Luxury apartments are coming to downtown Tampa - and they already have been built. ...more

November 12, 2008

When Tiffany Duffie makes out her $995 rent check each month, she tucks a little money away in the family's house fund. ...more

May 3, 2008

TAMPA -- When Tiffany Duffie makes out her $995 rent check each month, she tucks a little money away in the family's house fund. For the past year and a half, the family of four has rented a two-bedroom unit at The Pavillions at Ballast Point in south Tampa. They love the location, near MacDill Air Force Base, where her husband is stationed. They look out on mature trees from a small patio where they keep the children's bicycles and outside toys. Money is tight, and Duffie said she fears that if her rent goes up, they won't be able to save for a down payment on a home. And because of the credit crunch, she worries the family might not qualify for a mortgage. "I really want a house," she said. "I want a yard for my kids. It would be so nice to have something to call your own." As the economy weakens, more people who would have qualified for home loans a few years ago no longer do. And scores of homeowners losing their homes in foreclosure are turning to apartments. Others who could qualify for a mortgage are opting for luxury apartments instead, seeking to wait out the housing bust. The mixture is starting to heat up Tampa Bay's apartment market, which has struggled to fill thousands of units the past couple of years as renters rushed to buy homes. Anticipating increased demand, developers are shifting focus, too, from home building to apartment construction. There are 3,646 units either under construction or recently completed in Hillsborough and Polk counties, according to Triad Research & Consulting. Another 12,300 units are proposed for construction this year or next in Hillsborough, Pasco, Pinellas and Polk counties, the firm said. ...more

May 2, 2008

Developers of a hotel, retail and residential project along Gibsonton Drive have identified the hotel to be built at the site as a Holiday Inn. ...more

December 1, 2007