by admin | Jan 6, 2016 | Market Data
Yardi Matrix data released Wednesday showed that rents rose in 2015 by an average of 6.4% across the 111 metro areas it tracks.
Source: www.globest.com
Yardi Matrix data released Wednesday showed that rents rose in 2015 by an average of 6.4% across the 111 metro areas it tracks.
There was also a total of 232,168 units completed across the country’s 100 largest markets in 2015, falling short of the originally projected 300,000 units by more than 20%. As a result, new supply in 2015 slid 8% from 2014’s tally of 252,348 units delivered, rather than increasing by 20% as was expected.
by admin | Jan 5, 2016 | Market Data
The $2 billion plan for Tampa’s 42-acre Channelside district will come together in 2016, with infrastructure and other work set to begin.
Source: www.businessobserverfl.com
Infrastructure work is expected to begin in the first half of 2016 on Jeff Vinik’s $2 billion mixed-use project in downtown Tampa.
The development will include a new hotel with as many as 500 keys; a Class A, 650,000-square-foot office tower; 200,000 square feet of new retail; and rehabilitate the existing 200,000-square-foot Channelside Bay Plaza.
Vertica Partners principals T. Sean Lance and Max Boehmer exclusively represented Vinik’s group in the acquisition of the land for the project through a variety of real estate transactions over the course of several years.
by admin | Jan 5, 2016 | Market Data
In most of the country, owners of single-family rental properties might be hitting the ceiling on how much further they can raise rents.
Source: nreionline.com
Demand for single-family rental homes is high, with very few empty homes. That’s one reason rents are rising quickly. But as rents rise faster than wages in many part of the country, many households already struggle to keep up. Though these households may have few other options, affordability may make it more difficult for institutional investors to raise rents.
by admin | Jan 5, 2016 | Market Data
Historic DeMarcay hotel in Sarasota is reopening as an 18-story luxury condo tower. Construction is expected to be completed in spring 2017.
Source: www.83degreesmedia.com
The site of the historic DeMarcay Hotel in downtown Sarasota, is currently under construction and will reopen as an 18-story 39 unit luxury condo tower.
Downtown Sarasota is loaded with a variety of new construction projects from condos to several hotels to a number of luxury apartments.
Vertica Partners is currently under development for 228 rental units in the Rosemary District just north of the CBD core.
by admin | Jan 5, 2016 | Market Data
ST. PETERSBURG — A South Florida developer is planning its second luxury apartment tower in downtown St. Petersburg.
Source: www.tampabay.com
American Land Ventures is under contract to buy a site at 211 3rd Street South in downtown St. Petersburg. The project would be 22-stories with 210 units and across the street from their 18-story building nearing completion.
Downtown St. Petersburg has seen several luxury projects under development in the past couple years and continues to be a beacon for renters who want to live in the heart of a vibrant downtown area.
