![]() The April 2016 issue of Southeast Real Estate Business included an article about the multifamily and commercial real estate markets in Winter Haven. The piece, authored by real estate strategist Jim Cooper, demonstrates the growth and expansion opportunities in this area. Read below for the full story. New Commercial Projects, I-4 Corridor Growth Transforming Winter Haven BY: Jim Cooper, Real Estate Strategist Located to the west of Orlando, the city of Winter Haven is fulfilling the recent projections for the growth of the I-4 corridor between the Orlando and Tampa metro areas. Known as the “City of 100 Lakes,” Winter Haven has more than 50 miles of lakefront within its city limits and is undergoing a rapid transformation, proving the I-4 pundits correct. Recent developments have attracted attention to the city and sparked new multifamily and commercial projects. These attractions include the completion of the CSX intermodal terminal, the leader for an 8.5 million-square-foot distribution center development as well as the opening of the newest member of the Florida University system, Florida Polytechnic, which focuses on STEM education and was designed by the noted architect Santiago Calatrava. Merlin Entertainment has also continued expansion of its Legoland resort (located within the city’s limits). Additionally, Inland Fiber and Data Park, a complex comprised of five city blocks, five buildings and more than a quarter-of-a-million square feet, has undergone a 200,000-square-foot expansion in the city’s downtown area, at the nexus of all major fiber optic network providers in Florida. These powerful components have attracted national residential developers to capitalize on Winter Haven’s reasonable land prices and projected 3 to 5 percent population growth. Among the latest multifamily projects, Pinnacle Housing Group recently completed development of a 70-unit, mid-rise apartment complex, which was completely rented in its opening week. Jim Lentz, developer of the 11,000-acre Harmony, 10 miles south of Orlando in Kissimmee, has also recently acquired 300 acres in Winter Haven to develop up to 1,500 units of mixed, market rate housing and resort lodging. The possibility of developing market rate housing at 15 to 20 percent less than comparable housing in Tampa and Orlando, and satisfying the needs of a bedroom community as well as providing an urbanist lifestyle, is drawing great interest to the city. One of Winter Haven’s newest multifamily developments is RainGarden Apartments. This AIA award winning nine-unit townhouse apartment project, designed by noted Miami architect Max Strang, is now fully occupied with rents in the $1.25 per square foot range. A similar apartment complex, in the contiguous downtown block, is currently in the pre-development phase with the expectation of achieving similar rental rates. Additionally, Six/Ten LLC, which owns approximately 400,000 square feet of mixed use assets in Winter Haven, has recently joint ventured with 100 Lakes Homes, LLC, an active local residential development group, to redevelop the 50-unit apartment complex Lake Shore Club, with plans to add an additional 25 units in the near future. Six/Ten has also contracted to acquire a downtown site and is reviewing development options for a 60 to 70-unit midrise apartment building. Adding to this burst of new multifamily activity, the recent redevelopment of the city’s 1920s era downtown region has brought retail, banking and new office tenants who appreciate the vibrant atmosphere and walkable urban community. Businesses and entrepreneurs are taking notice of this shift and taking advantage of the increased foot traffic downtown. One example involves a once-dilapidated city block containing a 5,700-square-foot historic, industrial building that is being transformed to house Winter Haven’s first craft beer brewery. This activity downtown has encouraged developer Tom Wolf Co, LLC to contract to acquire the 27,000-square-foot BB&T Bank building, located on 2.5 acres on Winter Haven’s Third Street, with plans to retrofit and reposition the space for professional offices. On Central Avenue, another 8,000-square-foot building has recently been leased to Polk County’s largest law firm and is currently being retrofitted. Activity of this sort has seen downtown office market rental rates increase during the past few years, approximately 25 percent reaching $18 NNN. Further activity, including the announcement of a $55 million addition to Baycare’s Winter Haven hospital complex and continued growth of the Bond and Gessler Clinics, as well as the improving office occupancy, illustrates the need for quality market rate housing and is encouraging due diligence by outside developers. The city’s growth can also be attributed to the advocacyefforts of Winter Haven City management, a very active local Economic Development Council, the Greater Winter Haven Chamber of Commerce and the leadership of Winter Haven Main Street. These groups are just a few of the numerous resources in place who have assisted and encouraged downtown development. No longer a quiet 9 to 5 city, the vibrancy of a multitude of quality restaurants, fun and entertaining music venues and cultural draws, such as The Derry Down (Gram Parson’s original music club) and Theatre Winter Haven, have made Winter Haven an evening destination resulting in greater interest for downtown living and real estate opportunities. About the author: Jim Cooper has more than 50 years of real estate experience and has developed, owned and managed in excess of 10 million square feet of properties.
