Downtown Tampa Attracting “Urban Lifestyle” Markets
Tampa is rapidly becoming the place-to-be in Florida’s Gulf Coast. In fact, it may emerge as the “it” place for the entire state, and with good reason. Not only is Tampa’s residential market seeing a major influx of people moving to the area, but major corporations are finding Tampa’s hospitable climate and comfort-of-living an attractive destination.
In particular, Tampa has been attracting one group that has been growing in numbers and influence: young professionals. You may know them better as “millennials”, but undeniably, this group has been an increasing force in determining economic growth and direction. The largest push among young professionals has been in the resurgence of urban living. Growing numbers of young adults are abandoning the suburbs in favor of an urban lifestyle of live-work-play.
What is Live-Work-Play?
Live-work-play is really just a general term applied to the growing urban lifestyle trend. Essentially, young professionals are eschewing traditional concepts of buying a home and starting a family in favor of a less-regimented lifestyle. As this new work force generation grows, priorities are shifting. Metropolitan life is much more attractive to a twenty-something professional. Most major U.S. cities offer more in terms of social life and recreation than suburban neighborhoods.
For its part, Tampa has no shortage of social, cultural and recreational engagement. From professional sports, to outdoors activities, to events and nightlife, Tampa Bay is a major hot spot for all of the things that attract young professionals.
Building an Urban Lifestyle in Downtown Tampa
Despite downtown Tampa’s bustling commercial district, urban living has been slow to catch on – until now. The successful completion of the Element Towers proved downtown was ready to bring on a stronger urban lifestyle market.
Since then, residential and mix-use developments are popping up all over downtown. Likewise, coworking venues and other temporary office space concepts are rising in popularity to complement the urban lifestyle shift.
A proposed development of micro apartments is the latest effort to boost downtown Tampa into major-contender status as an urban lifestyle destination.
A 12-story office building, currently housing the CVS in downtown Tampa (220 E. Madison St.), is under contract to be converted into the micro apartments. If the deal goes through, the development would offer apartments roughly around 300-400 square feet. That may sound tiny, but the idea is that amenities offered externally would eliminate the need for more space.
For now, we are unaware if the proposed development will offer any sort of coworking space or partner with any temporary office space affiliates.