Westlake Economic Impacts. Palm Beach County Florida

Transcription

1 Economic Impacts Palm Beach County Florida February 2016

2 Minto Communities Florida Minto builds Master Planned Communities across Florida Pensacola Tallahassee Jacksonville DAYTONA BEACH Tomoka Active adult Panama City Ocala Daytona Beach ORLANDO Festival Resort Vacation Villas Clearwater Tampa St. Petersburg Sarasota Orlando Vero Beach Fort Pierce Port St. Lucie Orlando ORLANDO Laureate Park at Lake Nona Courtyard Homes & Single Family Homes Fort Myers Bonita Springs Naples Jupiter West Palm Beach Boca Raton Fort Lauderdale Miami Vero Beach Fort Pierce PORT ST. LUCIE LakePark at Tradition Single Family & Villa Homes TAMPA Sun City Center Paired Villas & Single Family Homes SARASOTA / BRADENTON Harbour Isle on Anna Maria Sound Island Coach Homes & Marina Walk Resort Villas St. Petersburg Sarasota Port St. Lucie Jupiter West Palm Beach Boca Raton PALM BEACH Westlake Single Family Homes & Town Homes FORT LAUDERDALE Artesia Courtyard Homes & Terrace Homes NAPLES TwinEagles Single Family Estate Homes NAPLES The Isles of Collier Preserve Coach Homes, Villas, Single Family & Estate Homes Fort Myers Bonita Springs Naples Miami Fort Lauderdale FORT LAUDERDALE Villas by the Sea Oceanside & Oceanfront Condominiums 1

3 .a very brief history Westlake is to be built on Callery-Judge Grove, a 3,800 acre (six square miles) former citrus grove on one of the last large parcels of land available in Palm Beach County In 2008, former owners of the parcel pushed for a change in state law that boosted building rights on farmland surrounded by development and was approved for 2,996 residential units Minto purchased the property in September 2013 In late October 2014, Minto Florida received approval to rezone the property to support 4,546 homes and 2 million square feet of retail/commercial/office/light industrial Minto Florida plans to offer a variety of products on the land, including single family detached, planned unit development single family and attached townhouse product Site currently has an existing elementary school, middle school and high school that are all A Rated The community will benefit from two planned recreation centers, a large park, vast waterways, employment centers and commercial development Residential sales are expected to begin in early

4 The new Downtown in Central Palm Beach County WESTLAKE 3

5 Six square miles located in the middle of 18,000 estate homes 4

6 Six square miles located in the middle of 18,000 estate homes Westlake is 3,788.6 acres or 5.92 square miles In land area, Westlake would be the 11 th largest City in Palm Beach County For Comparison: Riviera Beach 8.45 square miles Lake Worth 5.87 square miles

7 Westlake Fully approved Land Use for 4,546 homes and 2 million sf of retail/office 6

8 Master Zoning approvals in place that vests property for all impacts 7

9 The Downtown corridor is centrally located along primary arterial DEVELOPMENT SUMMARY Parcel G (80 acres): - 350,000sf Retail - 150,000sf Office Parcel H (47 acres): - 425,000sf Economic Development Parcel I (68 acres): - 175,000sf Economic Development - 3,000 student College Parcel J (32 acres): - 250,000sf Economic Development Parcel K (42 acres): - 250,000sf Economic Development Parcel L (61 acres): - 150,000sf Retail - 250,000sf Office room Hotel 8

10 Timeless community design objective reflecting old Florida 9

11 Timeless community design objective reflecting old Florida 10

12 Timeless community design objective reflecting old Florida 11

13 Timeless community design objective reflecting old Florida 12

14 Town Center is located on Parcel L and is shovel ready Note: This is a conceptual rendering of a proposed Town Center alternative located on Parcel L 13

15 Westlake The Downtown core is centrally located in the region Westlake Note: Magenta parcels represent commercial nodes 14

16 Over $645 million of basic services leakage from Central Palm Beach County Drive Time Map Marketplace Profile 15

17 Central Palm Beach County has the 8 th highest income in the entire County Central Palm Beach County Profile Note: 1. Palm Beach County is comprised of 38 municipalities and 21 additional Census Designated Places. Ranking noted above are out of the total Dominant Tapestry Segment applies to the region surrounding Westlake. Within this area 80% of the population are identifiable by the Soccer Mom profile 3. All ranking are in values sorted highest to lowest. 16

18 John Burns Real Estate Consulting developed Economic Impact Report 17

19 The development will generate over $58 million in new Impact Fees 18

20 Residential construction will create over $1 billion of impact to the county 19

21 Downtown employment center will create over 5,000 new jobs 20

22 New homes will add over $34 million in new property tax revenues 21

23 Westlake In Closing.. So, where are we today? Parcel Q Expansion of 2-miles of Seminole Pratt-Whitney Road from 2-lanes to a 4-lane urban arterial and new M-Canal Bridge Development of 1.5 miles of Town Center Parkway and initial lake system Sales Center located in Parcel L Parcel Q 308 single family residences (55, 65 and 85 lot sizes) 22

24 THANK YOU ECONOMIC FORUM! 23