Real Estate Disruptors
Let's Disrupt Real Estate. What is Real Estate? Not all markets are created equal. Gulf Coast to Space Coast talks to the leaders in the industry throughout Florida just as if we were sitting across a dinner table. OH! and our hosts and guests change with every episode just to keep you on your toes. We cover the Gulf Coast of Florida to the Atlantic Ocean, think Tampa, Clearwater, St. Petersburg, Orlando, Daytona Beach, Space Coast, Miami. We talk about investing, marketing, staging, and many many more related topics. Start listening to the Real Estate Disruptors and see what Real Estates Past, Present, and Future will bring?
Real Estate Disruptors
From Hurricane Recovery to Economic Growth: Clearwater's Path Forward with Mayor Bruce Rector
When Clearwater Mayor Bruce Rector steps onto Virgin Airlines and sees Clearwater Beach representing Tampa Bay on international flight promotions, he's reminded of his city's global tourism appeal. But as he reveals in this candid conversation with Real Estate Disruptors host Amir Habibzadeh, tourism is just one piece of a more ambitious vision for Clearwater's future.
Mayor Rector brings 34 years of legal practice and extensive international leadership experience to his role, having visited 50 countries in a single year during his presidency of Junior Chamber International. This global perspective informs his approach to Clearwater's challenges - from unprecedented hurricane recovery to downtown revitalization that has lagged behind neighboring St. Petersburg and Tampa. "We need to revitalize our city, not just our downtown," Rector emphasizes, outlining his commitment to enhancing all areas from the beaches to Countryside.
The conversation delves into Clearwater's remarkable recovery from Hurricane Helene's record-breaking eight-foot storm surge that devastated properties that had stood for a century, while also addressing the critical housing affordability crisis that forces over half of Clearwater Beach's workforce to commute from neighboring counties. Mayor Rector details his plans for attracting development while protecting the natural environment that makes Clearwater special, including waterfront opportunities created by the county's planned relocation and potential workforce housing along US-19.
Beyond tourism, Rector envisions Clearwater becoming a hub for cybersecurity and life sciences, particularly marine research, positioning the city within Tampa Bay's broader economic ecosystem. His hands-on approach to community engagement - personally responding to every email and phone call - reflects his commitment to hearing residents' concerns while building a legacy focused on long-term improvements that may not be fully realized during his term. For real estate professionals navigating Clearwater's complex market, the mayor offers both encouragement and challenge: help find housing solutions for the workforce while maintaining the community character that makes Clearwater an international destination.
Hey everybody, welcome back to this week's episode of the Real Estate Disruptors podcast. I'm your host, amir Habibzadeh, and I am here with the one and only City of Clearwater, mayor Rector. Thank you so much, mayor, for joining us.
Speaker 2:It's great to be here with you today.
Speaker 1:We appreciate that. So you know we're just going to kind of jump right into it. And you know I just wanted to first welcome you to the office. And you know City of Clearwater, city of Clearwater. As most of you know, I was born and raised here, right there at Morton Plant Hospital, so this city is definitely near and dear to my heart. You know grew up right here enjoying the beaches and golfing and all the good outdoor activities which I know you love to do, being out there on Clearwater Beach, and you know spending time out there on the water, I'm sure. So you know I got to ask what inspired you to run for mayor.
Speaker 2:Well, I had a number of people in the community push me forward. They just felt that Clearwater, right now in its history, needed an executive leader, someone with professional experience. I've been practicing law for 34 years. I've worked for a sports company for the last 10 to help communities around the country prosper through youth and amateur sports complexes, so I've seen a lot. I've seen a lot of great things that communities are doing throughout the United States with regard to sports facilities, and then I've also had different leadership experiences. I was president of a group called Junior Chamber International in 2003. I went to 50 countries in one year. Oh wow, go to 50 countries.
Speaker 2:Don't do it all in one year, you know spread it out a little bit Sure sure, it's a very exhausting but memorable year for me because I worked with leaders of communities all around the world Awesome so I had enough people in Clearwater. They knew about my background. I just felt like my leadership, my leadership experience, was right for Clearwater at this time.
