CHANNELSIDE MARKET STUDY
Tampa Port Authority
As part of an on-call contract with the Tampa Port Authority and a component of the Channelside Master Plan, Renaissance conducted a detailed site-specific market study that examines the current market conditions and future potentials of the Channelside site for multiple real estate product types.
The master plan’s objective is to maximize the utilization of the Port’s lands in the context of creating an active and commercially successful waterfront in conjunction with cruise and other maritime activities, while creating value for both the Port and the City overall.
The market study examined the development potential for multifamily residential, retail, office, hotel, and “wild card” uses, and made recommendations to the design team on development programming. The study found that the Channelside neighborhood is still emerging as a mixed-use urban neighborhood, but its future growth prospects are strong. Multifamily development is accelerating as market conditions recover after the recession, and retail development will follow as more shopping and services are badly needed by the growing resident population. Connections to Downtown Tampa and the emerging South Downtown neighborhood are especially important for repositioning and revitalizing the existing Channelside Bay Plaza property as an entertainment destination.
Renaissance presented the market study findings to Port Authority leadership, participated in a public open house to outline the development opportunities to local stakeholders, and collaborated with the architects preparing the master plan for the Port’s properties.