Monday Morning Memo

Sunday, January 12, 2020

University Cuts Ribbon on $130M Downtown Health Center

In a ribbon-cutting ceremony attended by Tampa Mayor Jane Castor and top University of South Florida officials, the USF Health Morsani College of Medicine and Heart Institute officially opened in downtown Tampa Jan. 8.

USF, in a press release, says the 13-story, 395,000-square-foot facility will transform the institution’s medical education delivery and generate millions of dollars in annual economic impact. It’s also being touted as a key anchor property for Strategic Property Partners’ $3 billion Water Street Tampa development that’s transforming more than 50 acres in downtown Tampa.

“We at USF Health are unflagging optimists, and we see this new facility and our growing partnership with Tampa General Hospital as grand opportunities to position ourselves among the very best of academic medical centers,” states Charles Lockwood, M.D., senior vice president of USF Health and dean of the Morsani College of Medicine, in the release. “It is our bold vision to be national leaders in collaboration and innovation, training the next generation of physicians and pioneering world-changing discoveries. There is nowhere better to do this than in downtown Tampa.”

Some 1,800 medical students will study at the new facility, the release states. The project was funded by a $20 million gift from Carol and Frank Morsani and $110 million appropriated by the Florida Legislature.

“A project of this magnitude only happens because of the vision and support of many partners,” USF President Steven Currall states in the release. “The academic, research and economic significance of this project will be felt for generations to come. Most important will be the improved health and well-being of our friends and neighbors across the Tampa Bay region, throughout the state of Florida and beyond.”

“University Cuts Ribbon on $130M Downtown Health Center” – Business Observer

Tampa Ranks Among 100 Best Cities in World

Tampa residents are in the right place, according to a new ranking from an international consulting firm.

Resonance built its annual “World’s Best City” list by examined crime rates and diversity. They also used data from Google, Facebook, Instagram and TripAdvisor to measure the experiential quality and performance of a city.

Tampa landed at No. 97 overall on the list of best 100 cities in the world. The city garnered its highest score in the rankings “people” category.

In that specific category, Resonance evaluated the diversity of Tampa’s 385,430 residents – including the percentage of foreign-born residents and the percentage of the population with a bachelor’s degree or higher.

In that category, Tampa ranked No. 77.

Here’s how Tampa ranked in the three other individual categories:

  • Prosperity: No. 84
  • Promotion: No. 107
  • Product: No. 23
  • Place: No. 128

Topping out the list was London at No. 1 and New York at No. 2.

“These findings inspired us to develop a new approach to evaluating cities: One that wouldn’t just look at cities as a place to live, work or visit, but that took a more holistic approach by considering a wide range of factors that showed positive correlations with attracting investment and visitors – key performance indicators both in terms of measuring existing desirability and forecasting the future prosperity of a city,” said Chris Fair, CEO of Resonance Consultancy.

“Tampa Ranks Among 100 Best Cities in World” – WFLA

The Big 4: Major Mixed-use Developments are Changing the Face of Tampa

Water Street Tampa. The Westshore Marina District. Midtown Tampa. The Heights. The four major mixed-use districts under way in Tampa are frequently in the news, whether it’s a construction update or a deal with a retailer or restaurant that’s new to Tampa Bay.

Look beyond the headlines, though, and what’s apparent is the magnitude of having four large-scale projects under construction at the same time, all within six miles of each other. If those districts were laid out next to each other, they would span 130 football fields. They would cover a land area 20 percent larger than Disney’s Magic Kingdom. And they will bring millions of square feet of new commercial and residential space to a city that finally feels ready for the type of high-end developments that have long been the standard in peer cities like Austin, Nashville and Charlotte.

“The critical mass they provide — it’s not only going to be transformative for people who live in Tampa today, but also really important for attracting news businesses to Tampa,” said Nicholas Haines, CEO of New York-based Bromley Cos., which is the developer of Midtown. “I think there’s real market need. I don’t think Tampa is oversaturated in anything at this point, especially for really cool, dynamic developments.”