Speaker 1:Well, I can concur with that, because Clearwater is doing well right now and we really appreciate your leadership. You know what are your top three priorities that you're focusing on during your term.
Speaker 2:Well, we need to revitalize our city, not just our downtown. Downtown gets a lot of conversation about revitalization. It's lagged behind, obviously, two other cities in our region, major cities, two other large cities Tampa and St Petersburg as far as downtown revitalization. So, and we do need revitalized downtown and we're working on our waterfront there, but all of Clearwater just needs, I'd say, a facelift. Sure, you know, I'm jealous of folks like yourself who grew up here. What a fantastic place to grow up and it's definitely changed.
Speaker 2:And we're so proud of what our ancestors have built here and made Clearwater the beautiful city now the international tourism destination that it is. But we can become so much better in so many ways Clearwater Beach, which is already well on its way to revitalizing, all the way to Countryside in the northeast part of Clearwater Because I feel like if we can pick it up a little bit, we can make Clearwater shine brighter than ever.
Speaker 1:I agree with you. I think you hit the nail on the head. So many times we talk about revitalization in Clearwater and we think only downtown Cleveland Street, right there heading over to the beach. But you know, a lot of times we forget about countryside, we forget about, you know, over Gulf to Bay, getting close to the Courtney Campbell and things along those lines. And you know I do like that part of revitalizing that entire area. So how are you balancing the demand for new development with what we need to preserve Clearwater's natural resources, waterfront and the community's character?
Speaker 2:Well, we've got to be careful in that regard, and that's a community effort. I mean, the reason why many choose to live here and why people from all around the world visit here is our natural environment. So we've got to be really careful that we don't intrude on that. So we're very careful and we're looking at ways to upgrade our water treatment plants, eventually combine three of them into one to make them more resilient in case of a hurricane, but also to provide cleaner and more protected water use and treatment for our waterways. I talk with other mayors and other leaders throughout the Tampa Bay region and I just talked with one the other day and I applauded the efforts they're using in Hillsborough County to test the water, make sure they're not contaminating the water in Hillsborough County, and I told the commissioner over there in Hillsborough County thank you for doing that, because it's not Clearwater's waterways, it's not Hillsborough County or Tampa's waterways or St Petersburg, it's all of our waterways. We've got to make sure that these waterways we share are clean and protected for years to come, definitely.
Speaker 1:How did you fare with the hurricanes last year?
Speaker 2:Well, we got tough. Clearwater Beach in particular got it very tough. During Helene we had eight foot of storm surge out there and the prior record was about four feet, wow. So you can imagine those homes that were out there, since there was one home I visited that was taken out there by boat 100 years ago. That had never seen a storm surge like that. So anything one story on North Beach in particular, and some of our fingers on South Beach, really took a hard, hard hit, sure, sure. But our tourist area, which also took a very hard hit, we worked really hard to get it back together and if you go out there today I've had many visit here who have been coming to Clearwater for years say we can't even tell in large part that there was a hurricane six months ago. So we've done a miraculous job, not just our city team but our businesses and our residents.
Speaker 2:And we're here together to put it back together. But in the residential parts of Clearwater Beach in particular we still have a lot of damage. In Milton we had damage inland the standard apartment complex over 500 people had to be rescued from that on Drew Street and we had damage in Morningside and some other places in Clearwater from the heavy rains that came with Milton. But by and large we've got it all back together and it's important that we did so because we got our tourism back, people back to work. But more than anything we are ready for the next hurricane season and we all hope and pray that we don't have a similar event.
Speaker 2:But we do live on the coast, we sure do, and we can't control that, and we need to be ready for another tough hurricane season if it comes our way. Yeah, that's the only thing. We can't control that, and we need to be ready for another tough hurricane season if it comes our way.
Speaker 1:Yeah, that's the only thing we can do is prepare, and you know hope for the best and you know it sounds like you know. Yes, the community has come together, along with government, and got the tourism side of things back together so we can have our residents making money again and businesses thriving again, which is wonderful. How do you feel the city is working to attract responsible investment and developers and align with the long-term goals of the city of Clearwater and align with the long-term goals?
