BusinessWeek Looks at Tampa
“But everything changed for Tampa and for many other cities with the housing slump and foreclosure crisis, which was intensified by the year-old credit crunch. Now only about 3,500 of the planned condo units have either been built or are under construction in the downtown area, and many remain vacant. The office building also has been delayed.”
The passage is from an article in BusinessWeek about struggling downtowns titled “Are Downtowns in Danger of Going Downhill Again?”. It mentions Pam Iorio’s plan to rejuvenate downtown Tampa and included 11,000 new condos, a 19-story office building and a growth in residents from 2,000 to 20,000. Pretty ambitious.
Several factors, including the real estate slump, the credit crunch and the overall stagnant economy slowed down or stopped many plans for urban development. The article goes on to mention that while recent events are a step back there is an overall trend to redevelopment and a move toward urban centers. I’ve seen other reports that confirm this, so in the long run south Tampa should be in good shape. I really hope that it continues to move in the right direction and reestablishes its roots as an area with traditional, walkable neighborhoods.
