The latest on over $1B in new investments in Tampa Bay
By Devonta Davis
Tampa Bay Business Journal
Published: Jun 3, 2024

The Tampa Bay Business Journal recently updated its Crane Watch map, which provides a visual representation of projects that have been proposed, are currently under construction or have been completed in the region.

Since our last update, more than $1 billion in new investments have been announced or begun, including industrial projects, ambitious recreational spaces and hundreds of new residential units across the region. However, some major projects have been hindered by a difficult financing environment, and large-scale developments continue to be proposed and built.

Projects that have been in the works for years are nearing the finish line, while new projects continue to break ground early in the new year.

Among the projects are Tampa International Airport’s Airside D, The Pendry, a $200 million 37-story tower, and Water Street Tampa’s $3 billion second phase.

Tampa International Airport is receiving its first new terminal in nearly two decades.

The 16-gate, three-level Airside D will follow the hub-and-spoke design of TPA's other terminals and will need the same automated people mover system along with a security and screening facility. Checked baggage will be dropped off at the ticket counter near the airport's entrance before being shuttled out to the airside and screened there.

In terms of luxury living, the Pendry in downtown Tampa has generated significant buyer interest, reaching over $200 million in sales as of November 2023.

The tower will feature 220 guestrooms and suites, as well as 207 Pendry Residences where homeowners will have a private residential lobby, elevator and rooftop pool. Buyers are securing residences across floor levels and styles, including several penthouses.

Starting in the $900,000s, the Pendry will offer full-service living ranging from one to three bedrooms, floor-to-ceiling windows and private terraces.

The developers of Water Street Tampa will make a few strategic changes in how they pursue projects in the district’s second phase, which includes a built-to-suit office tower, condominiums and a mixed-use entertainment space.

The mixed-use, entertainment-geared block that will be built across Channelside Drive from Amalie Arena will include a large parking garage.

Gasworx, one of the largest projects in the Tampa Bay region, is currently changing the face of Ybor City, from the historic district itself to the urban neighborhoods between Ybor and the Channel district.