Speaker 2:of the city of Clearwater. Well, we're working really hard to convince not just the region but all across Florida, including South Florida, folks who have the access to capital to come in and do dynamic things in Clearwater, that this is a great place to develop and invest, Because for a long time we've been portrayed by those outside Clearwater as you don't want to go there and develop, that's not a good place for you to grow. Well, it's our time and there are fantastic opportunities for developers, folks with access to capital, right to grow, Particularly on the waterfront. The county is moving to the middle of the county. There's about 17 parcels that the county owns that eventually, four or five years from now, will be open to developers to come in and do something with.
Speaker 2:So, we're trying to make sure again, folks that have the access to capital to do something really dynamic make it a signature development for the entire country, entire world. Sure that they know about the opportunity and we encourage them to express their interest and take a look at it to see if they can come in here and make that waterfront in downtown Clearwater something really special.
Speaker 1:That's great. That really is, because you know we need it in this area. You know Clearwater has always been I'm not going to say a hub, but you know we need it in this area. You know Clearwater has always been I would say I'm not going to say a hub, but you know there has been a lot of businesses that have started here and grown, and you know, then you know back or maybe new businesses to come here and develop and uh, you know, cause we clearly have the residents that would be willing to work. So, um, uh, how do you engage with residents to ensure that their voices are heard with these city-making decisions?
Speaker 2:I surprise a lot of people because I respond to every email I get. I respond to every phone call I get personally and I try to do that. My business practice in the private sector was within 24 hours, particularly in law practice. I had a commitment that I would get back and respond to everything that came to me law practice. I had a commitment that I would get back and respond to everything that came to me. So I can't always meet that commitment to get back that quickly because of the volume, but I try to respond to everyone who has a concern.
Speaker 2:In addition, tonight I'm going to Countryside to meet with a group of residents out there just to hear them talk. Hear them talk about challenges that they have in their part of Clearwater Gotcha. So and I like to go to events all the time I have some folks that are really concerned about my health because they see me out everywhere. They're like Mayor, when do you have time to relax and kind of gather your own thoughts? And I do have that time, sure, but I really enjoy being out in the public, not just in Clearwater but throughout Tampa Bay.
Speaker 1:Absolutely.
Speaker 2:Engaging in one-on-one conversations with people. That's how I can best grow as a leader to be continually connected with the community and to hear their concerns.
Speaker 1:Absolutely, and you know we appreciate it. They appreciate it Because, you know, a lot of times it's just they need somebody to talk to. You know they want to make sure that their voice is being heard to talk to. You know they want to make sure that their voice is being heard. I know you touched on, you know, with the one 500 residents that you had to relocate because of the flood. Are you hearing from residents about affordability issues here in the city of Clearwater?
Speaker 2:We have affordability issues all over Tampa Bay, all throughout the state of Florida, all throughout the country. I'm going to a mayor's conference in Columbia, south Carolina, tomorrow morning and I'll hear from mayors about affordability and housing. That's one of the issues that we're going to address there as well. Talk to each other about ideas, our problems with inventory. We just don't have enough inventory, and particularly here, with the attractiveness of the water and the lifestyle, it's a very difficult place for companies to relocate and bring executive employees with them.
Speaker 1:Sure.
Speaker 2:Because they can't find the kind of home close to Clearwater that they really want, absolutely Unfortunately right now, I'd say well over half of our workforce on Clearwater Beach commutes from Hillsborough County or Pasco County. They have to live that far out to have affordable housing to work in Clearwater Gotcha. So we're doing all the things we can do. We're limited on what we can do with affordable housing dollars, of course, but workforce housing really is our most important initiative right now Finding folks that maybe don't qualify for affordable housing but they're critically important to our economy, our workforce, to make sure that there are more opportunities for workforce and what we're starting to call attainable housing.
Speaker 1:Okay. Do you know if the city has anything, in particular, any subsidies or grants in particular, that would help with these housing affordability issues?
