Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Local Economy topic
No spam. Unsubscribe anytime.
Economic development official: five projects worth $7.4M underway on Treasure Island
Summary
The city's economic development representative reported five commercial projects totaling more than $7.4 million in permit value, said retail occupancy is 88% and office 100%, and noted growth in foot traffic and tourism-related leads.
John Goodrich, a representative from the Office of Economic Development, told the Local Planning Agency and Planning & Zoning Board that Treasure Island is seeing "a moderate reinvestment" driven by tenant upgrades and small-scale property improvements and that five commercial projects currently on the books account for more than $7.4 million in permit value and affect roughly 3.8 acres.
Goodrich named several projects in the pipeline, including the Sunshine Club condo hotel on Gulf Boulevard, the rebuilt Caddies (with a ribbon-cutting planned for April 9), the Nordin project on the island's north end, Treasure Island Plaza on 107th, and renovations branded as the Seaside Resort (formerly the Tahesian). "Most of the new leads are in food, hotels and retail," he said.
The presenter provided several indicators he said staff track: 235 tangible personal property accounts, 512 business tax receipt accounts, retail occupancy at 88% and office occupancy at 100%. He said January hotel occupancy was 58% and that March and April are historically the island's strongest months for hotel stays. Goodrich also cited a 27.9% increase in foot traffic on a measured basis and an average downtown dwell time of about 193 minutes, data he said come from Placer AI and county databases.
When asked about tenants for Treasure Island Plaza, Goodrich said owner Mr. Malow has new tenant representation and is awaiting an electrical permit; he added that tenant move-ins are expected in the next two quarters and that some interest may slip to the fourth quarter to match the tourism cycle. "He expects all of his spaces basically to be ready for new tenants coming in in the next two quarters," Goodrich said.
Goodrich said staff use LoopNet and, via a Pinellas County Economic Development partnership, CoStar to monitor listings, and noted the office is promoting lease and restaurant opportunities including a roughly 5,000-square-foot restaurant space at Treasure Island Plaza and the Treasure Island Yacht Club as a lease prospect. He said the city recently joined the Urban Land Institute to broaden investor outreach.
The office plans to publish an economic dashboard quarterly and to add an Office of Economic Development page on the city website where those materials will be posted. Goodrich closed by inviting feedback on the quarterly briefings and by offering to attend LPA and P&Z meetings on a regular basis.
The meeting moved on to other agenda items and closed without a detailed recorded vote accompanying these project updates.
