TOD increasing Rail Station Real estate Values; August 14, 2019

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

SunRail boosted property values around stations by $2.4B, study says
This chart provides a picture of how the station area property values have grown over time. From 2011 to 2017, property values grew 23% faster in the station areas (blue) than in the control areas, providing a strong indication that SunRail has contributed to the rapid property value growth in the station areas. (Florida Department of Transportation)

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.

HDSi leading residential deals near Disney; July 25, 2019

Tampa developer teams up with Greystar on new multifamily project near Disney parks

Tampa developer teams up with Greystar on new multifamily project near Disney parks
Conceptual elevations for proposed Elan Cypress Pointe apartment community at 11907 Ruby Lake Rd. (Orange County)

An affiliate of the Tampa-based homebuilder Bering Homes is teaming up with Greystar Real Estate Partners to develop a new luxury multifamily project near the Disney parks.

According to a recently submitted Development Plan filed in Orange County, the partners are seeking to build a 380-unit apartment complex at 11907 Ruby Lake Rd., just south of Lake Ruby.

The property is part of a nearly 18-acre land assemblage that is currently owned by Diamond Resorts Cypress Pointe III Development LLC, which is an entity linked to Las Vegas-based Diamond Resorts.

The timeshare company inherited the property in 2007 as part of its $700 million acquisition of Sunterra Corp.

A site plan for Elan Cypress Pointe development
A site plan for Elan Cypress Pointe development (Orange County)

The most recently submitted DP replaces previous entitlements that called for 420 timeshare units and up to 30,000 square feet of commercial space.

Diamond Resorts has been trying to do away with its previous uses since late last year.

In January, GrowthSpotter reported on a Land Use Plan, filed by HDSi on behalf of Bering Homes affiliate Bering I LLC, that requested the property be incorporated into the Sunterra Resort PD and that county officials replace previously adopted timeshare uses with multifamily development uses.

The company also sought several waivers in respect to parking, building height and building separation to neighboring residential properties, among other waiver requests.

The most recently submitted DP lists Greystar as its developer. The multifamily development and property management firm is working with Bering Homes’ Chad R. O’Brien to develop a garden-style apartment community under its Elan multifamily brand.

Bering entered the Orlando market last year when it bought and resurrected a defunct vacation home resort development in the Four Corners area near ChampionsGate.

The Sunterra project, dubbed Elan Cypress Pointe, would consist of 10 apartment buildings, three designated park areas and a clubhouse with a pool. A good amount of its units face a pond, which also serves as its storm water management area.

Kimley-Horn and Associates, Inc. is the civil engineer and landscape architect. The partners tapped Charlan Brock and Associates to design the apartment community.

According to Greystar’s website, Elan communities are strategically located near shopping and dining destinations, as well as places of work.

In the case for Elan Cypress Pointe, developers will likely aim to benefit off its proximity to job creators, like the ever-expanding theme parks by Walt Disney Company, Universal Parks & Resorts and SeaWorld Entertainment.

In addition, AdventHealth recently released plans for a new emergency building by the Daryl Carter Parkway and Palm Parkway intersection.

The future construction of an I-4 interchange and the 1.6-mile extension of Daryl Carter Parkway that will link Palm Parkway to S. Apopka-Vineland Road has also helped fuel development in the area.

Nearby, Pulte Homes  completed several residential developments on more than 100 acres of land surrounding Ruby Lake, including Phillips Grove and Ruby Lake by Pulte Homes. The home builder is currently developing a new 20-unit townhome community called Overlook at Ruby Lake.  HDSi lead the entitlement amendment for Ruby Lake for Unicorp.

O’Connor Capital Partners recently delivered the first phase of the Vineland Pointe shopping plaza, bringing in tenants such as Lucky’s Market, Marshall’s, Ross and Burlington. Plans for the remaining two phases have indicated the developer is seeking lease deals with Target and a movie theater chain.

Last month, GrowthSpotter reported that Boca Raton-based Altman Companies landed a contract deal to buy roughly 34 acres of land next to the plaza, with plans for a 567-unit apartment project at 10055 Almondwood Circle.

