Ned Williams, Executive Vice President, Development, The Michaels Organization

July 2026 — Invest: sat down with Ned Williams, executive vice president of development at The Michaels Organization, to discuss the housing pipeline in Tampa Bay, financing conditions, and the partnerships helping unlock attainable housing. “One of the reasons we like Tampa Bay is it’s one of those cities and markets where the math still works,” Williams said.

How would you describe the past year for the real estate and housing sector in Tampa Bay?

To understand the past year, it helps to go back to the pandemic period, when Florida saw extraordinary population growth. That influx created a major housing crunch across the state. For a company like ours, it also created opportunity, but I do not think the state was fully prepared for that many people arriving in such a short period.

One positive development has been the Live Local Act, which is a smart, business-oriented tool for companies like ours. It provides incentives for developers delivering attainable housing, which sits between traditional affordable housing and full market-rate product. That is the housing needed by teachers, firefighters, police officers, nurses, and others who keep a region functioning.

Rising interest rates made the last few years difficult. Borrowing costs made it much harder to attract lenders and investors, even for projects that otherwise made sense. The biggest positive shift over the last year has been interest rate cuts from the Federal Reserve. That has started to ease the pressure and reopen conversations around projects that had been stalled.

That environment also forced us to be more creative. We started looking at alternative financing structures and partnership models that could help move projects forward when conventional financing was not enough.

What kinds of financing and partnership models are helping move projects forward today?

One of the more innovative approaches we are using builds on work we have done in student housing and other public-private partnerships. We have experience working with universities where a nonprofit entity owns the building, the institution leases the land, and tax-exempt bonds help finance the project.

We realized a similar structure could work with municipalities. A city does not necessarily have to donate land. It can ground lease land on a long-term basis, a nonprofit can own the building, and we can develop the project using bond financing and other incentives. In return, the municipality benefits from the project while also creating needed housing.

We are having those conversations now with Hillsborough County and the city of Tampa. If those models continue to move forward, they could become highly replicable across the region.

How does the partnership with Tampa General Hospital fit into that strategy?

That partnership is a strong example of how employer-based housing can solve workforce challenges. The issue is not just recruiting talent, but retaining it. It is difficult for many nurses and lower-paid staff to live near the hospital because of housing costs.

In that case, Tampa General leased us a piece of land on a long-term basis for a nominal amount. That allowed us to move forward with housing that can be offered at rents below comparable nearby apartments. We have one project about to break ground, more in the pipeline, and the hospital’s leadership has expressed interest in expanding the relationship further.

It is a practical model. The employer is not using the land to make money. Instead, it is using that land strategically to support its workforce and improve retention. That is a major benefit not only for the hospital, but for the broader community.

We are doing something similar with Disney in Orlando, where a large tract of land is being used for a major attainable housing project. In that case, it is not just for Disney employees. It is a broader community initiative, which shows how flexible this model can be.

How does Tampa Bay compare with other markets when it comes to construction costs, regulations, and feasibility?

Believe it or not, Tampa Bay is not that bad, especially when compared with places like California or Hawaii, where we also work. In some markets, regulation makes it extremely difficult to get anything done. Florida is different. It is a much more business-oriented environment.

One of the reasons we like Tampa Bay is, as we like to say, it’s one of those cities and markets where the math still works. Rents are strong enough, construction pricing is still reasonable for the type of housing we build, and the approval process is manageable. The city of Tampa and Hillsborough County are busy, but they are not unusually difficult to work with.

Another factor is timing. Because high interest rates kept many projects from moving forward, a lot of contractors do not have full pipelines right now. That means construction companies are hungry for work and willing to sharpen their pricing. Materials are also more manageable when demand is softer. That window will not stay open forever, but it creates a good moment to move while the market is still favorable.

How can these housing models support other sectors of Tampa Bay’s economy beyond healthcare?

The Tampa General model is employer-specific, but the broader model can extend much further. If cities or counties are willing to ground lease land for 40 years or so, we can build attainable housing that is open to the public. At the end of that term, the public entity still has a long-term asset.

Those projects typically serve households earning roughly 80% to 120% of area median income. We verify eligibility so the housing reaches the people it is intended to serve. That means the impact is not limited to one industry. It can support healthcare, education, public safety, hospitality, and many other sectors that rely on workforce stability.

That is why we see this as a scalable solution. If the structure works in one case, it can work in many others.

The Michaels Organization is also involved in military housing, including at MacDill Air Force Base. What responsibilities come with that work?

Military housing is a major responsibility because we are not just providing units. In many cases, we are supporting families while a service member is deployed overseas. If something goes wrong in the home, whether it is plumbing or maintenance, we need to be there to resolve it so that person can focus on their mission without worrying about conditions at home.

That is something we take very seriously. We have a dedicated military housing group, a strong operational platform, and a long history in public-private partnerships. As a company, we are on dozens of military bases around the country, and we have been recognized for the quality of that work.

The core principle is the same across our portfolio: long-term stewardship matters. We are not interested in building something that performs well only on day one and then deteriorates afterward.

How are new technologies shaping your development strategy?

We try to stay current on new technologies and assess which ones truly add value. Some systems that did not make economic sense years ago have improved dramatically. Solar is a good example. We developed a major net-zero project at the University of California, Davis, where the solar infrastructure is extensive and central to the project’s performance.

We also use building automation systems and other efficiency tools that improve long-term operations. Many sustainability measures now make more financial sense than they once did. They may cost more upfront, but they often generate savings over time.

AI is another major area we are watching closely. Internally, we are looking at how it can improve efficiency, whether in processing invoices or handling repetitive administrative work. We are thinking more broadly about how AI could affect the residents and workforce our housing serves, especially younger generations entering a changing job market.

So we see technology as both an operational tool and a broader force that could reshape housing demand and economic patterns.

As you expand in Tampa Bay, what are your top priorities for the next five years?

We want to continue growing our footprint in Tampa. Once we establish a presence in a market, it becomes more efficient to add projects because the team and management platform are already in place. Tampa is attractive for that reason, and we genuinely like the market.

We already have military housing there, affordable housing there, and now attainable housing initiatives moving forward. We have also pursued student housing opportunities and are looking at market-rate possibilities as well. That diversity is important to us.

The outlook for the city is strong. It continues to grow, and the fundamentals remain compelling. We expect to do more with Tampa General Hospital, and we hope to expand partnerships with the city and county. We are open to traditional private development where the opportunity makes sense.

Overall, we see Tampa Bay as a market where there is still room to grow and where thoughtful housing development can make a meaningful economic impact.