Economic Forecast: Builder aims to complete flagship projects in 2021 | Business Observer


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Suffolk is expected to complete the Tampa Edition Hotel & Residences, a 27-story condo and hotel tower that is part of Strategic Property Partners’ $ 3 billion Water Street Tampa, in 2021.

Society: Suffolk Construction Co., a Boston-based national builder with a strong presence in southwest Florida and the Gulf Coast, has a lot to look forward to in 2021. On the one hand, construction is scheduled to be completed on Tampa Edition Hotel & Residences, a 27-story and high-rise hotel part of Strategic Property Partners’ $ 3 billion Water Street Tampa development. He will also begin work on the 45-story condo and hotel tower of the Red Apple Group at 400 Central Ave. in downtown St. Petersburg. “Look for activity there in the first quarter,” said Suffolk chief executive Josh Christensen. “We’re really excited about this.”

Threats: Suffolk, says Christensen, sees no threat “that the rest of the world is not looking.” He says the company is keeping an eye on the presidential transition and what the administration of President-elect Joe Biden and the new US Congress will prioritize when it comes to infrastructure. “Depending on the legislation, the focus may be more on sustainability, resilience (and) green building. We could see changes there, but on the general concerns I’m more positive than negative just because of the influx of people coming to Florida. Suffolk had a project shut down due to the pandemic fallout, but it has since restarted and Christensen sees no reason to believe there will be any significant disruption ahead. “We are very fortunate that our entire industry has been deemed essential,” says Christensen.

Opportunities: The importance of Florida’s population growth cannot be understated, says Christensen. The boom has only intensified during the coronavirus pandemic, as people seek to get out of overcrowded and cold northern cities. “The starts have slowed down a bit, but with all the people moving to Florida, there’s a lot of stuff in the hopper,” he says. Florida’s construction industry is somewhat immune to downturns as the construction of offices, schools, churches, retail establishments, and other public and commercial spaces tend to follow the population, unlike other parts of the country where people move to amenities. “The luxury condominium market is strong right now,” says Christensen, “but on the other end of the spectrum, affordable housing is also a strong market. Residential is going to be strong at keeping up with people who move here. ”

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