Connect with us

Know

Catalyze 2023: Jessica Dwyer, Dalton Wade Real Estate Group

Veronica Brezina

Published

on

We’re asking thought leaders, business people and creatives to talk about 2023 and give us catalyzing ideas for making St. Pete a better place to live. What should our city look like? What are their hopes, their plans, their problem-solving ideas? This is Catalyze 2023.

If it’s a space tucked away along Central Avenue or a restaurant shell that’s not listed on the market, Jessica Dwyer likely already knows about it. 

Dwyer, a realtor at the Dalton Wade Real Estate Group, hasn’t slowed down on securing space for clients despite curveballs brought on by the Covid-19 pandemic. 

“Ever since the pandemic, we really haven’t seen many vacancies, it’s been quite the opposite. Yes, there’s been a little turnover for some businesses, but in general, we have a small amount of inventory available, especially around downtown,” she said. 

Dwyer grew up in Gulfport and started visiting downtown St. Petersburg in the early 1980s. 

Today, Dwyer primarily concentrates on the St. Pete and Tampa markets, working with landlords and notable businesses such as The Blend Coffee and Cocktails, which has multiple St. Pete locations, and William Dean Chocolates, which Dwyer helped execute a lease in Midtown Tampa. Her other local clients include the Twisted Indian and TeBella Tea Company

“Brokers, like myself, have to negotiate with landlords prior to a showing if you are working with a landlord directly,” Dwyer said.  

“Almost every tenant will sign a five or 10-year lease [landlord dependent]. It protects the tenant from rent increases and ensures longer-term benefits,” she said, also stating that having an attorney can add another layer of protection for tenants. 

In St. Pete, she described the competitive retail landscape on Central Avenue and Beach Drive, corridors with heavy foot traffic; however, the area’s density is booming, and people are venturing past those main streets. 

Several years ago, rental rates in the Grand Central District largely ranged between $18 to $22 per square foot. Currently, those rates hover around the mid-$30s, plus triple net, per square foot. 

Additionally, redevelopment projects have gray shell space that requires a significant investment to build out. The base rent is typically over $40 per square foot for those newer spaces, which often leads to chains or business franchises taking over the space, as they have the large capital to invest in it, whereas it may prove more difficult for smaller local businesses to take on the heavy investment. 

“St. Pete is what San Diego was like 25 years ago and what Portland was like 20 years ago in terms of development,” she said. “We still aren’t near what they are, but over time, the definition of downtown St. Pete will be expanded. That progression has already begun.

“I love seeing progress with these mixed-use properties, but I don’t want to see us become a concrete jungle situation and then lack the character that made us all fall in love with St. Pete.” 

Regarding Tampa, she said, “Water Street, Midtown Tampa, Channelside and the work [Ybor landowner and developer] Daryl Shaw is doing, are all going to be game changers for Tampa, making it a more walkable city with diversity in restaurants.” 

Dwyer was a senior account executive at Groupon and also served in the real estate marketing department for the Tampa Bay Times group from 2003 through 2007, which aided her in developing close-knit relationships with developers and in keeping her finger on the pulse of the real estate scene. 

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

By posting a comment, I have read, understand and agree to the Posting Guidelines.

The St. Pete Catalyst

The Catalyst honors its name by aggregating & curating the sparks that propel the St Pete engine.  It is a modern news platform, powered by community sourced content and augmented with directed coverage.  Bring your news, your perspective and your spark to the St Pete Catalyst and take your seat at the table.

Email us: spark@stpetecatalyst.com

Subscribe for Free

Share with friend

Enter the details of the person you want to share this article with.