Is Lake County The Next Big Thing In Florida Real Estate Development?

Jul 31, 2012 No Comments by

There’s big plans underway in Central Florida to build what Lake County is deeming to be an important strategic Florida corridor, now that the Lake County Commission has approved a deal with some South Lake land owners, most of them owning property currently being used as Florida citrus groves.

It’s a big chunk of land – 16,000 acres, to be exact – that sits next to the Orange County line and its advantages include being near to U.S. Highways 27 and 192, as well as the Florida Turnpike and State Road 429.

The land owners are putting up around 75% of the land use study costs and Lake County will fund the rest.

Lake County has been pondering developing this area since 1999 or thereabouts, but now there’s concrete movement forward to set up this region of Lake County as the next Medical City growth area and they’re pointing to the east side of Orlando and what’s happened there since 1999 as to what Lake County would like to see happen to these citrus groves located in a great strategic area for development.

If Lake County is right, then their new economic plan will only add strength to the five county area that makes up a strategic economic corridor in Central Florida.  It’s also expected to fortify Lake County’s tax base by bringing in other sources of taxable income up most of Lake County’s tax revenues these days.

Should it come to fruition, the Medical City corridor will be the fourth strategic corridor within Lake County’s confines.  The other corridors already being promoted include:

1.   Florida Energy and Aerospace Technology Park

“The Florida Energy & Aerospace Technology Park (FEAT Park) is a master planned high tech commerce center located at the intersection of Florida’s Turnpike and County Road 470. The FEAT Park is over 3,000 acres, all of which is owned by the City of Leesburg. The city has planned this park to be a job creation epicenter for Central Florida. The FEAT Park is strategically concentrated on the growth of Aerospace and Energy industry sectors. This park is the ideal location for the development of light sport aircraft companies.”

2. Health and Wellness Way

“On a regional scale, South Lake County is endowed with unique assets upon which Lake County is planning to create a regionally significant employment center. The “Wellness Way” corridor includes over 16,000 acres located in the “Golden Triangle,” inside of Interstate-4, the Florida Turnpike and Hwy 27. The corridor is enhanced by State Road 429 and the soon to be completed Wekiva Parkway. Immediately to the east of the corridor is Horizon’s West, a master planned community in Orange County that will integrate seamlessly with the Wellness Way. Orlando International Airport is just 30 minutes away.”

3.  Mt. Dora Employment Center

“The recent approval of the Wekiva Parkway, the final leg of the outer beltway around the City of Orlando, will create significant economic development opportunities in Lake County. The new extension will link Toll Road 429 in Apopka to I-4 and Toll Road 417 in Sanford. A significant portion of the Wekiva Parkway will travel through Lake County and will include an extension linking the Parkway to SR 46, US 441 and Mt. Dora.”

 

Source: Florida Commercial News

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