Speaker 2:We do for some of the affordable housing.
Speaker 1:Okay.
Speaker 2:We don't yet for the workforce or attainable housing. Gotcha for the workforce or attainable housing. But we are trying to encourage the developers who are interested in that segment of the market to come into Clearwater and take advantage of some opportunities to build that kind of housing here. We have a lot of opportunity along US 19 that after they did the flyovers about 10 years ago through Clearwater some of those businesses didn't make it through the transition to the flyovers on US-19. But we've got a lot of property along US-19 and other parts of Clearwater where developers could come in and do workforce-type housing.
Speaker 1:Okay, that definitely makes sense and I agree with you on that. You know the the the flyovers were were great for, you know, those commuting, um, you know, into St Pete and things along those lines. But some of the businesses along there they did uh struggle and, um, you know, unfortunately some of them did uh, did falter but uh, I but the idea of bringing it in and having a developer make it into more of a workforce housing is probably a pretty good idea. I do like that. What do you see Clearwater playing in the broader Tampa Bay region in terms of economic development, tourism and innovation?
Speaker 2:Well, we already have a reputation as being we're an international tourism destination, so I was on Virgin Airways going to South Africa. So I'm sitting on a Virgin flight from airplane from London going from London to Johannesburg, and when they roll through the slides as I'm waiting for the flight to take off, on Virgin destinations, all their destinations around the world Barbados, london, san Francisco, chicago, you name it they had one picture for each destination, and so I'm sitting there just watching seeing all the places that Virgin flies around the world, and up pops up Tampa, and the photograph is of Clearwater Beach. Of course it is. It's an aerial shot from the Opal Sands down towards Pier 60. Okay, and so that reminded me that here I am on an international flight from London to Johannesburg, not even an American destination flight and there's that picture.
Speaker 2:So we already have established ourself as really the jewel of the entire region for international tourism. When you're talking about other things, though, technology, that's an area where we have an opportunity to grow and do great things. Knowbefore is a company in Clearwater that's grown significantly because they do internet security type training for companies and municipal governments. They have grown significantly, and Arnie Bellini is a tech successful leader. Sure, he's talked about all of Tampa Bay becoming a cybersecurity hub for the entire world, so we've got opportunities there. We also have opportunities with life sciences. I'm going to London with Mayor Castor and Mayor Welch here in June and we went to Canada last year for a global Tampa Bay visit and we really think life sciences would be a good area for us to focus on as a region, not just medical but also for Clearwater, marine and animal sciences. So a lot of opportunities to build upon our already strong reputation as an international tourism destination Perfect.
Speaker 1:Well, yeah, we definitely have some good marine things going on around here, and you know, I know, clearwater Marine Aquarium took a hard hit after the hurricane and I hope, you know, they're able to get back up and running. I mean, I know they're running now, but back up to where they they once were, um, because it's it's such a a staple that people love to come to the area and visit that uh, see the dolphins and things along those lines, um, and then, of course, they have a great research facility as well. Um, looking ahead, uh, what legacy do you hope to leave as the mayor of clew water?
Speaker 2:Well, I think that my, when you talk about legacy, it's really those things that will be recognized as accomplishments long after I'm no longer here. Sure, and that's what I'm really focused on. What things am I doing each day that I may not see in my lifetime come to success? But years from now we'll look back and we'll say, wow, you know.
Speaker 1:Mayor Rector started that.
Speaker 2:And he didn't live to see it to its fruition. But, boy, clearwater is a whole lot better for my son, his children, my grandchildren that choose to live here in years to come. You can look at Beachwalk and Clearwater. I credit Mayor Hibbert with inspiring that development years ago. That really changed Clearwater Beach for the better. Right. It brought in the signature hotels and really a lot of our local tax base revenues are based upon the growth significant growth and the international destination that Clearwater Beach has become. So that's something that Mayor Hammer lived to see Right, but it's that kind of thing that will last for decades to come. That I really want to make a difference in while I'm mayor.
