Rex Kirby, President & CEO, Verdex Construction

Invest: sat down with Rex Kirby, president & CEO of Verdex Construction, to discuss the company’s expansion in the Tampa Bay region, industry trends, and strategic growth plans.

What makes the Tampa Bay region an ideal location for Verdex, and how does it compare to other markets where you operate?

Verdex has experienced significant growth in the Tampa Bay area and recently relocated to a larger office space. We were previously located in Ybor City, where we fully occupied a smaller building. It was a great spot, but we were busting at the seams! So, we relocated to the Highland Center in Tampa, more than doubling our office square footage.

We held a grand opening event  to show that our presence in the market has expanded and that we have added more resources. From the beginning, we identified Tampa as the kind of market we wanted to be in because it’s what we call a “full market.” It’s not limited to just one sector, like condominiums. Instead, it has a healthy mix of public sector projects, apartments, condominiums, retail, and commercial developments.

Interestingly, despite this diversity, all of our projects in the area so far have been multi-family developments. One of our priorities now is expanding into other sectors.Our Tampa operations have grown so much that we have as much work there as we do on the East Coast, making our workload nearly equal between both coasts.

I believe the region’s attractiveness stems from the state’s overall growth. Many Florida markets, including Tampa, are expanding rapidly. The city has done an incredible job developing entertainment districts throughout the area. St. Pete and Clearwater have also merged into this ecosystem, creating a dynamic and appealing place to live and work.

In fact, we’ve noticed that many of our new hires, especially recent graduates, are eager to relocate to Tampa because of its vibrant atmosphere and diverse opportunities. The region’s development has been managed exceptionally well, making it an exciting place to be.

How are you capitalizing on opportunities in multifamily and mixed-use developments?

Our Tampa office oversees projects from Sarasota up through Tampa, and we are being approached with opportunities to stretch north to Wesley Chapel and south to Fort Myers. 

Initially, many of our projects came from existing relationships, but we’re now forging new partnerships with companies that Verdex hasn’t worked with before. As our presence grows, our brand recognition in the market is increasing and new clients are coming to us. That’s an exciting place to be.

Currently, we’re working on a major apartment development in Tampa at the corner of Boy Scout & Lois — a $100 million-plus project with 375 units across eight stories. It’s an incredible opportunity with a repeat client and serves as some of the best advertising we could have in this market.

In addition to that, we have two wood-frame multi-family projects further south in Sarasota and  Palmetto, one right on I-75.  These are  projects with a repeat client based in Gainesville, further solidifying our long-term relationships.

Recently, we secured two more projects, an 18-story, 270-unit multi-family building in St. Pete, and a 169-unit podium-style multifamily development with wood frame-over-concrete construction in Clearwater, which marks our first project in those specific markets.

These developments will help us establish a stronger presence in St. Pete and Clearwater, allowing us to attract new clients and expand further.

We are thankful for the level of activity we’re seeing, and we are being mindful of how much more we can take on while ensuring we maintain the quality of work and service our clients expect.

Where do you see trends like sustainability, smaller buildings, and modular construction heading in the region?

On the multifamily side, we haven’t seen a major push toward green building or LEED certification. However, what we are seeing is a strong focus on high-end amenities. The competition is shifting, with gyms getting larger and more advanced, and co-working spaces becoming more common in apartment complexes.

Many developers are incorporating Starbucks-style workspaces within their communities since hybrid work remains prevalent. Some buildings have even started renting out private office spaces within the amenity areas, allowing residents to run their businesses from home while still having a professional work environment.

Technology also plays a major role in our industry. We’ve implemented a site capture and documentation camera system called Open Space, which uses a 360-degree camera mounted on a hard hat. Our team follows the same route through the job site daily, capturing images along the way. This allows us to track the building’s progress visually and refer back to any specific stage of construction if questions arise.

For example, if there’s a dispute about whether an outlet was installed in a particular wall, we can pull up a past image and verify it, avoiding unnecessary damage or rework. This kind of technology is a game-changer for efficiency and quality control.

Artificial intelligence is also making its way into our industry. We recently invested in an AI-driven estimating tool that can complete a project takeoff in five minutes — something that used to take five days. While we’re still verifying its accuracy, the results have been impressive so far, and it’s already saving our team valuable time.

Given the ongoing labor shortages, these tools are critical in helping us optimize productivity and make the most of our workforce.

Have recent storms in Tampa Bay led to shifts in resilient infrastructure trends?

While storm recovery efforts tend to draw labor into cleanup and demolition work, we haven’t personally seen a major increase in projects related to storm resilience. One topic that has come up, though, is the potential for code changes — specifically regarding the use of wood-frame construction along the coast.

On Florida’s East Coast, there’s a stronger push for concrete block construction due to hurricane risks. While we’ve heard discussions about similar regulations for the Gulf Coast, nothing has changed yet. Wood-frame construction can still be designed to withstand hurricane conditions, but it requires stricter building methods. We’ll see how things evolve in that regard.

How are inflation and higher interest rates affecting your operations?

The lack of additional reduction in the Prime Rate is making capital harder to come by. In addition, tariffs are creating uncertainty which is making the capital market more wary and unsure about investing. If tariffs do go into effect, they could create material shortages and drive-up costs further, making projects even more financially unviable. We’re hoping negotiations result in a balanced approach that keeps trade steady.

On the flip side, people are concerned about projects delaying or not starting, so we are finding very competitive subcontractor pricing that is encouraging some developers to move forward. 

Another challenging affecting our industry is, if we start losing labor due to a crackdown on immigration and there are no new workers to take their place, we will all struggle to get jobs built.   While I fully support cracking down on illegal migrants with criminal backgrounds , we need a streamlined work visa program for the hardworking individuals who contribute so much to our industry. 

What are your top priorities for Tampa over the next two to three years?

For Tampa specifically, our main focus in 2025 is diversifying the market sectors in which we operate. As I mentioned, we’ve established a strong presence in multifamily, but now that our brand is well recognized in the region, we want to expand into other sectors, such as hospitality and public sectors.

Beyond Tampa, we’re also looking at expanding into Central Florida, particularly the Orlando market. Over the past few years, we’ve turned down multiple projects in that area because we didn’t have the resources to support them. However, we now feel that we’re in a position to grow responsibly and enter that market with the right project.

Orlando, like Tampa, offers a diverse market with opportunities in multiple sectors. We already have several existing clients working in the area, which gives us a solid foundation upon which to build.

On a company-wide level, we’ve spent the last couple of years refining our processes and strengthening our foundation. We’ve grown rapidly, and we’ve been intentional about making sure we scale in a way that maintains our quality and reputation. The worst thing we could do is expand too quickly and compromise our brand.

Our approach has been to pause periodically, assess areas for improvement, and fine-tune our operations. This strategy has paid off, and now we feel confident in pursuing growth again while ensuring we continue delivering the high level of service our clients expect.