MIAMI—In recent years, the Tampa Bay area has become a major Millennial magnet. Everything from the craft beer industry to the arts and entertainment scene to its strong startup culture and vibrant downtown is bustling.
In turn, millennials are flocking to the market, causing sub-neighborhoods to emerge with new offerings, and luxury apartment communities competing to attract this highly sought-after generation. Tampa's Channelside district, specifically, has become a hot spot for Millennials.
GlobeSt.com caught up with Juan Porro, managing director of FCI Residential Corporation, to get insights on what's making the area a hot market for real estate development and the lifestyle millennials crave. FCI Residential is a privately held, vertically integrated real estate services organization with more than 3,000 units in development throughout Florida.
GlobeSt.com: What is Tampa's Channelside district and why is it becoming so popular?
Porro: Channelside is an entertainment district in Downtown Tampa and one of the fastest-growing areas in the city, welcoming many new apartment, condo and loft developments. Unique dining experiences, mixed with the hottest bars, night clubs and specialty shops have made the area a unique destination, especially for Millennials that desire a living environment that boasts convenience and walkability.
FCI Residential Corporation recently debuted in Tampa, bringing leisure and luxury living to the area with the opening of The Fitzgerald Channelside. The rental apartment community blends Miami Beach's Art Deco style with modern design and extravagant amenities, specifically with the Millennial renter in mind. The look and vibe of the building is different from the industrial feel of the surrounding neighborhood, and that's part of the Fitzgerald's strategy for differentiating itself in a competitive market.
The Fitzgerald is one of many new real estate developments that have been vital to the renewal of downtown Tampa. The property is already 62% leased.
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GlobeSt.com: How are local apart communities attracting millennials amidst the local competition?
Porro: Convenience is one of the most attractive qualities to Millennials, and something real estate developers should keep in mind while scouting areas for housing development. Built in the epicenter of Tampa, vintage streetcars, waterfront pedestrian trails and water taxis provide residents of the Channelside District with convenient access to world-class dining, entertainment and recreation in Downtown Tampa and Ybor City.
Value-added leisure spaces are another “must,” which is why The Fitzgerald includes The Gaspar Loft which has a cinema, billiards, and a sundeck, as well as a sculpting studio for weight training, the Cardio Gridiron with a spin and yoga studio, the Sykes Wi-Fi Gallery, and the resort-style Franklin Hideaway Beach Entry Saltwater Pool with the largest loggia in the area.
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