Ask the Expert: What Tampa submarket is a hot spot for new retail development and what are the driving factors?
“Pasco County is one of the fastest growing areas in Tampa Bay. Specifically, the Wesley Chapel submarket and the State Road 54 corridor have been the hot spots to watch for new retail development.
Among the driving factors are the modern residential communities being developed and the amount of single-family homes being sold. These homes provide a lower cost of entry than neighboring cities like Tampa, Clearwater, and St. Petersburg, making them an attractive alternative for new families and young professionals. Pasco County’s strong employment incentive programs also provide a major draw for new businesses, helping to create more employment opportunities.
In addition to the area’s population growth and increased economic opportunity, the Pasco-SR54 market is attractive to retail developers due to the large amount of undeveloped land in close proximity to these new residential communities, with infrastructure in place to connect the area with the rest of the region.”
Senior Associate, Retail Investment Sales
Franklin Street of Tampa
813.839.7300 Ext: 0393