Tampa Mayor Jane Castor frequently points out that the city will “change more in the next 10 years than it has in my entire lifetime.” The four districts, she said, are critical to attracting the new business and industries that diversify the city’s economy.

“Historically, a lot would come open and a building would go up,” said Castor, 60, a Tampa native. “And now we’re creating entire neighborhoods. It’s not development for the sake of development; it’s very thoughtful.”

“The Big 4: Major Mixed-use Developments are Changing the Face of Tampa” – Tampa Bay Business Journal (subscription required)

2020 Downtown Development Forum

Registration and sponsorship/marketing opportunities are now open for the 2020 Downtown Development Forum! The Downtown Development Forum is a half day conference discussing topics and efforts of the downtown community’s development efforts. Hear from expert panelists, speakers and keynote address. Early Bird Pricing OPEN until February 5th at Midnight! Early Bird Partnership Members $65 (Increase after 2/5 is $75) Early Bird SSD Stakeholders & Non Members $80 (Increase after 2/5 is $95)

FRIDAY >> APRIL 3, 2020

Westin Tampa Waterside

725 S. Harbour Island Waterside Blvd.

Tampa, FL 33602

8:30am – 11:30

Stay tuned for the announcement of our expert speakers and keynote address!

Register Here:

Tampa's Tourism Revenue Doubled In Last Decade

You might not like the way they hesitantly drive down unfamiliar roads with their blinkers flashing.

And it might annoy you when they invade the quiet beach where you hoped to spend a peaceful afternoon.

But you can’t complain about the way they spend their money in Tampa Bay.

Tourists may not always be convenient, but they are always welcome, said Santiago C. Corrada, president and CEO of Visit Tampa Bay. And right now, Tampa Bay is a hot destination for tourists.

During the 2019 fiscal year, Tampa collected $35.4 million in Tourist Development funding, the largest ever recorded by the city’s tourism bureau.

That increase was up 5 percent from the previous year, which was ahead of expectations and substantially better than many other areas of the state, said Corrada. In fact, revenues have now reached a level that is almost double that of only a decade ago.

“The past 12 months have been Tampa Bay’s time to shine as a destination for visitors from across the country and around the world,” said Corrada. “We’re seeing the results of that growth every day in terms of new builds, new jobsband new opportunities. We’re also thrilled that many of those visitors want to return as residents or investors in the future here in the hip, urban heart of Florida’s west coast.”

Nine of the 12 months of the budget year, which ended Sept. 30, produced records for Tourist Development funding.

September’s monthly total — $2.87 million – was up 25.5 percent year-over-year and included more than $400,000 generated in August after the Hillsborough County Commission approved an increase in the county’s levy on hotel nights from 5 percent to 6 percent.

Meanwhile, Hillsborough County added more than 1,000 new hotel rooms, according to industry analyst STR Inc. – including the massive expansion of Seminole Hard Rock Hotel & Casino, the new Current Hotel in the Westshore District and the area’s first dual Hampton Inn/Home2Suites property in the Channel District.

Several major properties also underwent renovations and expansions including the Marriott Water Street and the Epicurean.

Nearly 2,000 more rooms are either under construction or on the drawing board for 2020-22.

The developers of The Heights District, the 50-acre mixed-use destination along the Hillsborough River, has signed an agreement with Marriott International to bring its Moxy Hotel brand to the neighborhood. Plans call for a 153-room hotel that will occupy the first seven floors within a new, mixed-use 25-story tower. Construction is expected to begin in early 2020, with the hotel slated to open in 2022.

While hotel occupancy in 2019 remained consistent at 74.6 percent, room demand grew 4 percent, outpacing the growth in supply (3.3 percent).

Average room rates and profitability stayed even with the year before, which had been a record for the destination, according to STR Inc.

Also on the horizon are additions to key attractions such as Busch Gardens Tampa Bay, the expansion of Tampa International Airport and the addition of new international and domestic flights, and new cruise lines at Port Tampa Bay.

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