THE PARKING LOT ERA IS OVER

Hey friends,

I've been covering Tampa Bay development long enough to know when something shifts.

This week, it shifted.

Not because of one project. Not because of one permit. But because the stories coming out of downtown Tampa, St. Pete, and even Madeira Beach all point to the same thing: the blank spaces are finally getting filled in.

Surface lots are becoming concert venues. Struggling malls are landing anchor tenants. Industrial Ybor is quietly assembling into a megaproject that rivals Gasworx. And the money (big, institutional, half-billion-dollar money) is still flowing into Tampa Bay's best assets.

So here's what happened between December 20–26 that you need to know about. Some of it made headlines. Some of it didn't. All of it matters when you're tracking where this region is headed next.

Let's dive in.

WATER STREET'S ENTERTAINMENT DISTRICT: THE LOT EVERYONE COMPLAINED ABOUT IS FINALLY GETTING ITS MOMENT

You've left a Lightning game or a concert at Benchmark and thought, "Now what?" Downtown Tampa has struggled for years to answer that question. The arena brings 20,000 people to the neighborhood, and then they scatter because there's nowhere to stay, nothing to do, and nowhere to catch a mid-tier touring act on a random Tuesday night.

That's changing.

Strategic Property Partners just announced plans for a privately financed entertainment district at Water Street Tampa. The concept: a 3,500-seat indoor concert and performance venue, a 250-room hotel, 100,000 square feet of dining and retail, and over 1,000 parking spaces. All of it fronts the arena and replaces one of downtown's most visible surface lots.

Groundbreaking is targeted for 2027. The project is designed to do what Water Street has done everywhere else: create a reason to stay. To grab dinner before the show. To book a hotel room because there's a rooftop bar worth hitting afterward. To turn a parking lot into a district.

The Instagram comments on this one are telling. People want "real shopping," they're worried about traffic, and they're excited about finally having an indoor venue that isn't a stadium or a club. This is a project people can actually picture themselves using.

Why it matters: This is Water Street's final activation play. When it works, downtown Tampa becomes a true entertainment corridor. The success or failure of this project will be studied for the next decade.

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INTERNATIONAL PLAZA JUST GOT A $551 MILLION REFINANCING

While the rest of America is watching malls close and anchor tenants disappear, Tampa's International Plaza just secured a $551.25 million refinancing, replacing a $477 million loan and signaling that top-tier retail in Tampa Bay is still a safe bet for institutional capital.

This isn't a small deal. This is a half-billion-dollar statement that says premium shopping centers in growing metros with strong demographics can still command serious money, even in a higher-rate environment.

International Plaza isn't struggling. It's thriving. And this refinancing proves that the best retail assets in Tampa Bay are playing a different game than the dying malls you see in headlines.

Why it matters: Capital follows confidence. When a lender puts $551 million into a retail asset, they're betting on the region's long-term growth, income levels, and consumer spending. This is a vote of confidence in Tampa Bay's trajectory.

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EAST YBOR'S "SECRET" MEGA PROJECT: 30 ACRES, 2.9 MILLION SQUARE FEET, AND A DECADE-DEFINING VISION

While everyone's been watching Water Street and Midtown, developer Darryl Shaw has been quietly assembling something massive in East Ybor City.

The plan: a rezoning application for roughly 30 acres across 55 parcels that could deliver up to 2.9 million square feet of mixed-use development. Residential, commercial, retail, and office space woven into the industrial fabric east of the historic core.

This is being called East Ybor Place, and it's comparable in scale to Gasworx and Ybor Harbor. But unlike those projects, this one isn't getting the same spotlight yet. Instagram developers are calling it "quietly massive," and they're right.

The rezoning ask alone signals ambition. When approved, this becomes the project that transforms East Ybor from industrial remnants and surface lots into a true urban district with walkable streets, housing, and ground-floor retail.

Why it matters: Ybor is in the middle of a long, slow transformation. Gasworx, Ybor Harbor, and now East Ybor Place are all part of the same story: taking a historic district and making it livable again. This is the kind of project that defines the next decade.