Speaker 1:Well, I know you are going to make a huge difference because, I mean, we can see the you know, as you came with the community to come together after Hurricane Helene and Milton, and just what you've done so far to bring the community back together and get it up and running. So you know, we really appreciate that and you know, if nothing else, that you know how you led through that horrible time that we had is a great legacy, in my opinion. So you know, once again, thank you for that. You know, as you know, we are the largest single office real estate brokerage in the state of Florida. We have around 2,200 agents and change. Would you like to say anything in particular to the real estate professionals out there in regards to what's going on that you're seeing in the real estate economy and things along those lines?
Speaker 2:Well, I think what I'd like to do in that regard is just to reinforce how important all of your agents are to the future growth of Clearwater and the future growth of the state of Florida. Like I shared with you, our inventory is so limited that we've just got to have their help in getting these folks that we need to grow our economy, we need to supply jobs right for future generations, uh to to get them in housing opportunities that make sense for them. And to kenji to help us grow that real estate market. And and I had I I hesitate to say development grows sometimes when I'm going into the community, like I am tonight, because too often citizens have a negative perception of that. They think we're going to knock down all the trees and that's not what we're talking about, and your agents certainly understand that. That we're talking about improving our community, correct and having adequate housing, attractive housing opportunities for folks. That is improving our community and that's what we're talking about when we're talking about development.
Speaker 1:Absolutely. Yeah, you know, obviously, being down on Clearwater Beach and you know the one level homes there, a lot of them still need to be renovated or lifted or added on in order to make things happen. You know, looking at the St Petersburg Clearwater MSA as it is, we had an inventory increase of 34% year over year. And you know, looking at those numbers you think, oh wow, you know there's a lot of homes that are on the market. Why aren't they selling? Well, I think a lot of that 30% increase is the homes that have damage and they haven't been renovated. So unfortunately, the regular buyer can't exactly go out and just purchase that home because they can't get insurance on it. But hopefully over the next, you know, but hopefully over the next year, 18 months, with your help and the Pinellas County state of Florida, everybody coming together, will be able to work on some insurance issues and be able to get those homes renovated, get that inventory problem taken care of.
Speaker 2:So I'm confident that that will all come together. Well, we've had to push some of our homeowners here recently. We gave them six months grace on taking care of their properties, but some of them, at least in Clearwater, have been second homes for folks and, unbelievably, have been touched very little since the hurricane came through Helene. So we gave them a great amount of grace and leeway for a time being, but now we're starting to hear from their neighbors who have updated their homes.
Speaker 2:Yeah, Repaired their homes and they're like when's my neighbor going to take care of their property? So we waited as long as we could to push them, but we're going to have to start pushing them. It's not fair to their neighbors to let their property stay in disarray.
Speaker 1:Yeah, and I mean we do have a lot of developers and investors in the area who are ready to purchase these homes. You know reputable ones. So I think you know, like I said, I think it's just going to be a little bit more time, you know, because we can only handle, or those investors and developers can only handle, so much. You know you have a ton out there who think they're that investor, developer, but they're just not. And but we want to make sure. Just like you, you want to make sure that things are done correctly and so that way that next buyer can truly insure that home and enjoy all that Clearwater has to offer. Well, that's all I have for you, mayor Rector. I really appreciate you coming on here today and you know, keep doing all the great things you've been doing in the city of Clearwater. Thank you so much well.
Speaker 2:Thank you for having me here today. And you know one of the things I love about Clearwater. You said you grew up here and you went to high school here. It it's the history of this area and and this, this realty firm. The long history of this firm 25 years is Is just amazing and it's part of the fabric of Clearwater and the historic and very successful fabric of Clearwater. So I really appreciate the opportunity to come in here today to speak with you, because I didn't grow up here. I grew up in Indiana, but I'm, as I said earlier, so jealous of those who did, and so I so much admire firms like this who have made this their home for many people and have grown to be successful right here in Clearwater.
Speaker 1:Well, we appreciate that. Thank you so much. All right, everyone. We'll see you next week on the Real Estate Disruptors podcast. Take care.