Dive Brief:
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In Florida, the Tampa City Council unanimously approved a mixed-use, three-tower complex that will bring 1.8 million square feet of office, hotel, housing, retail, dining and entertainment space to the area south of the University of Tampa, according to the Tampa Bay Times.
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Lafayette Place will house the 40-story Lafayette Tower, which will include hotel, office and retail space; the 26-story Lafayette Parkview, which will comprise high-end housing, retail and parking; and the 26-story Lafayette Central residential high-rise.
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The development is an update to one approved 20 years ago that proposed a single office tower and retail space for the area.
Dive Insight:
Tampa's move to act on the multi-tower, mixed-use development comes as similar developments come to life across the U.S. In late February, New Orleans officials announced plans for a $100 million 29-story residential tower for the city's South Market District, with a second tower still to come for the site, which is already home to four buildings.
Farther north, Washington, DC's $2 billion mixed-use project The Wharf got the green light for a second phase that includes 3.2 million square feet of office, retail and residential space, along with a marina, parks and other public amenities. In New York, Related Companies is gearing up to deliver a 58-story, 2.9-million-square-foot tower at the Hudson Yards project, which itself will bring 50 million square feet of office, retail and residential space to Manhattan.
Such large-scale, mixed-use projects are coming online in response to the desire for an environment that combines housing, work and entertainment options as well as access to amenities and transportation. These developments have a considerable economic impact on the communities in which they rise. For example, a recent study commissioned by Related Cos. and Oxford Properties Group reported that Hudson Yards would add nearly $19 billion to the city's economy upon completion.
