marriott Hotel and Sparkman Wharf, and this year residents will see monumental groundbreakings for office space at 1001 Water Street, hotel and condominiums labeled “Edition Tampa,” and residential/retail buildings at 1010 & 1077 Water Street.
- On the other side of the city, there is a similar ‘coming together’ moment with Westshore and the Downtown area through Tampa’s Midtown development project. Adding a layer of entertainment and hospitality, this $500M endeavor includes the 53-story mixed-use Riverwalk Place and a 1,859 SF rooftop deck. Spear-headed by Bromley Companies, 22-acre Midtown is incorporating 750,000 SF of office space that promises to transform office tenant and employee experience – and we can’t wait to see it.
One of the nation’s top construction markets last year, Dallas-Fort Worth, continues to be a mecca for activity. Although in recent years it had been the ideal city for hotel projects, in 2019, residents are most excited for these developments.
Victory Shops at Basswood
- Covering over 26 acres and inhabiting a total of 19 new buildings, the Victory shops at Basswood will be home to a plethora of students from neighboring Saginaw High School. With access to 3 major highways, this landscape will include high-end restaurant, retail, and grocery stores for local communities and top out at $100M.
Northwest Commerce Park
- Two years in the making, Stream Realty Partners is developing this 66-acre industrial park to deliver a grand total of 1.1M SF of rentable space. Near the Fort-Worth Alliance Airport and designed to look like a campus, the proximity to nearby UPS and FedEx Hubs will allow the area’s manufacturing industry to thrive.
Our hometown has been ripe as we know it for new development. Consistently ranked in the top 3 most livable cities in the U.S., Pittsburgh has approved several projects this year that have been on residents’ minds for decades.
- This $49.5M makeover of the Strip District is the undertaking of McCaffery Interests, a mixed-use developer. With hopes of beginning construction soon, the redevelopment will cater to the original appeal of the area, incorporating a locally-owned food market, chef incubator kitchen, on-the-go dining, and bars. Also in the works are plans for a fitness space, offices, and retail stores along the Allegheny River.
- Near the casino lies an area of Pittsburgh whose potential has remained relatively untapped – but not for long. Developer Millcraft Investments plans to bring a 15-acre mixed-use living, working, and recreation space to the area that includes a sustainability component… a lagoon! This $700M project will be the first of its kind in Pittsburgh, intending to draw families down to the Ohio River’s shores for more than just a Steelers game for decades to come.
There you have it, the top mid-size markets poised for commercial development this year! We hope you find these projects as exciting as we do. Should you wish to share some of the unique projects going on in your neck of the woods, please email KatieR@helblingsearch.com. We’d love to hear from you!