Tampa bay high speed ferry

[William Tharp]

Good morning BP, This question is for investors in the Tampa Bay Area. I am looking to invest in Apollo beach/ Ruskin area. I just heard that the two Counties in the Bay Area have funded the start of a high speed ferry service between Tampa and St Pete in November of 2016. A ferry route between the Air Force base, Tampa, St Pete and a terminal to be placed on east side of the bay near Apollo Beach is finishing environmental review but should follow soon. What would be the impact on real estate in Apollo Beach, Ruskin and surrounding areas once the high speed ferry is in Place? Would the faster service to west bay areas increase property values? Thanks, William Tharp

[Jeff Copeland]

The Tampa to St Pete ferry service has been approved by three of the four local governments who must agree to chip in 25% each of the $1.4M required for a 6-month pilot period, and now rests with the Tampa city council for debate/approval and the final say.

However - this is not the Southshore to MacDill AFB ferry you're referring to. 

From what I understand, this is a somewhat limited (twice a day) proposed service between the two downtown areas targeting commuters, with possible special events schedules for hockey games, baseball games etc.  (the Tampa Bay Lightning play in downtown Tampa, the Tampa Bay Rays play in downtown St Pete). 

It is also only a 6-month pilot to determine if ridership could make it self-sustaining. In my humble opinion, this ferry will have little impact on the real estate market. Downtown Tampa is not a major residential area, and downtown St Pete is already built out and booming.

For a major metropolitan area, Tampa Bay is decades behind San Francisco, Seattle, and other seaport cities when it comes to mass transit, and we are a culture of car-commuters.

Having lived in the San Francisco Bay area (with extensive ferry service as well as numerous other excellent mass transit options) as well as the Tampa Bay area - one immediate problem I see here in Tampa Bay is the lack of transportation options once you get off the ferry (at $10 one-way) - riders will essentially be limited to walking around the two downtown areas, or taking a taxi/uber to get elsewhere - most would rather drive. 

Conversely, the proposed ferry between Ruskin/Riverview and Macdill AFB is the one that could have an impact on the real estate market in the Southshore area, but it is years away at best (at least two-years for the environmental impact study before construction would even start - article here).

That being said, the Southshore area is already a high-growth area, so we wouldn't be looking at a major market shift, just adding fuel to an already hot fire.