NE Florida Growth of Residential and Commercial Continues

The area demand for new homes continues as shown in this article from March 2014.  In St Augustine, Northrop Grumman has begun the 368,000 sq ft new aircraft manufacturing facility and will add 400 new jobs.  This month, Ideal Aluminum announced it will move it's corporate headquarters to St Augustine from Deland creating 160 jobs.  Mattamy Home builders of Canada completed the $43.6 Million purchase of the 4,057 acre RiverTown residential from St Joe.  Mattamy is the largest residential builder in Canada and this is their largest RE purchase in the US.  They will spend millions for a new entrance to gain better access and recognition of the development.


"Much like sales of existing homes, the number of new home starts appears to be stabilizing.
After years of double-digit percentage growth, builders pulled 452 permits in Duval, Clay, St. Johns and Nassau counties in February — up just 6 percent compared to February 2013, according to the Northeast Florida Builders Association. The numbers are very close to 2008, when builders pulled 482 permits in the four-county region.
St. Johns County continues to lead the region, with builders pulling 191 permits in the county in February.
Residential developers seem to be anticipating more activity, though, according to data from Metrostudy.
In the fourth quarter, 555 lots were delivered in Clay, Duval, St. Johns and Nassau counties, according to Metrostudy — an increase of nearly 53 percent over the fourth quarter of 2012, when 363 lots were delivered.
Inventory of vacant, developed lots in Northeast Florida is 16,747 — a decrease of about 12 percent compared to 19,042 lots in 2012. That represents 39.3 months of supply, a decrease of 21.4 months from last year, based upon current housing starts."


In 2014, there are several residential parcels purchased or under contract in the area.  Many will begin the building permit process as the under contract properties complete the due diligence, engineering and site planning procedures.  Twin Creeks, originally planned for 5,000 single family homes at CR210 just west of the US1 intersection is in the modification process of the DRI.  Plans include reducing the single family home count to 2,600 and adding mixed use RE of commercial, retail, industrial, hotel site, and two schools.  The required widening of CR210 from US1 to I95 from 2 lane to four lane will certainly benefit the growth and attraction of surrounding area development.  We have 47ac+/- adjacent to the development ready for purchase, with over 1,700 ft of frontage on CR210.  Ideal for retail shopping center development or a variety of mixed use.


CBC Benchmark offers a complete Commercial RE service for your property search and sale.  Contact me for further details.

 

Eddie Segars

4348 Southpoint Blvd Suite 310

Jacksonville, Florida 32216

Direct 904.421.8559

esegars@CBCBenchmark.com

http://www.cbcworldwide.com/esegars