15 Comments
5/3/2022 05:56:22 am
Great information! Businesses and entrepreneurs are taking notice of this shift and taking advantage of the increased foot traffic downtown.
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3/11/2023 11:11:32 am
With a Winter Haven real estate agent who can help you find the home of your dreams in Winter Haven. Use our mortgage calculator to see how much it would be to finance a home in Winter Haven. Thank you for sharing your great post!
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9/7/2023 12:19:46 pm
It’s a comprehensive guide to the Winter Haven real estate market. Inside you’ll get pictures and price ranges for the most common house styles available, along with features and descriptions, so when you’re driving through these neighborhoods you’ll know how much the houses generally sell for, I’m so thankful for your helpful post!
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12/2/2023 07:42:01 pm
A comparative market study, sometimes referred to as a real estate market analysis, examines the current market prices of properties that are similar to the property you want to purchase or sell. if purchasing or selling a property, you should always do a real estate market study. This will help you understand the status of the market, the value of comparable properties, if the property is an investment, how much you can charge for rent, etc. Reports are produced by brokers and real estate agents to assist sellers in setting list prices for their properties and, less commonly, to assist purchasers in submitting competitive offers.
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7/6/2024 05:03:08 am
The Winter Haven real estate market has been dynamic, reflecting broader trends in the housing market while also exhibiting unique local characteristics.
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8/9/2024 01:13:36 pm
The Winter Haven real estate market has experienced moderate growth with a increase in median sales prices year over year. There is a wide variety of properties available, including condos, townhouses, and bank owned homes.
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11/11/2024 07:49:48 am
Great insights on the Winter Haven real estate market! It’s interesting to see how trends in this region are shaping opportunities for both investors and homebuyers, especially with market dynamics changing. The emphasis on the Southeast's potential for growth and the specific nuances of the local market is helpful for anyone looking to make informed decisions.
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11/12/2024 08:04:05 am
This blog post provides a detailed look at the current real estate trends in Winter Haven, highlighting the area's growth and potential for investors. It's great to see how local dynamics, such as new developments and the appeal of Southeast Florida, are shaping the market. Winter Haven's property values and the demand for homes in the area are definitely something to watch. Thanks for the insightful overview!
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11/13/2024 06:33:19 am
The blog post provides an insightful look into the Winter Haven real estate market and highlights key trends and opportunities in the Southeast real estate business. It covers the region's market dynamics, including home prices, inventory, and investment potential. As the area continues to grow, understanding these factors can help buyers and sellers make informed decisions.
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11/14/2024 07:27:36 am
The Winter Haven real estate market continues to show strong activity, with a growing interest from both local and out-of-state buyers. The post highlights trends like increasing home values and the appeal of the area's amenities. It also covers the key factors influencing the market, including low inventory and competitive pricing.
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11/15/2024 05:41:37 am
The blog provides valuable insights into the Winter Haven real estate market, particularly in the Southeast. It highlights the growing demand and potential investment opportunities in the area, focusing on factors such as local trends and property values.
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11/19/2024 06:39:43 am
This article highlights the trends in Winter Haven’s real estate market, offering valuable insights for potential buyers and investors in the Southeast.
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11/20/2024 07:38:40 am
A comprehensive analysis of Winter Haven's market trends. Your insights are vital for investors considering opportunities in the Southeast.
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