Cost, size weigh against ConAgra land in downtown Tampa as Rays stadium site

TAMPA — As the focus intensifies on the Tampa Park Apartments as a potential Hillsborough stadium site for the Tampa Bay Rays, another once-much-talked-about site, the ConAgra flour mill, may be poised for a fade-out.

Source: www.tampabay.com

The  the ConAgra flour mill in downtown Tampa has never been a viable option for either Jeff Vinik’s development project, nor a potential landing spot for the Tampa Bay Rays.  The fact remains that this is an actual working mill, albeit in the middle of a central business district.  The site is not particularly large and is an awkward shape, however, the biggest issue is the potential costs.  In talking directly with ConAgra officials, it is estimated that to replicate the facility it could costs upwards of $50 million (not including the land).


There is no real metric that justifies this astronomical costs for any private developer and any type of private-public partnership would be hard pressed to get enough support when there are clearly other better positioned sites that could be purchased for a fraction of the costs.

Migration is Back | Newgeography.com

Source: www.newgeography.com

The population of domestic migrants continue to move principally to the South.  The South has gained 5.6 million domestic migrants, followed by 0.8 million in the West. The Northeast has lost 3.7 million domestic migrants, while the Midwest has lost 2.7 million.


Florida leads the way by capturing 21.5% of all net domestic migration from 2000-2015 which translates to 1,793,000 people. In 2015 alone, Florida had more than 200,000 people domestically migrate.


This bodes well for a variety of industry including housing, retail and services and should be the fuel to provide a well sustained local economy for years to come.

St. Petersburg City Council approves deal with Tampa Bay Rays – Tampa Bay Business Journal

The Rays sent in their heavy hitters to talk to the council before the vote.

Source: www.bizjournals.com

The St. Petersburg City Council voted in favor of a memorandum of understanding with the Tampa Bay Rays that allows the team to look for stadium locations in Pinellas and Hillsborough counties.


The stalemate between the Rays and St. Pete officials had been going on for years, however, Mayor Kriseman was able to achieve something his predecessor could not…and would not.


Allowing the Rays flexibility in their search for a new stadium site in Tampa as well as St. Petersburg helps insure their chances to stay in the region.  If the Rays happen to choose a site in Tampa, they are going to be paying an early termination fee to their lease and the city of St. Petersburg will have the opportunity to redevelop the 85 contiguous acres providing a 24-7 mixed-use activity center versus a stadium used for less the 90 events per year.

Top Deals 2015: Sarasota-Manatee || Business Observer | Tampa Bay, Bradenton, Sarasota, Fort Myers, Naples

Senior housing caught fire with investors in 2015, and in Southwest Florida, no deal was larger than NorthStar Healthcare Income Inc.’s purchase of the Fountains and Springs at Lake Point Woods, in Sarasota County.

Source: www.businessobserverfl.com

Senior housing deals have been sprouting up in southwest Florida as demand for this product type continues to grow.

Stagnant Homeownership Rate Likely Means Decades of Strong Demand for Apartments

Will the apartment sector’s strong performance hold long-term?

Source: nreionline.com

Demand for rental apartments over the next couple of decades could likely continue to be very strong as homeownership rates continue to fall.  Even without further declines to the homeownership rate, demographics will drive up the number of renter households over the next 10 years by more than 4.4 million, according to the Joint Center for Housing Studies at Harvard University. That’s an average of 440,000 new households a year!