The Tampa International Airport expansion project is well underway and is a good indicator that the Tampa Bay economy and housing market are growing.
As the gateway to the city of Tampa, Tampa International Airport is the first thing travelers see when they arrive. As Tampa Bay continues to grow and expand, the airport is doing the same.
The airport just completed the first phase of a $2 billion expansion project, and the second phase starts in January with work on SkyCenter, a 35-acre, $66 million project that will create a multi-story atrium. Additional plans call for the 9-story SkyCenter to include a hotel, stores, restaurants and offices.
Tampa’s growth has come at the same time as the number of visitors arriving in Tampa Bay has increased exponentially; this expansion at the airport is needed to handle the increased number of passengers.
In fact, the Tampa International Airport expansion project is designed to help the airport handle a major influx of new passengers. It’s estimated that within the next five years the airport will see 24 million travelers a year – up from 19.6 million in 2017. That’s a very encouraging increase in travelers that shows a city on the move.
What’s Happening at Tampa International Airport?
Not all the expansion projects at the airport are geared towards passengers flying in for a vacation. Because of the growth of Amazon and online shopping, Tampa International Airport’s cargo business is booming and has nearly doubled in August compared to the same time a year ago. The airport handled nearly 36 million pounds of cargo and was second only to Cincinnati for cargo growth from 2010 to 2017.
As a result, last summer, the airport’s board of director decided to move forward with building an expansion of its cargo facilities on 70 acres east of the main terminal, a project expected to cost up to $72.3 million and include space for cargo tenants like Amazon, FedEx and UPS.
This year, the Tampa International Airport expansion project plans include developing 35 acres at the airport’s new SkyCenter area, a project that reflects the stunning passenger growth at the airport in 2018. SkyCenter is designed to help the airport accommodate future growth in the coming years and provide more options to passengers and guests.
SkyCenter will be located just west of Tampa International Airport’s new rental car center and will include a 40,000-square-foot atrium and a pedestrian bridge. This project, which begins construction this month, is expected to be complete in 2020 and have a hotel, retail space and office building. There will also be express lanes added to the airport’s main terminal pick-up and drop-off areas.
Both the new cargo facility and SkyCenter reflect the reality that it isn’t just about more passengers coming to Tampa Bay. There are also a lot of companies moving to the Tampa Bay region and the city’s West Shore business district–companies with workers who travel all over the world.
Tampa definitely ended 2018 on a high note when it comes to economic growth.
In December, the Tampa area remained second in the state for job creation; the city’s unemployment rate was just 3.0 percent.
How Much Growth is Tampa Bay Experiencing?
Photo Credit: Michel Curi
It isn’t just the airport experiencing new development projects and expansions. Downtown Tampa has become a hub for some highly anticipated new projects, including Water Street Tampa, a $3-billion, 53-acre development near the Tampa Convention Center.
In 2019, this project is expected to see a number of new innovations, the topping out of the Tampa JW Marriott hotel, and renovations at Sparkman Wharf, Tampa’s new outdoor waterfront space.
Projects like these are expected to become major drivers of economic activity for the Tampa Bay area for years to come.
In downtown St. Petersburg, work is nearing completion on the Museum of the American Arts and Crafts Movement, a 5-story, 137,000-square-foot building that will house the only museum in the U.S. dedicated to the Arts and Crafts movement. It’s scheduled to be completed by June.
And there are plenty of other projects in the works this year, including major renovations to the Dunedin Blue Jays’ baseball stadium on Douglas Avenue and the Westshore Marina District, a 52-acre mixed-use community that’s going to become home to 70,000 square feet of retail and office space.
How is This Growth Impacting the Housing Market?
That business growth at the airport and throughout the region reflects a healthy jobs market that’s encouraging more and more people to relocate here in search of new opportunities. And once they get here, they’re looking for a home.
And 2018 was a strong year for the Tampa Bay housing market. The St Petersburg’s housing market is forecast to experience 6.3% growth in 2019. Tampa’s housing market is forecasted at 6.5% growth.
Tampa International Airport Expansion Project is Good for The Housing Market
With more and more young families moving here looking for work, they arrive needing someplace to live. It’s important that builders like Domain Homes are constructing new houses.
Domain Homes procures older, dilapidated houses in some of the city’s most appealing neighborhoods, and replaces them with brand new, move-in ready homes.
The neighborhoods that Domain Homes builds in include highly sought-after, established neighborhoods like:
These locations are close to the top-rated school districts, the downtown cultural amenities, and shopping, as well as near jobs centers.
Contact Domain Homes today at 813-580-8111 to learn more about the homes we have available today to match your dream of homeownership in the Tampa Bay area.