A forgotten neighborhood in Tampa gets a name
Recently my team and I at Dreamstone Investments closed 90 units in Tampa in an area near the University of South Florida, now known as Uptown Tampa. We have been buying properties in the area and improving them. There are signs of progress all around the area and we are contributing to the improvement. We have seen the progress coming and decided to make an investment in the area, which is an example of how we work hard to add value to our investors, our residents and our communities.
10 years ago, the area was bad. In fact, it was the most impoverished neighborhood in Tampa with high crime and dilapidated properties. It was known as "Suitcase City" because of its large transient population. Slum lords prevailed in this poor area and few people stayed in the area for more than a short time, if they could help it.
Fast forward to 2020. Shady pawn shops and convenience stores with bars on the windows have been replaced with Starbucks, Chick-fil-A and WaWa. Businesses are rapidly expanding and growing in the area. A tired old mall has been purchased with plans to redevelop it into a mixed use urban area of the future. Hospitals nearby are undergoing large expansions. And the formerly nameless area with the undesired nickname “Suitcase City” has been rebranded and given an upgraded new identity: Uptown Tampa.
We knew this area would turn around, but it is exciting to see it happening so quickly as we continue to find unlikely deals in the area. The day after our closing on 90 Unit Uptown Villas, which we named to align with the transforming neighborhood, we received the news that the 100-acre University Mall property is undergoing an urban redevelopment project that will be called Rithm At Uptown. Once complete, Rithm At Uptown will be one of the largest, mixed-use innovation communities in the state with capacity for more than seven million square feet of development, including several thousand residential units. Rithm At Uptown is part of an ambitious plan by the Tampa Innovation Partnership to transform the area around the University of South Florida's main campus into a major employment center and a hub for research and innovation.
Additionally, nearby Moffit Cancer Center recently announced a $400M expansion, two hospitals in the area are undergoing major expansions, and Amazon recently purchased 82 acres approximately 5 miles away and plans to build a state of the art distribution center on the land. Needless to say, we believe we chose our location well and are super excited to improve Uptown Villas to contribute to the health of this growing area.
Tampa was recently awarded a $3.8 million federal grant to expand tech training for young adults, and Uptown Tampa is one of a few nationally designated TechHire communities, poised to be transformed into one of the region's technology hubs and start-up incubators.
University of South Florida continues to grow, being named the state’s third “preeminent” university in 2018 and named as one of the fastest rising universities in the country. This will bring more status and funding to the university, and to the area as additional students and staff seek places to live.
Tampa is a strong market and consistently ranked one of the top places in the US to invest in multifamily. The Uptown area is rapidly growing and receiving an influx of investment dollars to grow businesses and redevelop the area. My partners and I at Dreamstone Investments work hard to create the most profitable deals we can to our investors and we’re looking forward to continued growth, along with Uptown Tampa!
If you are interested in finding out how you can be part of our exciting future, please reach out to us. Additionally, we encourage people to educate themselves on investing for retirement security and wealth and are happy to speak to you about this.
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