TAMPA, Fla. – Tampa has a “strong” downtown that compares well to other emerging downtowns across the nation, according to a new report analyzing urban cores across the country.
The report (click here to read) by the International Downtown Association (IDA) concludes that emerging downtowns like Tampa’s have plenty of potential, with the relatively low property values compared to other urban places. That allows developers to get much greater return for their investment dollar.
Highlights from the report include:
– Tampa’s Downtown population grew 36% between 2000 and 2017, outpacing the 17% average for other emerging downtowns across the country. The residential sector ranks Tampa as one of the strongest emerging downtowns, based on its rate of growth and density.
– Downtown accounts for about 70,000 jobs, which represents 21% of the city’s jobs.
– Downtown land has an assessed value of more than $3.7 billion, or more than 12% of the total citywide value, even though downtown covers just 2.5 percent of the city’s land area. Downtown’s assessed value nearly quadrupled since 2000, while assessed values only doubled citywide.
– Downtown generates 28% of the city’s property tax revenues, and it drives even higher levels of private investment. The Water Street and Heights developments alone will account for an additional $4 billion in investment.
– The demographics of the study area underscore Tampa’s diversity. About 50% of downtown residents are white, 30% are black, and 20% identify as Hispanic or Latino.
– Renters occupy 80% of downtown housing units.
– The median income in the Channel District reaches a high $87,000.
– More than 40% of the downtown population holds a bachelor’s degree or higher, surpassing both the city and regional rates.
– More than half of all outdoor events permitted by the city take place in and around downtown.
– Downtown’s most recognizable asset – for residents, workers, and visitors alike – is the Riverwalk.
– The report says additional investment in streetscape improvements – street furniture, shade trees, and ground-floor activity – as well as more transit that connects downtown to other parts of the city, would increase mobility options and make living and working downtown more sustainable.