400 Central scraps hotel, adds more office and retail space
/The real estate market in Florida, and especially St. Pete, has fared well despite COVID-19 challenges. In fact, Florida has continued to see an influx of new residents as people flee high-tax states such as California and New York.
Additionally, and perhaps surprisingly, St Pete Rising is not aware of any proposed developments in St. Pete that have been cancelled due to the virus. However, many projects have experienced delays as stakeholders decided to wait until the dust settled before reanalyzing market conditions.
Due to the global slowdown in travel, many developers have seen it difficult to secure financing for new hospitality construction. As a result, many planned hotels are being reconfigured for other uses, such as apartments or office.
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