Communication Builds Our Community
Communication Builds Our Community
New Real Estate Outlook Series to Focus on Area Development
(Editor's note: This story introduces a new series addressing the economic impacts of real estate development in the Lake Wales and east Polk County area.)
Lake Wales has a need for economic development, and it can only be achieved through responsible growth. Attracting new businesses will provide greater opportunities for the community. In recent years, Polk County has experienced a fast growing population which has stimulated developments across the area.
According to the U.S. Census Bureau, Florida is growing by approximately 1,000 people a day and Polk County is growing by about 82 people per day. As the population grows, the demand for residential and commercial developments will continue to increase.
This map tracks development projects scattered across the Lake Wales area, marking the changing face of the community.
Much of the land in the northeast area of the county along US Highway 27 has already been developed or is under construction. Lake Wales is next in line for development opportunities and there are currently numerous projects underway within the city, and some beyond city limits.
The attached development map creates an up to date source summarizing development projects whether proposed, approved, under construction, or recently built. The map depicts residential projects with approximately 13,973 residential units in different stages of development.
New housing construction is happening across the Ridge, with much of the recent work concentrated around the Lake Wales area. The conversion of thousands of acres of former citrus groves into new subdivisions and townhomes has been sparked by a nationwide housing shortage and the rapid decline of the citrus industry due to citrus "greening," or Huanglongbing (HLB), a bacterial infection of citrus plants.
Tracking these developments helps to inform property owners of what is happening in the surrounding areas and how these developments can affect their property value. Being up to speed on these developments also helps inform potential investors and demonstrate that they are investing in the right location.
A notable development that has recently been approved is the Belleview Drive Subdivision (#40). This development is made up of approximately 43.5 acres and sold in the first quarter of this year for $3,681,500.
Maricruz Gutierrez Mejia is an advisor at SVN | Saunders Ralston Dantzler Real Estate in Lakeland, Florida. A Lake Wales native, Maricruz possesses a unique understanding of Florida's multifaceted commercial real estate market. In her role as an advisor, Maricruz's depth of expertise spans across a variety of commercial property types, specializing in investment sales and site selection.
Reader Comments(1)
ncgossard writes:
Thank you for the article, but especially for the map. There have been so many projects approved that I can’t keep up. The map really helps.
06/26/2024, 12:40 pm