What large development plans does Florida have in the pipeline?
States and cities that desire a strong economic future know better than to rest on their laurels. The U.S. state of Florida, already the world's 20th largest economy, is busy following through on policies generated in 2009, when the latest strategic plan for state-wide development was adopted. The plan represents the collective vision of more than a thousand prominent Floridians with a commitment to the state's economic prospects who came together to create the "Roadmap to Florida's Future."
The Poinciana Parkway
Transportation infrastructure is one of the principal areas considered in the Roadmap.
One outstanding example of Florida's progress in this marker of future economic success is the Poinciana Parkway, a $100 million project designed to improve traffic patterns in Osceola and Polk counties. Currently, the town of Poinciana has 80,000 residents, many of whom face long commutes to work due to insufficient road infrastructure in the area. In fact, Poinciana's traffic has been rated as the worst of all among more than 3,000 small American cities.
The new roadway will transform Poinciana from a bedroom community into a thriving economic centre where businesses want to locate. This in turn will spur additional housing demand in the city, causing a rise in prices that will benefit those who buy into the market before the 13-mile Parkway is up and running.
Interstate 4
The main highway connecting centrally located Orlando to the Gulf Coast city of Tampa; Interstate 4 is currently undergoing a variety of development projects focussed on both commercial and residential construction. As these projects improve the quality of life available in large and small towns along both sides of the highway, it will spur demand for housing across a large swath of the state.
This in turn will lead to higher property values in a state already known for historically strong trends of property retaining its value. Florida's tendency to continually draw new residents – a consequence of its sunny climate, lovely beaches, and ample entertainment opportunities, can only be augmented by the state's current commitment to economic development.
South Florida development projects
After several years in which apartment construction in South Florida came to near standstill, several construction companies are now avidly pursuing projects in Atlantic coastline counties including Broward, Miami-Dade, and Palm Beach. A popular approach is to combine commercial and residential development by constructing multi-use buildings that feature retail establishments at street level with luxury apartments on upper floors. One investment company alone is planning to erect 4,000 housing units across the state in the coming years, with many of the units to consist of multi-family structures such as condominium projects. This is a strong indication that experts in the field expect strong demand for housing to exist, keeping prices high and such projects financially viable.
Florida's commitment to growing its economy through the use of public/private infrastructure projects will benefit the state's existing residents, but may be of even more importance to those currently considering a property investment in the state. With a bright economic future on Florida's horizon, today's investors stand to realize substantial profits from the increased housing prices that naturally follow substantial improvements to the state's commercial and residential environment.