Charlotte, North Carolina-based Crescent Communities is also looking to develop luxury apartments. Plans call for up to 360 multifamily units on about 18 acres of land it has under contract just north of Lake Willis.  The planner for the entitlement amendment is Hall Development Services, inc.

The development is part of its efforts to expand its recently launched NOVEL multifamily brand in Orlando’s tourism corridor.

O Town West gains zoning approval; June 4, 2019

The Orange County Board of County Commissioners approved the zoning for Unicorp’s O Town West.  This $1 Billion project includes 1,300 residential units, a marketplace, some service uses and an entertainment complex anchored by a 3 acre active water feature and cinema.  HallDSi provided entitlement services for a comprehensive plan amendment and rezoning.  Right of way vacations and two out parcels provided complications which were successfully negotiated to allow the rezoning.

Unicorp's O Town West

HDSi completes zoning for D R Horton; May 21, 2019

Osceola approves rezoning for D.R.Horton subdivision

|MAY 21, 2019
Osceola County Commissioners approved the rezoning of this 42-acre parcel on Monday for a new D.R. Horton
subdivision. (Osceola County)
Osceola County Commissioners on Monday approved a rezoning for a new D.R.Horton subdivision in the East Narcoossee area. The homebuilder was seeking Low Density Residential zoning for 42 acres at the end of Oesterle Road, east of Zuni Road, and south of Cyrils Drive. It was part of an larger assemblage totaling 108 acres, the balance of which is already zoned LDR. The zoning would allow a minimum of 324 single family homes or a max of 864.
Osceola’s Land Development Code requires a minimum of three housing product types for all subdivisions with more than 100 lots.
Land Planner Jim Hall represented the homebuilder during a pre-application meeting in January where he discussed plans for the new subdivision. Horton would join several other production builders who have invested in the East Narcoossee area around Zuni Road. Those include KB Homes and Royal Oak Homes. Horton has been active in the greater St. Cloud/Narcoossee market. The homebuilder assembled 22 acres in the East Narcoossee community last year for a new 96-lot subdivision called Barrington. Horton is also actively building in
Osprey Ridge, a 99-lot community on Boggy Creek Road, and in Canopy Walk in St. Cloud.

Jim Hall presents metropolitan historic development trends to NAIOP

Jim Hall, along with former County Commissioner Bill Segal, former County Comptroller Martha Haynie and broker extraordinaire Trevor Hall, presented to a packed house at the Varsity Club in Camping World Stadium.  The panel discussion focused on significant development events in Orlando’s history; Disney, Martin Marietta, the Convention Center along with stories of the people who made the development happen.  Adult beverages and heavy appetizers enticed social mingling leading to the 45 minute presentation followed by questions. Thanks to Trevor and NAIOP for hosting the event.

Orlando Housing Market Remains Hot; April 22, 2019

10 Best Markets for Home Buyers

Of the 10 metro areas that have the best conditions for buyers as home-shopping season approaches, three are in Florida – Miami, Tampa and Orlando – but the best market overall for buyers is New York, according to the Zillow Buyer-Seller Index.

It’s not that New York is all that affordable: Its median home value in January was $438,300, almost double the U.S. median of $225,300. But other aspects of the New York market are a boon to buyers who can afford it. For example, among the largest 35 metros, it has the longest number of days on the market, at 132 days. The next longest time on market is 102 days in Chicago. It’s followed by Miami, at 99 days.

Two other Florida metros – Tampa and Orlando – rank in the top five for the share of listings with a price cut, a pro-buyer characteristic. In Tampa, 23.2 percent of listings received a price cut in January. In Orlando, it was 20.4 percent.

The third metric in the buyer-seller index is the sale-to-list-price ratio. A ratio above 100 percent indicates that buyers are paying more than list price. The further the ratio falls below 100 percent, the better the market is for buyers – because they’re paying that much less than list, which would be 100 percent even. The lowest ratios among the largest metros are Pittsburgh, at 93.7 percent, Miami at 93.9 percent and Chicago at 94.2 percent.

