The City of Tampa has moved forward with its affordable housing efforts, inaugurating a new mixed-income development at the site where the Fun-Lan Drive-In Theatre once entertained locals. According to information obtained by the City of Tampa, the newly unveiled Marquee Square is a result of a collaboration between the city and The Richman Group, who have entered into a 99-year affordability deal to address long-term housing concerns.
The development is not just a response to the current housing deficit, but an anticipation of future needs. A recent Housing Needs Assessment, found, that Tampa faces a significant shortage in housing supply for low-income households—specifically those earning under 60% of the Area Median Income (AMI). This shortage is compounded by the revelation that Tampa could lose almost a thousand subsidized affordable units by 2032 if current affordability agreements lapse without renewal or replacement through construction of new units.
Speaking on the importance of new developments, Mayor Jane Castor said in a statement obtained by the City of Tampa, "Looking at the data and the reality that our city needs to accommodate 60,000 more residents in two decades, developments like Marquee Square are crucial to achieving that goal and serving our community." The aim is for projects like Marquee Square to form part of a growing trend of public-private partnerships.
Marquee Square contributes a significant number of units to the housing market. "The Richman Group is proud to deliver a beautiful mixed-income and, mixed-use development in the heart of the East Tampa CRA," Todd Fabbri, President of The Richman Group of Florida, told the City of Tampa. With its 354 units, the development provides a range of housing options for families with incomes sitting at varied levels of the AMI.
In addition to housing, Marquee Square boasts a thorough selection of resident amenities. These include a resort-style pool, a spa, a fitness center complete with a spin and yoga room, a game room, and several other community-focused spaces.
