HallDSi makes the news again for client Bering Homes; January 15, 2019

Tampa homebuilder wants to ditch plans for timeshare near Ruby Lake for multifamily

Amanda RabinesGrowthSpotter

A Tampa-based homebuilder wants to do away with plans to build timeshare units near Ruby Lake, and instead build up to 400 multifamily units along with additional commercial space.

The change is being sought by Bering Homes, which recently reactivated the shelved Tierra Del Sol resort development near ChampionsGate in Polk County.

Planner Jim Hall of Hall Development Services filed the Land Use Plans on behalf of Bering LLC, led by Chad R. O’Brien. It’s set to go before Orange County’s Development Review Committee this week.

If approved, plans would allow for up to 400 multifamily units and 15,000 square feet of commercial space. The request would replace previous entitlements calling for 420 timeshare units with 30,000 square feet of commercial space.

A conceptual site plan for the property shows the development is geared to townhome construction. Representatives for Bering Homes could not be reached for comment.

Bering Homes is also asking Orange County to change the Future Land Use Designation of the property from Activity Center Mixed-Use to Planned Development Commercial/Medium-High Density Residential.

The area has seen a flurry of new development over the past couple years, mostly from Pulte Homes. The home developer has amassed more than 157 acres of land bordering the lake for projects including Pulte Phillips Grove, Pulte’s Ruby Lake and Overlook at Ruby Lake.

In Polk County, Bering Homes received county approval in December to build up to 252 short-term rental townhomes, as part of a larger 159-acre resort project at the corner of U.S. 27 and Bella Citta Boulevard.

HallDSi starts off the New Year in the News

GrowthSpotter
Jerry Stockfisch and Laura Kinsler

Documents filed Dec. 17 with Orange County indicate plans are in the works for a new apartment complex with 250 units along the Stoneybrook East Golf Club east of Orlando.

Eden Multifamily is a boutique multifamily residential development and investment firm based in Coconut Grove. It has focused chiefly on apartment developments in South Florida. The Alafaya complex would be Eden’s first in the Orlando market.

“We tend to follow growth areas throughout the state,” President Jay Jacobson told GrowthSpotter. “We’re active throughout South Florida, and we have a project starting in March or April in Port Orange. Orlando is the next natural stop.”

Hall Development Services is the project planner. Jim Hall filed an application to remove the 14.5 acre site from the existing Stoneybrook Planned Development and create a new PD for the apartments, which are now being called Eden Stoneybrook. The documents were registered on Dec. 17.

The application documents indicate the developer is requesting to shift 14.5 acres from the Stoneybrook public development to a new public development south of the golf course’s ninth hole and west of the clubhouse. The land is north and east of a bend in the South Alafaya Trail. The property address is 2900 Northampton Ave.

Sunrail is improving our community

A recent FDOT study shows marked property value for land near a Sunrail station:

 

SunRail boosted property values around stations by $2.4B, study says

A new study commissioned by the Florida Department of Transportation has confirmed what local transit enthusiasts have promised: SunRail is proving to be a good investment.

Property values around the first 12 stations increased by $2.4 billion (63 percent) from 2011-2017, and FDOT estimates that $1.19 billion of that is directly attributable to SunRail. Each station has drawn new development, and most experienced a sharp increase in property values that outpaced their surrounding areas by nearly 23 percent.

The research team from Florida State University first analyzed the property value impact of SunRail in 2015, but at that time, the system had only been operational for two years. Now, with three more years of data, the team determined that property values in the station areas are escalating at a higher rate as the system matures.

In 2016, for example, the station area property values grew at twice the rate as their surrounding neighborhoods. Last year the station area values grew at seven times the rate of the comparable neighborhoods.

“In this way, SunRail has provided promising indications that it may continue to spur development and boost local property values in the coming years,” it found.

Investment and appreciation around the stations has generated $18 million in taxable revenue for the local jurisdictions. But higher property values haven’t always translated to increased revenues because so much of the property around the two hospital stations is tax exempt.

Like its companion ridership study by MetroPlan Orlando, the property value analysis did not take into account the SunRail’s southern extension, which opened this past summer. It also doesn’t count new Transit Oriented Development projects until they come on the tax roll, so major projects like Maitland Station Apartments are not included.

The Church Street station area ranked first system wide with a 125-percent increase in property value over the seven-year study period. But that number was buoyed in 2012 by the opening of Amway Center, which accounted for $275 million of the $333 million in new property value for that year.

The overwhelming majority of new value — 95 percent — has been centered around the Orange County stations. The five station areas in Seminole and Volusia counties gathered a combined $102.1 million in property values, with a decline of $543 thousand in the Altamonte Springs station area.

The suburban stations, while not experiencing the massive influx of new development seen in downtown Orlando and Winter Park, nevertheless saw “notable shifts in development patterns” away from single family homes to multifamily and mixed-use apartments.

Six Months in Business

Business is doing well with an exciting array of projects including the revamping of the Agrihood project the Grow to include wildlife corridors.  Here is the new Master Plan.  The Grow is 1,200 acres with a 9 acre working farm, over 20 acres of community gardens, 12 miles of bicycle and pedestrian facilities, an elementary school, a 20 acre regional park, a 25 acre mixed use community center and over 2,000 homes.

the Grow 2.0 with wildlife corridors