According to a report from the College of Business, Tampa experienced a 28% rent increase rate in 2021. Affordable housing has become an increasingly severe problem for many Americans, and Florida is one state that’s been hit the hardest. However, Disney and Universal Studios are trying to change that in this year, starting with an affordable housing project on an 80 acre plot of land.
Hard Times For Florida Housing
Over the past few years, rent costs in Tampa have rapidly increased, making affordable housing extremely inaccessible for the average working family. The combination of a population surge and rental supply shortages have sent rates skyward as the Sunshine State struggles to compete with the pressure of America’s (and most of the world’s) economic disarray. Research indicates that the average Tampa Bay unit is currently being rented at 16.3% higher than its projected long term pricing trend, and residents are struggling to balance their monthly income with the rising cost of living.
While it’s true that the entire country of America is experiencing similar problems, Florida has one of the highest – and most rapid – rent spikes in the Nation. It is this reality which has prompted the internationally recognized Disney and Universal Studios to invest in housing that better suits the financial needs of local Floridians.
1,300 Affordable Housing Units To Be Built In Florida
Although it is still in its early phases, the affordable housing project spearheaded by Disney and Universal Studios is prepped for the sign of approval from municipal authorities. The next phase to set in motion will be the process of land clearing, which is important for property development in Tampa and indeed any piece of land destined for architectural expansion.
The development is set to be built on a massive 80 acre plot of land in Orange County, which is projected for completion in 2023. Senior Vice President of Walt Disney World Rena Langley comments, “The development will offer residents a variety of home choices that are affordable and attainable”.
The companies are working in unison to slow down the pace of rental cost spikes and provide stable, spacious, and accessible housing for the people of Tampa and beyond. It is planned to feature a variety of exciting additional amenities, such as a tuition-free preschool, a transportation center, pools, communal gardens, and even a medical facility.
Catchlight Crossings Brings Hope For Local Floridians
John Sprouls, the executive vice president and chief of administrations for Universal Parks and Resorts has dubbed the name of this project Catchlight Crossings. Even though the housing will be affordable, some of Disney’s top Imagineers will be working in conjunction with property developers to create a community that is practical yet creative and captivating.
The people living in Tampa Bay and surrounds will have full access to this exciting new development, and eventually may have the opportunity for employment in the fields of retail, hospitality, and food, generating more income and economic prosperity for the state.