TAMPA — Even with rents at $1,500 to $2,000 per month, downtown Tampa's residential buildings are 98 percent occupied, according to one estimate by the Smith & Associates real estate firm.
The question remains how many more luxury apartment towers the market can handle. Ken Carl, a real estate banker with PNC Bank, cautions that with the rising cost of construction, continuing to build high-end apartment towers will require an influx of high-paying jobs.
“I think the hardest thing to do is judging the depth of the market,” Carl said Friday at a forum on downtown development, an update of development projects and transportation plans hosted by the Tampa Downtown Partnership.
My guess is a good portion of the urban luxury apartments will become condo conversions down the road once established leaving room for more apartments to be built.
I really believe that the more they build, the more people will come. It is a field of dreams moment. Honestly, you cannot have enough apartments in a downtown urban area. This is great news and hopefully got the attention of some possible investors in this area from across the country.
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