Florida commercial real estate project involves two tall towers

Florida commercial real estate project involves two tall towers

One potential real estate project in Florida is drawing attention because it would place Tampa on the map of cities with some of the world's largest skyscrapers. The commercial real estate project involves the construction of two towers of 75 stories each. This project is valued at $1.5 billion.

Once the towers are erected, they will be similar in height to those of the cities of Kuala Lumpur, Dubai and Hong Kong. Towers this tall will have a larger number of floors than 50 percent of the 100 tallest skyscrapers in the world. In addition, they would have the same quantity of floors found in One57, the second highest residential tower in Manhattan. A condo there was sold for a hundred million dollars back in January.

The real estate development also includes office, commercial and retail space spanning nine million square feet over a 45-acre area. The project will also include a marina, a park and hotels. An important obstacle, however, is that an airspace study has to be conducted by the Federal Aviation Administration since the project is close to three airports and the building will be taller than 200 feet.

Some commercial real estate development projects go smoothly, but others do not due to issues involving zoning or taxes, for instance. A project can quickly end up failing if one lacks an understanding of commercial real estate laws, thus causing a person to waste time, energy and money. Proper legal guidance may increase a person's chances of navigating a complex deal and achieving his or her commercial real estate goals in Florida.

Source: tampabay.com, "Proposed 75-story towers would vault Tampa into top tier of skyscraper cities", Susan Taylor Martin, Aug. 17, 2015