March 29, 2024

Economic Yearbook 2006 - Tampa Bay Area

A New Look

Changing demographics and a furious job market energize communities in the Tampa metro area.

Amy Keller | 4/1/2006

St. Petersburg

? "Projects that we didn't know if they'd happen or not are coming out of the ground."
-- St. Petersburg Economic Development Director Dave Goodwin

Ten years ago, the vacancy rate for commercial space downtown was about 30%. Today, it's just under 5%. Since 1999, more than $9 billion has been funneled into construction projects downtown, and more than $91 million in residential projects and $1.1 billion in mixed-use projects are under way. "Projects that we didn't know if they'd happen or not are coming out of the ground," says Economic Development Director Dave Goodwin. ... The city is rethinking its land development regulations to encourage more city dwelling. One consideration: Rewriting the code to allow for garage apartments. ... Midtown is undergoing its own renaissance, thanks in large part to the efforts of St. Petersburg Mayor Rick Baker, who's made reinvigorating the area a top priority. Five smaller retailers will soon join the new Sweetbay supermarket at Tangerine Plaza at 22nd Street and Tangerine Avenue, and a new SunTrust Bank is going up on the adjacent corner. ... The city is providing teachers with $14,000 in interest-free home loans that become grants if the teachers stay in the school system for 10 years. Teachers who buy a home in Midtown can get up to $18,000.

Key Newcomer

? Seattle-based glass sculpture artist Dale Chihuly will permanently showcase his artwork in a new downtown gallery slated to open in 2008.

? City officials say they're excited about small businessmen such as Neil Glazer, who last year relocated his company, The Flying Network, or PilotMall.com, from New York to Albert Whitted Municipal Airport. The company, which sells pilot supplies such as FAA charts and portable anti-collision devices, has committed to a $100,000 advertising campaign featuring the local airport.

Clearwater

In 2000, Clearwater ranked 12th in the state for most populated urban areas. It slipped to 15th in 2004, falling behind cities like Cape Coral, Coral Springs, Gainesville and Port St. Lucie. While the annual growth rate in the Tampa Bay metro area climbed from 1.5% between 1990 and 2000 to 1.9% between 2000 and 2003, Clearwater's growth rate dropped from 1% to 0.4%. The reason? Because of its built-out condition, the city is not absorbing growth within the Tampa Bay region and Pinellas County as it had previously. Major redevelopment projects could stimulate more robust growth patterns. ... The city is counting on its in-progress Beach Walk project, a 3-year effort to build a winding beachside promenade, to boost the region's tourism industry. ... The former Adam's Mark was demolished last year to make way for Taylor-Woodrow's Indigo Beach Residence and Indigo Beach Suites, which will include 112 permanent and 78 rental condos. Doctor and philanthropist Kiran Patel, meanwhile, is building a resort on three Gulf-front acres he purchased for $40 million, to be called the Kiran Grand Resort & Spa.

Pinellas County

The most densely settled county in Florida added more than 19,000 jobs last year, a 4% increase over 2004. ... California-based Mercury Insurance Group recently purchased the building in St. Petersburg where it is located and added 500 jobs. ... With a $20-million investment, medical manufacturer Halkey Roberts, which makes a line of valves commonly used by airlines and the healthcare industry for inflation and pressure relief applications, has created 79 positions.

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