If You Were Investing Around Tampa’s New Rays Stadium Today, Where Would You Buy?

Question

With the Tampa Bay Rays planning their new stadium on the Hillsborough College Dale Mabry campus — right near Raymond James Stadium — I’m curious how other investors are looking at the surrounding Tampa Bay market.

I’m Josh Ray, a real estate agent with Investing N Florida and investor in the Tampa Bay area, and I’m especially interested in how major projects like this can change nearby neighborhoods over the next several years.

If you were buying before the stadium and surrounding development are completed, what would you be targeting.

Single-family rentals?

Small multifamily?

Short-term or mid-term rentals?

Commercial property?

Land or redevelopment opportunities?

And more importantly, how close to the stadium would you actually want to invest?

Would you focus directly around Dale Mabry, West Tampa and Drew Park, or would you look farther out where prices may not have reacted as much yet?

Curious to hear where Tampa Bay investors think the biggest opportunities — and biggest risks — will be as this project moves forward.

Mick Pristas · Answer

I think anywhere in West Tampa is your best bet

Josh Ray · Answer

I agree with you, lots of noise and traffic near stadiums for game days and events. A MFU does make a lot more sense as well in my opinion. Hype will certainly be a factor initially it usually always is. However, I'm someone who believes that the land value of homes near and around the stadium could ultimately be of strong value do to the location, which will be walkable, have attractions and restaurants. I also don't believe the area would be for the traditional family as they mostly consider the suburbs but a family who wants the city lifestyle maybe moving down from the NYC or Boston areas may find it to be the less than but big city they've been searching for. Additionally, I agree with you that there is a lot of common sense involved in real estate as in life itself. Thanks for sharing your perspective. Much appreciated.

Rick Albert · Answer

I would second guess investing near stadiums.

I would imagine you might see a big jump in values in the beginning due to hype, but I wouldn't be surprised if data shows a sharp decline in values at some point.

On a practical basis, why would someone want to live near a stadium? Massive traffic, noise at night and weekends, and drunk drivers on the road. That lifestyle isn't for everyone.

On the flip side, if there is going to be major walkability with restaurants, bars, etc. then I would consider investing in a condo or MFU that is walking distance. That way you attract the younger crowd who would benefit from those attractions. Single Family Homes might not be as desirable.

Do the research first. I could be totally off but one thing about real estate is it is a lot of common sense.

Ashish Acharya · Answer

Josh, I’m from Florida as well, so I’m familiar with how quickly the numbers can shift here once you layer in insurance, property taxes, HOA costs, and local development.

The stadium story is real now, not just speculative. Tampa City Council and Hillsborough County both approved the Rays’ new ballpark agreement at the Hillsborough College Dale Mabry campus in late August 2026, and the project is tied to a larger mixed-use redevelopment around the site.

That said, I still wouldn’t buy solely because of the stadium. I’d want the property to make sense under today’s rent and expense assumptions first. If you’re looking at SFRs or small multifamily, I’d compare current rent, taxes, insurance, vacancy, repairs, CapEx, and debt service before giving much value to future appreciation.

For STR or MTR, I’d be even more careful. A stadium and year-round event venue can create demand, but I’d still underwrite seasonality, local rules, management, cleaning, utilities, and what happens outside major event periods. The planned district is intended to host more than baseball, including concerts and other large events, which may help support broader demand, but I’d still treat that as upside rather than guaranteed income.

From the tax side, if you’re looking at redevelopment or value-add around the area, keep improvement costs cleanly tracked. Once the property is placed in service, depreciation begins, and cost segregation may be worth evaluating depending on the asset and whether the losses are actually usable.

I’d probably focus less on “how close can I get to the stadium?” and more on whether the deal still works if the development takes longer than expected.

Happy to connect!

Josh Ray · Answer

I agree, it's not how close but how well does this deal work long term. Excellent perspective and I appreciate your insights. Breaking down the various factors such as current rents, taxes, insurances, etc. is crucial to considering the deal and not just "How close to the new stadium" we all know how bad traffic and noise is on game days "close to the stadium."

Jorge Vazquez · Answer

Josh, I agree, and this actually goes right along with what I wrote about recently. Real estate investing is a marathon, not a sprint. There are going to be cycles where values go down, rents soften, insurance goes up, and the numbers don’t look as good as they did a year or two ago. I lived through 2008, so I definitely don’t take any of that lightly.

But I also think this is where investors have to separate a bad market cycle from a bad investment. If you overpaid or the deal only worked because you were counting on appreciation, that’s a different problem. For me, the key has always been buying right, having a long-term plan, and being able to ride through the tougher parts of the cycle. Tampa is definitely going through an adjustment, but that’s part of the marathon.

Josh Ray · Answer

Crucial point you make in separating a bad market cycle to a bad investment. A bad investment is just bad, a bad cycle can be handled with proper planning and positioning. Now, nothing perfect but investing with both the worst case scenario in mind and best case is a wise practice.  I also agree buying with a long term plan is a key element, essentially having your exit plan at the beginning even before the closing, sure it may change over time but having an exit plan is crucial when investing.

Josh Ray · Answer

This is a great perspective and I appreciate it. I've lived in Tampa almost 20 years. I am seeing first hand the weird market dynamics. More real estate development and more people coming here to live and work but the housing market is volatile.

Like Grant Cardone said in his Sell of be Sold book, Chapter 6, the Price Myth. He tells a story about a property he bought over appraisal value, (This property was always sold over appraisal value) and it was primarily do to Love of the property by the next buyer and them willing to pay for it over appraisal. Toss in a little love in the Tampa market and anything is possible.

Jason Wray · Answer

Josh,

I would be very careful in Tampa right now I have seen several appraisals come in lower then expected.  I have clients who have reached out from BP forum having been sold a investment property in Tampa 12-24 months ago  and they are upside down in value.  Had a client buy in SOHO 12 months ago for $605K called to refinance and home appraised for $510K even after he put in $80K renovations!  Same thing with Parrish, Hudson and Cape Coral after COVID and (2) back to back hurricanes I have seen a lot of foreclosures, and short sales hurting the market.

Not trying to be a "Debbie Downer" but just an FYI its a wierd market in Tampa agents pushing short term rentals and homes were over priced in many markets now dropping.

If You Were Investing Around Tampa’s New Rays Stadium Today, Where Would You Buy?

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