Downtown St. Petersburg is booming in the residential department, with 2,031 new homes to be added within a mile of the downtown waterfront. With vast construction in the area, developers worry about an over exaggerated demand, since too many homes could be left empty. However, developers in St. Petersburg believe that there is every reason to add a variety of options for every price range in anticipation for a more bustling city. Already, there has been a relatively fast turnaround for vacant homes downtown.
Dave Goodwin, St. Petersburg’s economic development director, predicts the high demand is a result of a rising trend to live in walkable cities. "The market for downtown urban living, being able to walk instead of drive, is strong everywhere. It's the strongest I've ever seen. More and more folks — young folks, empty nesters, retirees — want to be living in a walk-able, urban environment." The downtown waterfront coupled with multiple stores, restaurants, and social options makes St. Petersburg a great option for residents who desire a walkable city.
Another aspect that could possibly lure more home, apartment, and condo owners into the downtown area could be the integration of large companies. Currently, there are small companies that were able to grow in the city, such as Jabil and Raymond James. As living spaces in the area continue to be built, the city hopes to fill vacancy rates in the commercial real estate sector with large companies in order increase residential capacity downtown.