Shopping Center Business is the leading monthly business magazine for the retail real estate industry.
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FLORIDA 70 • SHOPPING CENTER BUSINESS • August 2016 new development and neighborhoods ripe for in-fill development." TAMPA: A GREAT ANTICIPATION MARKET Metro Tampa's retail market has grown tighter for the past several quarters with measured construction and strong leas- ing activity. CoStar Group reports that the Tampa/St. Petersburg market is now at 5.1 percent vacancy, with absorption more than doubling deliveries in terms of square footage in the second quarter — 671,617 square feet to 315,992 square feet. The market is awaiting several new re- tail developments and redevelopments that will help answer the pent-up demand for new retail. Roughly 550,000 square feet of retail space is currently under con- struction, according to CoStar Group. "Tampa is in a great anticipation stage," says Brian Bern, senior director of Tam- pa-based Franklin Street. "We've got a lot of cool new retail developments and redevelopments that will hit the market between 2017 and 2018." Two of the highest profile projects in the greater Tampa area include Cypress Creek Town Center in Lutz and Seminole City Center in Seminole. Regency Centers is developing the 240,000-square-foot, 13-store Cypress Creek Town Center. The property will be situated within the Wesley Chapel area of Pasco County near Simon Prop- erty Group's Tampa Premium Outlets, a 441,000-square-foot outlet mall that was delivered at full occupancy in October 2015. The two retail developments are creating a retail corridor along with The Celebration Pointe will include a new 10-screen Regal theater, Bass Pro Shops, Hotel Indigo and the only Class A office space in Gainesville.