We’ve also published a list of best markets for sellers.


Orlando #2 Housing Market in the US

Job Opportunities Drive Hottest U.S. Markets for 2019

  • Four of the five hottest markets offer more job opportunities per person than 42 other major metros.
  • With strong projected home value growth and the strongest job numbers, San Jose, Calif., again ranks as the hottest market in U.S.
  • Markets that will continue to face challenges in 2019 are Cleveland and Hartford, Conn., as well as three large metros in the South: New Orleans, Memphis, Tenn., and Birmingham, Ala.

While the U.S. housing market is cooling in some ways, certain markets are red hot – fueled by rapid home value and rent appreciation, job opportunities, income growth and low unemployment.

Much like last year, San Jose, Calif., is poised to be the nation’s hottest market in 2019. Driven by an abundance of job opportunities per person, the nation’s lowest unemployment rate, still-climbing household income and enduring housing cost appreciation, the South Bay Area metro finds itself at the top of Zillow’s list of hottest markets for 2019.

Home values in San Jose rose more than 10 percent last year and are expected to grow by 12.7 percent this year – although that forecast could turn quickly as last month’s numbers disappointed expectations. Rents actually fell very slightly in the San Jose area over the past year, but going forward are expected to grow by 2.1 percent over the coming year. But as real estate values continue to grow, housing affordability in the area has become a challenge even for those earning a hefty tech salary. Population growth has slowed and for-sale inventory is on the rise (from historic lows), which may slow growth in the future.

HDSi’s first Apopka project approved; March 11, 2019

More than 150 homes are planned for Apopka, all that’s left is a homebuilder

More than 150 single-family homes are planned for the city of Apopka as part of a new community called Bridal Path.

The BurnBrae Companies, a real estate investment, development, and management company headquartered in Washington, D.C., put the development plan together.

Principal Rich Thometz said the project would be the first single-family home community within the Kelly Park Interchange Form-Based Code area — a district created by city officials to help drive future development and economic activity to the city.

The once sparsely developed region is roughly halfway between the downtowns of Apopka and Mount Dora.

The Apopka City Commission voted unanimously on Mar. 6 to approve the final development plan and plat for Bridal Path. The project is located at 5526 Plymouth Sorrento Rd., just east of SR 429.

The site sits across from where the nonprofit health care provider Orlando Health recently paid $2.34 million for roughly 50 acres of land for an envisioned medical campus.

Through its affiliate BB Bridle Path LLC, BurnBrae paid about $2.6 million for the 51.1-acre property in September.

The firm worked in conjuction with Jeb Bittner of Gravity Land Development of Vero Beach, and tapped Vanasse Hangen Brustlin (VHB) as its civil engineer, surveyor and landscape architect.  HallDSi was lead planner.

A site plan for Bridal Path shows a mix of 50- and 55-foot lots. Amenities include a pool and cabana.

The company does not have a builder under contract, but Thometz said he expects shovels in the ground by early Summer.

BurnBrae specializes in opportunistic land, residential and commercial investment deals in the Mid-Atlantic region. The company has completed or is in the developing phases of more than 1,000 residential lots. According to its website it has $150 million in equity under management.

“Trevor Hall of Colliers International pointed us to the site and showed us there was an opportunity,” Thometz said, underlining the opening of the Kelly Park Road interchange.

It’s one of four interchanges opening in part of the $1.6 billion, 25-mile Wekiva Parkway project that will complete the beltway around northwest metropolitan Orlando.

The expressway was designed to provide an alternative to Interstate 4, and relieve US 441, SR 46 and other area roads of traffic congestion, but professionals in the industry say it’s also opening up a wealth of real estate opportunities.

Nearby to Bridal Path, a Longwood-based developer is close to breaking ground on a new retail project called Gateway Plaza.

The project features more than 32,000 square feet of retail space on 3.36 acres of land situated on the northwest corner of E. Lester and Rock Springs roads.

Directly behind where Gateway Plaza will rise, a 112-lot residential community being developed by K Hovnanian is underway.

