Is Tampa becoming the new Miami?
Is Tampa Becoming the New Miami?
If you're a Tampa local, you’ve probably heard the question: “Is Tampa becoming the next Miami”. And while there are a lot of factors fueling this debate, one major contributor is the expansion of the luxurious Water Street. Making waves back in 2017, Strategic Property Partners, alongside co-developer Cascade Investment Fund LLC (backed by Bill Gates), kicked off one of Tampa’s largest and most ambitious development projects, Water Street. This multi-billion-dollar initiative has transformed 50 acres of downtown Tampa into a vibrant, upscale neighborhood. With the combination of waterfront sunshine, upscale living, and its centralized location in the heart of Downtown, there’s no question why Water Street has been compared to the upsides of Miami.
One of the standout features of Water Street is its sleek, sustainable design that blends cutting-edge architecture with a seamless connection to nature—think Brickell vibes, but with a Tampa twist. Featuring luxury apartments, high-end office spaces, and stunning parks, all designed with a focus on community and wellness. But there’s more than what meets the eye. At its core, Water Street is all about sustainability, and a real commitment to reducing its carbon footprint. Dubbed the world’s first pre-certified SmartScore Neighborhood and the first pre-certified WELL Community, Water Street Tampa is set to lead the way in tech-forward living. The neighborhood aims to be fully powered by fiber-to-pole infrastructure, designed to support high-performance buildings, smart street traffic lights, air quality sensors, acoustic security controls, and electric vehicle charging stations. Add in the influx of young professionals and entrepreneurs making their way to the area, and you’ve got a place where luxury meets that unmistakable Gulf Coast energy. It’s not just about the buildings though—it’s about the whole lifestyle.
From live music and book fairs to fitness classes and the beloved Sunday Market, Water Street in Tampa has something for everyone. The area is a true entertainment hub, always buzzing with activity, cultural events, and public gatherings that bring the community together. And when it comes to food, Water Street doesn't disappoint with its endless options of diverse flavors. As of 2023, the community actually became home to two Michelin Star restaurants—Lilac and Predalina. Both serve up a modern twist on Mediterranean cuisine, guaranteed to wow even the most refined palates. Needless to say, Water Street has places to see, and places to be seen.
As Water Street continues to grow and evolve, it’s clear that Tampa is carving out its own identity. Sure, there are comparisons to Miami—luxurious living, thriving business districts, and a buzz that’s impossible to ignore—but Tampa’s laid-back, Gulf Coast charm is what makes it stand apart. This city isn’t just about rapid growth; it’s about blending innovation with a relaxed, welcoming vibe that’s uniquely Tampa. So, whether you’re a local or just visiting, Water Street is a glimpse into the future, with all the cool energy and endless possibilities Tampa has to offer.
Resources
- Buildings.com. (2023, September 12). Can Water Street Tampa rekindle belief in the smart city?. https://www.buildings.com/smart-buildings/article/33018266/successful-smart-cities-can-water-street-tampa-rekindle-belief-in-the-smart-city
- WUSF. (2023, June 29). Jeff Vinik is selling his share of the company that developed Tampa's Water Street. https://www.wusf.org/economy-business/2023-06-29/jeff-vinik-is-selling-his-share-of-the-company-that-developed-tampas-water-street
- Multifamilyexecutive. (2017, November 09). $3B Mixed-Use Development to Transform Tampa Waterfront. https://www.multifamilyexecutive.com/design-development/construction/3b-mixed-use-development-to-transform-tampa-waterfront_o