Tampa’s Transformation: From Strip Club Capital to Trendy Urban Hub

Tampa’s Transformation: From Strip Club Capital to Thriving Urban Hub

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When Related Group, a Miami-based developer, first set foot in Tampa 40 years ago, the city was often dismissed as the “strip club capital” of the United States. Fast forward to today, and Tampa has shed that outdated reputation, emerging as one of Florida’s most vibrant urban centers. Over the past five years, a remarkable transformation has taken place, drawing attention from developers and residents alike.

The reasons behind this shift are multifaceted. Florida’s lenient COVID-19 regulations during the pandemic, a lower cost of living compared to other major cities, and a robust job market have all contributed to Tampa’s newfound appeal. Once overlooked cities like Austin and Nashville have paved the way for Tampa to become the latest hotspot for those seeking a fresh start in a thriving community.

Jorge Pérez, founder and CEO of Related Group, has been at the forefront of this transformation. With over 2,000 residential units completed and thousands more in the pipeline, Related Group has solidified its position as the largest development entity in Tampa. “Tampa has become our second home,” Pérez stated, highlighting the company’s commitment to the city.

Related Group’s diverse portfolio includes luxury projects like the Ritz-Carlton Residences, which recently set a record for the most expensive condo sale in Tampa Bay, as well as Rome Yards, a mixed-use complex that reserves 20% of its units for affordable housing. Pérez believes that Tampa is on the cusp of becoming a major player in Florida’s urban landscape, rivaling South Florida.

“Tampa is not just a tourist economy,” Pérez explained. “It has the most diversified employment base in Florida.” He envisions a future where Tampa continues to grow and evolve, driven by a desire to attract businesses and residents seeking a vibrant urban lifestyle.

However, this rapid growth has not come without its challenges. Long-time residents express concerns about high-density development and rising living costs. Pérez acknowledges these worries, emphasizing the need for sustainable growth that includes public transportation, infrastructure, and education. “Communities grow or die,” he remarked, urging residents to embrace the changes while ensuring that growth benefits everyone.

As Tampa’s popularity surges, the issue of affordability looms large. Pérez recognizes that many residents are being priced out of the urban core, a common challenge in high-growth cities. To address this, Related Group is actively working on projects that provide affordable housing options, including the West River development, which aims to create inclusive communities for a diverse range of incomes.

The pandemic has also played a significant role in the housing market’s dynamics. As remote work became the norm, many individuals from older cities in the Midwest and Northeast flocked to Tampa for its sunny climate and lower taxes. This influx has driven demand for housing, further exacerbating the rising costs.

Looking ahead, Pérez remains optimistic about Tampa’s future. Despite challenges such as high interest rates and construction costs, he predicts a flat year in 2024, followed by renewed growth in 2025 and 2026. “Florida will continue to experience periods of boom and bust,” he noted, but he does not foresee a decrease in rents or home prices.

For Tampa to truly compete with world-class cities like Miami and New York, Pérez emphasizes the importance of cultural facilities, education, and transportation systems. He believes that enhancing these aspects will attract more businesses and residents, solidifying Tampa’s status as a premier urban destination.

As Related Group invests tens of millions into community facilities, both cultural and social, the company aims to ensure that Tampa not only grows but thrives in a way that benefits all its residents. With a vision for a more beautiful and vibrant city, Pérez is betting on Tampa’s potential to become a true urban gem in the Sunshine State.