HallDSi has another project in the news; February 21, 2019

Park Square partnership targets lot across a cemetery for new single-family homes

Amanda Rabines

Amanda RabinesGrowthSpotter

Orlando-based developer Khaled Hussein is teaming up with Park Square Homes to introduce a new single-family home community directly across the Chapel Hill Cemetery in east Orange County.

According to a recent Technical Review Group application filed in Orange County, Hussein is seeking to rezone four parcels of mostly undeveloped land directly east of Harrell Road from A2 to PD.

A majority of the roughly 17 acres is owned by a trust that lists Jacqueline M. Lloyd and Sheryl Meeks as trustees. Felix and Delfina Bon Pastrana own the remaining 4.6 acres just north of the Little Econlockhatchee River and the Little Econ Greenway.

Under the current zoning, the partners would be capped at one dwelling unit per every 10 acres. Park Square CEO Suresh Gupta said they’re looking to build 67 single-family market-rate homes.

AVCON Inc. is the civil engineer behind the project called Harrell Oaks. Hussein, of Cedar Engineering Consultants, was not immediately available to comment.

The property straddles Trevarthon Road and is near the S.R. 417 and East Colonial Drive interchange.

Surrounded by a small white fence, the Chapel Hill Cemetery to the propery’s left features a well-kept green field with neat rows of gravestone markers.

Though an unusual site to neighbor, the cemetery wasn’t a deal breaker for partners, who are known for taking on challenging projects.

In 2016, they partnered to close on a deal of land at 1021 S. Dean Road, ready for single family development — the catch being there was a sinkhole at the center of the property filled with 25 feet of muck.

The Harrell Oaks property also lies in east Orlando near the University of Central Florida, where a number of investors are actively re-positioning multifamily and student housing complexes.

One of the latest examples is Horizon Realty Advisors’ $65 million purchase of The Glenn apartments on University Boulevard. Last year, the company made its foray into Orlando when it bought the nearby 384-bed student housing complex dubbed The Quad.

HallDSi makes news with a Tourist Resort; February 20, 2019

Multifamily, hotel entitlements sought for South I-Drive property

Bill Zimmerman

Bill ZimmermanGrowthSpotter

The owner of the Caribe Royale resort is looking to add entitlements for 341 multifamily housing units, 300 hotel rooms and 100,000 square feet of commercial space to property it owns along South International Drive and State Road 536 in Orange County.

Owner and developer Sierra Land Group, Inc., holds four adjacent parcels with entitlements totaling 481 hotel rooms, 897 timeshare units, 100,000 square feet of commercial space and a convention-center hotel with 1,618 hotel rooms, 200,000 square feet of convention-center space and support facilities, according to a land-use plan filed with the county that could prepare the property for sale.

Sierra requests to move those approved entitlements onto three parcels totaling approximately 93 acres and located west of South I-Drive, and re-entitle a fourth parcel east of the road on 35.46 acres, including 3 ponds, to accommodate the new request. Proposed trips to the parcels in total would increase approximately 5,500 compared to vested/constructed figures, according to the plan.

PE Group of Orlando is listed as civil engineer on the land-use plan changes, with Hall Development Services of Orlando as planner, Traffic & Mobility Consultants of Orlando as transportation planner, Thomson Enviromental Consultants of Orlando on environment issues, and surveyors Base Line Land Surveyors of Winter Garden as well as American Surveying and Mapping, Inc., of Winter Park.

Caribe Royale filed plans in January to expand meeting space by 86,000 square feet and construct new support facilities while demolishing others, as well as move 7.63 acres from a parcel along the west side of South I-Drive to its main developed parcel. Calls to Caribe Royale and to Glendale, Calif.-based Sierra were not immediately returned.

With 1,338 rooms in 11 stories about 1.5 miles east of Walt Disney World, Caribe Royale bills itself as the Orlando area’s largest all-suite resort, and offers more than 72,400 square feet of meeting space.

Nearby, recently planned apartment properties include 278 units in the works by ContraVest on 11 acres of a 51-acre lakefront South I-Drive site.