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NATIONAL BUILDER BUYS TAMPA'S ELLISON CONSTRUCTION

Moss Construction & Development, a national general contractor, just acquired Tampa-based Ellison Construction, the builder behind major Water Street, Ybor, and beach projects across the region.

The deal is being framed as a strategic move to deepen Moss's presence in "fast-growing Tampa Bay," and that's exactly what it is. National players don't buy local builders unless they believe the pipeline is strong and the market has legs.

Ellison has built some of the most visible projects in Tampa Bay over the past few years. Losing the name is notable, but gaining the capital and national reach that comes with Moss means even bigger projects ahead.

Why it matters: This is consolidation at the top. It's also a sign that national firms see Tampa Bay as a long-term growth market worth investing in, not just with capital, but with infrastructure and talent.

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ST. PETE'S BIGGEST AFFORDABLE HOUSING PROJECT IN YEARS BREAKS GROUND NEXT MONTH

The 264-unit Fairfield Avenue Apartments are set to break ground January 21, 2026, on the former Tibbetts Lumber site at 3300 Fairfield Ave S in St. Petersburg.

This is a $50.6 million affordable housing community, and it's the largest groundbreaking of its kind in the area in recent memory. Construction will run through 2028, and when it's done, it will help address some of the affordability pressure that's been squeezing South St. Pete for years.

This project matters because affordable housing often gets talked about but rarely built at this scale. This one is actually happening.

Why it matters: Tampa Bay's affordability crisis isn't going away. Projects like this won't solve it, but they're part of the answer. And they prove that large-scale affordable development is still financeable in this market.

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CAN TARGET SAVE COUNTRYSIDE MALL?

Countryside Mall has been struggling for years. Anchors have left. Foot traffic has dropped. And the big question has always been: what's next?

This week, the answer started to take shape. A new Target store is moving forward at Countryside, and it's being framed as a potential catalyst for broader retail revival at the long-troubled Clearwater center.

Target is a serious anchor. It brings traffic, it brings credibility, and it brings hope that Countryside could reposition itself as something other than a dying mall.

Why it matters: This is a test case. When Target helps turn Countryside around, it becomes a model for other struggling retail centers in the region. The outcome here will inform every other struggling mall redevelopment conversation in Florida.

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MADEIRA BEACH GETS A BOUTIQUE HOTEL (AND THE BEACHES KEEP BUILDING BACK BETTER)

A three-story boutique hotel called Mad Beach Inn is moving forward to replace a flood-damaged retail structure on Gulf Boulevard in Madeira Beach, with development plans filed December 22, 2025.

This fits the broader beach redevelopment story: property owners aren't just rebuilding what was there before the storms. They're upgrading. They're adding density. They're building hospitality and mixed-use where single-story retail used to sit. I spend a lot of time and do a lot of work in Madeira Beach, this is one of MANY cool projects going up there. More to come from Mad Beach.

Why it matters: The beaches are changing. Hurricane damage accelerated a transformation that was already happening, and projects like Mad Beach Inn show what's replacing the old guard.

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MY TAKE

Here's what I keep thinking about: the parking lot era is over.

For years, Tampa Bay's growth story was written in the gaps. The surface lots, the vacant land, the "coming soon" signs that never quite came. We talked about potential. We pointed at renderings. We waited.

But this week's stories aren't about potential anymore. They're about capital, commitments, and construction timelines. Water Street is filling in its last major lot. East Ybor is assembling 30 acres into a mega project. St. Pete is breaking ground on 264 affordable units. National builders are buying local because they believe the pipeline is real.

The blank spaces are disappearing. And what's replacing them (entertainment districts, urban housing, boutique hotels, and retail anchors) is starting to look like the city we've been talking about building for the past decade.

I don't know which projects will exceed expectations and which will underperform. But I do know this: the momentum is real, the money is moving, and the story is shifting from "what could be" to "what's being built."

And that's worth paying attention to.

See you next week

P.S. – What project are you most excited (or skeptical) about? Hit reply and let me know. I read every response.

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