By Emeri & Joe Lewkowicz, The Lewkowicz Group
If you’ve lived in Tampa for even a few years, you’ve seen it firsthand — a new mixed-use project pops up, a trendy coffee shop opens on the corner, a grocery-anchored plaza breaks ground, or an entire retail corridor transforms almost overnight.
And the big question we get from buyers, sellers, and investors all the time is:
“Is this good or bad for home values?”
After more than 40 years combined in Tampa real estate, we can tell you the honest answer is: it depends on the type of development — and where it’s located.
Let’s break it down.
The Right Development Can Boost Home Values
When commercial development is thoughtfully planned, it can significantly increase nearby property values.
Here in Tampa, we’ve seen this play out in areas like:
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Water Street Tampa
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Midtown Tampa
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The Heights District
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Parts of Westshore and South Tampa
When high-quality retail, dining, medical offices, fitness studios, and grocery stores come into a neighborhood, it increases convenience — and convenience drives demand.
Today’s buyers don’t just buy a home. They buy a lifestyle.
If you can walk to a coffee shop, grab dinner without getting in your car, or be five minutes from a brand-new Publix or Whole Foods, your property instantly becomes more desirable. Increased desirability = stronger resale value.
We’ve helped clients purchase homes near new developments before they were completed — and in many cases, they saw appreciation accelerate once the project was finished.
That’s strategic buying.
Mixed-Use Projects = Long-Term Value Growth
Tampa is seeing more mixed-use development than ever before — residential, retail, office, and entertainment combined in one cohesive space.
From an investment standpoint, this is powerful.
Why?
Because mixed-use areas tend to:
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Attract young professionals and relocating families
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Support local businesses
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Increase foot traffic
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Encourage infrastructure improvements
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Improve overall neighborhood perception
And perception matters in real estate.
Once an area becomes “hot,” demand often increases faster than supply — and that upward pressure supports property values.
We’ve seen this cycle repeat in Tampa again and again.
But Not All Development Is Equal
Now let’s be real.
Not every commercial project increases value.
In some cases, certain types of development can create:
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Increased traffic
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Noise concerns
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Parking issues
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Congestion
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Changes to neighborhood character
For example, a large distribution center or heavy industrial site near residential homes may not have the same positive impact as a boutique retail plaza or medical campus.
This is where local expertise becomes critical.
We constantly review zoning changes, development applications, and city planning meetings because what gets approved today can influence your property value tomorrow.
Many buyers don’t realize this — but smart investors absolutely do.
Timing Matters
Here’s something we’ve learned after decades in this market:
The biggest equity opportunities often happen before the cranes arrive.
When a major commercial project is announced — but not yet built — that window can be ideal for buyers.
Once the project is completed and the buzz spreads, prices typically adjust.
We’ve helped investors and primary homeowners alike position themselves ahead of growth by analyzing:
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City development plans
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Infrastructure improvements
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Transportation expansions
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Population migration trends
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Employer growth in the area
Real estate rewards those who move early and move strategically.
What Sellers Should Know
If you’re selling near new development, leverage it.
We highlight proximity to new restaurants, shops, hospitals, office spaces, and entertainment in marketing. Buyers want to understand how the neighborhood is improving — not just what the home looks like.
Commercial growth tells a story of economic strength. And economic strength supports pricing power.
Our Honest Take
New commercial development in Tampa is generally a positive force — when it aligns with lifestyle demand and long-term planning.
Tampa continues to grow because businesses want to be here. Employers are expanding. Infrastructure is improving. And buyers are relocating from higher-priced markets every single day.
The key is understanding which projects add value — and which ones may create challenges.
That’s where experience matters.
After 40+ years combined in Tampa real estate, we don’t just look at homes. We look at the ecosystem around them — the growth patterns, the city planning, the future trajectory.
Because in this market, location isn’t just about the street you’re on.
It’s about what’s being built around you next.
If you’re considering buying, selling, or investing and want insight into how upcoming development may impact your property, we’d be happy to walk you through it.
Tampa’s evolving quickly.
Let’s make sure you’re positioned on the right side of that growth.
