February 10, 2016 Sally Dee

Growth Predictions in Downtown St. Pete 2016

2016 has arrived and if you are thinking of purchasing a home or condo this year, downtown St. Petersburg is the place for your real estate investment. This area is gaining global attention as a city to watch and we are not done growing. When you compare home buying prices and ease of movement within the city, St. Petersburg is winning as the warm Florida city to buy in. According to Trulia, the median home sale price increased 3.2% in the period from October 2015-January 2016, with the average listing price in the downtown St. Pete zip code at $595,284. Predictions for the next year, forecast an increase in the median home sales and in the cost per square foot for the popular downtown neighborhoods.

According to the Tampa Tribune, 1,100 new apartment units will be finished downtown this year with an expected influx of more people living in the city center this year with median incomes of $53,000. The New York Times listed the “Sunshine City”, as St. Petersburg is often referred to, in it’s list of Top 50 Destinations to See and The Independent reported that “Miami has a rival for the finer things”.

The Salvador is a brand new condominium tower that will be rising in the south end of downtown known as the Innovation District. The Innovation District is a cluster of higher education, marine science, healthcare, business incubation, and media institutions.

Here is how the City of St. Petersburg describes the Innovation District in their economic development report:

Within the Innovation District, St. Petersburg’s marine and environmental sciences institutions flourish in downtown’s Bayboro Harbor area, ideally located on Tampa Bay near the Gulf of Mexico. Anchoring the district is the St. Petersburg Ocean Team – the premier consortium of marine science, oceanographic, and environmental research agencies and institutions in the Southeastern United States.

The Ocean Team includes public and private non-profit agencies, such as NOAA, University of South Florida (USF) College of Marine Science, SRI – St. Petersburg, United States Geological Survey (USGS), and the Fish and Wildlife Research Institute (FWRI) that are devoted to marine and environmental research in Florida, the Caribbean, and beyond.

Ocean Team agencies employ more than 1,600 people whose spending generates an additional 1,800 employees and leads to a total impact of $251 million in gross county product. As the district evolves, firms in related industries have the opportunity to capitalize on technology transfer and research commercialization by locating near the district with access to a growing, specialized workforce.

Other institutions and owners within the district includes:
All Children’s Hospital/Johns Hopkins Medicine, Bayfront Hospital, University of South Florida St. Pete, University of South Florida – College of Marine Science, The Poynter Institute for Media Studies, National Oceanic and Atmospheric Administration, US Geological Survey, US Coast Guard, Florida Fish and Wildlife Conservation Commission, Albert Whitted Airport, and SRI International 22

The possibilities for the Innovation District include a rich tapestry of urban form that can enhance the profile of each institution, support business development and recruitment, provide energy for neighborhood reinvestment and jobs at all salary and education levels. The Innovation District is a central asset to the future of the St. Petersburg community.

More shops, boutiques, cafes, green spaces, and a renovated pier are all in the city plans with the growth plan to make pockets of towns and neighborhoods throughout downtown easily walkable, connected, and intermodal. And with the cost of living in the Tampa Bay area last year 8 percent lower than the national average, the city make for an ideal real estate investment, retirement option or relocation.

See what we have planned… www.thesalvador.com

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