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New Tampa too busy for recession
By SUSAN THURSTON NEW TAMPA -- The headlines scream grim realities of recession, layoffs and budget cuts. Economists warn of tough times ahead, especially for tourism-dependent places like Florida. Get ready, they advise. This slump could last a while. But, when it comes to New Tampa, the fledging community may be faring better than most. Even though workers aren't immune from layoffs, businesses are still opening, homes are going up and people are moving in at a surprisingly swift pace. Like a boulder rolling down a hill, it seems the growth is unstoppable. "If you didn't have TV or anything else, you would no have indication that a recession is going on," said Don Bellante, an economics professor at the University of South Florida, who lives in Hunter's Green. Indeed, residential and commercial development in New Tampa shows few signs of letting up in light of the terrorist attacks. People still want to live here and there's plenty of room to accommodate them. "I was pleasantly surprised to see our traffic levels return to normal within two weeks of the Sept. 11 attacks," said Sharon Donofrio, marketing director of Arbor Greene, a new community off Cross Creek Boulevard. "I wasn't expecting that." A total of 703 new homes sold in New Tampa between Jan. 1 and Oct. 31 compared with 643 last year, according to the Rose Residential Reports, which track the area's housing market. That doesn't include the Pasco County communities along the county line, such as Meadow Pointe and Lakes of Northwood, which also experienced high growth. "It's a very strong growth area and it will continue to be so for the foreseeable future," said Marvin Rose, president of the reports. "It had a lot of momentum." Rose attributes an increase to job growth in the Tampa Bay area and to low interest rates. In addition, places such as northwest Hillsborough County and Carrollwood are running out of land to develop. Sales of previously owned houses have done equally well. The Greater Tampa Association of Realtors reported 106 homes were sold in the month of October compared with 93 last year. The average price was $217,713 versus $202,500 in 2000, and the average length on the market was 93 days versus 85. September sales dipped slightly, but not as dramatically as many suspected. A total of 98 homes changed hands for the month, compared with 108 last year. The average price and length on the market were about the same. Real estate agents in New Tampa said the housing industry has emerged virtually unscathed. Many people are relocating to the area and others are upgrading to new homes. "There was a slowdown in the market because of 9/11, but I've noticed a pick up in the last month," said John Hoffman, an agent for Arvida Realty Services. "The market is off, but it's not as bad as it was." Hoffman expects New Tampa will be one of the last places to feel the pinch of the recession because of the strong demand for new houses. Many homeowners insist on building from scratch and have their pick of new communities to choose from. He also pointed out that a slowdown may have been inevitable with or without the recession, given New Tampa's building boom over the last few years. Eventually, communities become built out. A developing communityLess than two decades ago, New Tampa was little than more swamps and forests. Today, it's one of the fastest-growing communities in Hillsborough County and boasts about 27,000 people, up from about 7,000 in 1990. And within the next 20 years, city officials expect it will have about one-third of Tampa's population. New Tampa's growth began with residential developments and has evolved to commercial, retail centers. Several stores and restaurants have opened this year, including Circuit City and Bennigan's, and more are on the way, such as Steinmart and Olive Garden. Whether they all survive remains to be seen. Durango's steakhouse in Pebble Creek closed after Romano's Macaroni Grill and Chili's opened side by side along Bruce B. Downs Boulevard. Borders books pulled out of a lease before construction started. Developers say many of the new businesses are doing better than expected. Macaroni Grill and Chili's, for example, are outperforming other new locations, although company officials would not release exact figures. "Both are doing well," said Tim Smith, a spokesman for Brinker International, which owns the chain restaurants. "We're excited about the area. We think it has been a good move." The overall spending mood in New Tampa is cheery. People are dining out and buying everything from television sets to home improvement items. It seems many are heeding President Bush's advice to live their lives -- and open their wallets. "Casual observation shows things are looking good," said Bellante, the economics professor. Even the financial planners are staying busy. Arleen Doran, a broker for Robert W. Baird & Co., said her clients, most of whom live in New Tampa, are still buying and no one has panicked. Instead, they are diversifying their portfolios and getting into stocks with dividends. "I think we're sort of in a pocket up here. It doesn't seem ... to be experiencing the same situation as other places," she said. "There are still some companies that are sending folks this way." If the businesses here appear recession-proof, the same cannot be said for the people. As a general rule, it's best to move to New Tampa with a job -- and to keep that job. The area was designed to have office parks and job centers close to where people live, but they haven't materialized. Intermedia built its $100-million headquarters in Highwoods Preserve, but never made full use of it because of the company's sale to WorldCom Inc. earlier this year. USAA (United States Automobile Association) employs about 1,600 at its complex just west of Interstate 75. The majority of people in New Tampa commute to jobs across Tampa. Many work downtown, at the University of South Florida or at the telecom office park on Fletcher Avenue. A large percentage transferred to Tampa because of their work. Cynthia Filippi and her family moved to New Tampa about two years ago from New Jersey, where she was employed as a vice president for Merrill Lynch. She started looking for a job a few months ago after her youngest child started kindergarten. So far, she hasn't had much luck. "Many (companies) are saying the same thing: Right now they don't have anything," she said. "They are laying off rather than hiring and they aren't sure when it's going to turn around." Filippi remains optimistic, however, and is using this time to make new contacts and circulate her resume. Like a lot of people in New Tampa, she comes from a two-income household, meaning she doesn't need a job with insurance or retirement benefits. Her spouse has that. "At some point, it's got to get better," said Filippi, who lives in the Kingshyre section of Cross Creek. Others are looking for jobs because they were laid off. Intermedia cut 300 people in September as part of a reduction in the communication company's national work force. Other companies are thinning departments. Judy Wade of Hunter's Green was laid off from Verizon Data Services in July. After spending a few months to care for her ill mother, she recently started her search in earnest. She suspects she may have to move. "The businesses that are opening in New Tampa are the service industry type of jobs paying minimum wage," said Wade, who worked in the information technology field. "I'm not confident that I will be able to find something making the same amount that I did." Experts caution that while many people are looking for jobs, the situation could be much worse. Hot vacation spots, such as Orlando and Miami, stand to lose much more than places like New Tampa if tourists stay away. "As much as Tampa has tried to become a tourist center, it hasn't really happened," said Bellante. "It may be one time they are glad of it." - Susan Thurston can be reached at 269-5303 or thurston@sptimes.com.
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