50-acre Proposal for Ybor City Revealed: Condo Towers and a Stunning Park Take Center Stage in the Development Plan!

Gloria Johnpierre April 27, 2024

After more than three decades since his initial purchase of property in Ybor, Darryl Shaw and his development partners have finally filed their long-awaited initial master plan for the historic district with the city. This proposal provides Tampa with the first comprehensive view of the project that aims to revitalize 50 acres of land located between Ybor and downtown Tampa, with the ultimate goal of transforming the area.

The development project named “Gas Worx” for Ybor City, which includes the construction of apartment complexes and condo towers that can accommodate up to 5,000 homes. In addition, the proposal involves replacing a roundabout off Channelside Drive with a community park, and repurposing a 70-year-old warehouse into an industrial-chic food hall. This visionary project aims to transform Ybor City into a modern, thriving community.

According to Hillsborough County property records, the Gas Worx project, covering a significant expanse of land running south from Fifth Avenue S to Adamo Drive, and east from the former Tampa Park Apartments to 15th Street S, constitutes roughly 50 acres. 

Darryl Shaw and his development partners have invested approximately $70 million in purchasing around 30 of these acres, which are part of the Gas Worx cluster of parcels since 2014.

Potential Benefits of The Project

Enjoy Higher Cash Flow

Real estate investing can generate higher cash flow through various means such as rental revenue, commercial activity earnings, and development. The profit margin is the difference between the income generated and the costs incurred. This profit can be used to cover expenses, invested for future opportunities, or to expand one's property portfolio. 

Additionally, commercial real estate values tend to increase significantly, and a sound investment decision can lead to substantial gains upon selling. 

Return on Investment with Real Estate

Real estate investing offers an improved rate of return. Unlike investing on margin, which requires approval and substantial assets, real estate investing allows for partial ownership of the property by paying a portion of the purchase price. As the mortgage is paid down, the investor's stake in the property increases, leading to an improved rate of return. 

The natural appreciation of real estate further enhances the return on investment. Although the real estate market has experienced ups and downs in the past, those who held onto their properties have seen a rebound in prices and renewed development opportunities.

Inflation-resistant Investment

Real estate investments serve as a hedge against inflation. As one of the primary objectives of investors is to protect their capital from the adverse effects of inflation, particularly for long-term investments such as pension funds, real estate offers a viable solution. 

The value of real estate assets tends to increase at or above the inflation rate. Additionally, the option to sell real estate in the future presents an opportunity to augment one's income.

Looking to Buy a Property?

Siven Premier Real Estate is a locally-based Real Estate Brokerage, providing full-service real estate solutions. We have properties for sale minutes away from the development plan.

Visit our website now, www.sivenpremier.com or call us at 813-330-0084.


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