Why Related Group Is Bullish on the Gulf Coast and How Other Developers Are Joining the Boom

Related Group’s leadership, including Jon Paul Pérez and Nick Pérez, highlighted Tampa’s appeal during a recent CNBC interview, positioning the city as a strong but sometimes under-appreciated market compared to South Florida. While some international investors still ask, “Where’s Tampa on a map?” the data tells a compelling story of job growth, rising rents in key segments, and strong luxury demand.

“Tampa we love,” Jon Paul Pérez emphasized. The firm sees robust fundamentals: strong employment, rents that have caught up to or surpassed Miami in certain pockets, and a hot luxury sales and rental market. However, the broader housing market remains relatively flat, with the median home price around $433,000 in early 2026 (up modestly year-over-year), influenced by high property taxes and insurance costs. Market-rate apartment rents show only modest growth.

Related Group has committed billions to the Tampa Bay region, with Jorge Pérez (the firm’s founder) previously stating they are the largest developer in the area. Their flagship project, The Ritz-Carlton Residences, Tampa at 3101 Bayshore Boulevard, includes two towers. The first tower completed earlier, and the second (Tower II) reached completion or near-completion around March 2026, delivering ultra-luxury waterfront living with branded amenities.

The Pérez family also discussed broader trends: South Florida’s (and by extension Tampa Bay’s) shift toward domestic buyers from the Northeast, Midwest, and West Coast—driven by no state income tax and perceptions of stability—now making up roughly 80% of their pipeline. They highlighted selective brand partnerships, wellness-focused amenities (including potential longevity programs with partners like The Well), and success in West Palm Beach.

Expanding the Luxury Condo Pipeline: Other Developers Fueling Tampa Bay’s Growth

Related Group’s investments have helped catalyze Tampa Bay’s luxury condo resurgence, but they are far from alone. The market is seeing a wave of new high-rise and branded projects, particularly in downtown Tampa and St. Petersburg, as developers capitalize on corporate relocations, walkable urban demand, and limited supply in prime locations. Tampa remains early in its luxury condo cycle, with strong long-term drivers like job growth and lifestyle appeal.

Here are some notable projects by other developers reshaping the skyline:

• ONE Tampa (Kolter Urban): A 42-story tower in downtown Tampa across from Curtis Hixon Waterfront Park, offering 225 luxury residences (one- to three-bedroom units plus dens, starting around $1 million). Construction has progressed rapidly, surpassing the midway mark with a target delivery around 2027. It features modern design, high-end amenities, and ground-floor retail/restaurants, adding significant density to the urban core. Kolter Urban has seen strong early sales momentum.
• Pendry Residences Tampa (Two Roads Development with Pendry Hotels & Resorts): This 38-story mixed-use tower along the Tampa Riverwalk combines a luxury hotel with 207 condominium residences. It includes high-end dining concepts, wellness facilities, and waterfront views. Construction is well underway (nearing or past midway in 2026), with delivery expected around 2027. The branded hospitality model appeals to buyers seeking serviced living and income potential.
• Residences at 400 Central (Red Apple Group, St. Petersburg): Now the tallest residential building on Florida’s Gulf Coast at 46 stories, this 301-unit tower in downtown St. Pete has begun delivering units (lower floors received temporary CO in 2025, with ongoing completions). Features include floor-to-ceiling glass, high-end finishes, and ground-floor retail like Volta Wine + Market. It exemplifies St. Petersburg’s condo market expansion.
• Art House (Kolter Urban, St. Petersburg): A 42-story, 244-unit tower at 275 1st Avenue South that recently completed construction. With two- and three-bedroom plans (plus penthouses), it is reportedly over 90% sold, offering spa-like bathrooms, European cabinetry, and artistic elements like a commissioned sculpture.

Other projects in the broader pipeline include AQUA at Westshore Yacht Club, Marina Pointe, and mixed-use developments like Hotel ORA (luxury hotel + residences with strong presales) and elements within larger districts such as Gasworx in Ybor City.

Why Tampa Bay Continues to Attract Developers and Buyers

Tampa Bay’s appeal lies in its balance: more affordable entry points than Miami for luxury living, combined with waterfront access, cultural growth, and economic momentum. Branded residences (Ritz-Carlton, Pendry, etc.) and wellness amenities are key differentiators, catering to high-net-worth buyers seeking lifestyle and service. Domestic migration, corporate interest, and limited high-end supply support optimism, even as broader market segments remain cautious due to costs.

Related Group and peers like Kolter Urban and Two Roads are betting big on this trajectory. As Jon Paul Pérez noted, while not every investor is immediately comfortable with the Gulf Coast city, those who look closer find a market with significant tailwinds—and one that’s rapidly evolving with new inventory from multiple players.

For buyers, real estate professionals, or investors eyeing Tampa Bay, the next few years promise more options in walkable, amenity-rich towers. Projects like these are not just adding units; they’re elevating the entire region’s profile as a premier destination for luxury Gulf Coast living.

Sarasota Perry

Founding Agent at Compass. Specializing in the curation and sale of Sarasota’s most prestigious branded residences, including The Ritz-Carlton, Waldorf Astoria, and St. Regis. With a deep commitment to white-glove service and market intelligence, I help discerning clients secure their piece of the Florida Gulf Coast’s most exclusive addresses.

Email: perry.corneau@compass.com

Website: http://www.sarasotaperry.com