SunRail Fuels Housing Development in Central Florida

More than 3600 housing projects get underway

In the month of May, we saw the $1.3 billion SunRail commuter system run its first lap and if the first couple of days of service is any indication, the new commuter rail system is going to be a Central-Florida favorite! With close to 10,000 commuters onboard each day, in the first few days, the ride exceeded expected traffic (average of 4,300 commuters a day) by epic proportions.

While a lot of it could be all the buzz about the new inauguration or the free rides that SunRail has been providing since Day 1, market watchers believe there is more to the enthusiasm than just the attraction of the new system. Local businesses, jobs, construction activity, and real-estate activity are expected to surge around the 12 stations and their neighborhoods.

Realtors In Orlando Eye Transit-Oriented Development

Transit-Oriented Development, popularly known as TOD is expected to dominate Central Florida and become the key driver of the Orlando real estate and construction industry. Enthusiasm can be seen in the market as Central Florida moves towards being deemed as a “rail city of North America” and Orlando realtors couldn’t be happier. Why?

Because TODs are associated with increased buying and selling activity. Between 2016 to 2018, industry hubs and TOD districts are going to spring up in large numbers but real estate agents will be able to see increased activity much before that, in the form of anticipatory purchases and real estate investments.

Neighborhoods around transit systems are typically good places to live and work. Savvy real estate buyers begin purchasing properties in advance – a decision that makes good financial sense since prices shoot up once the neighborhoods develop into hubs in full swing.

Does it mean it’s a good time for investors and first-time buyers to consider buying a property? According to most industry watchers, it is. Central Florida also has a lot underway for residential and commercial buyers, as well as local businesses and job-seekers.

Orlando home buyers to be served with a host of new opportunities

14 new construction starts, worth a total of $785 million are up and coming within a ten-minute walk from the 12 SunRail stations of the first phase. According to listing agents in Orlando, these include 1,150 residential units that Orlando buyers have already started investigating.

Further work on another 13 projects worth $765 million in total is expected to begin soon, including the construction of 2,680 residential units. Industry insiders suggest interested parties or first-time buyers who have been waiting for an opportunity to invest to begin contacting realtors since the units are expected to get sold fast.

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Central Florida’s Northern Phase Construction Gains Speed ahead of Launch

As we slowly approach May 1, the construction of the new SunRail railway project is looking to shift into another gear, with increased progress being made in its second phase. It is believed that the Florida Department of Transportation will look to provide yet another update on the status of the project to the Volusia County Commission on March 13. Design options for the northern Phase 2 that will run from DeBary to DeLand is said to be the topic of discussion. The cost of constructing the northern phase is estimated at approximately $60.5 million, a significant percentage of the cumulative cost of $1.3 billion.

Bright prospects

The reason why so much has already been invested into the SunRail project is that it is said to spur employment within the communities of Southern Florida, creating over 261,000 jobs. Moreover, it is also estimated that the project will create an economic turnover of $8.8 billion over a thirty-year period from when SunRail becomes fully operational. The project will also provide commuters with a reliable alternative to using Interstate 4, which is to undergo its own overhaul beginning at the end of this year.

Realtors in Orlando believe that residential projects around the SunRail line are likely to get a boost. According to Orlando real estate agents, an increase has been seen in the demand for houses near the SunRail project. It means that infrastructural projects of this kind not just help the residents but also aid the real estate market.

The first phase of SunRail spans 31 miles and is said to become operational in under two months. The phase includes twelve different stations between Sand Lake Road, Orange County and DeBary in Volusia County. It also moves 17.2 miles southwards from Sand Lake Road toward Poinciana in Osceola County, passing a further four stations. Moreover, there is also a 12-mile alignment in the north that will require building a brand new station beside the Amtrak station located in DeLand.

Federal funding of $63 million

President Obama’s fiscal budget for 2015 saw the second phase of the project receives approval, with approximately $63 million in federal funding allocated to it. While the budget is yet to be approved by Congress, there is certainly much to look forward to for SunRail advocates.

In related news, the Lake Mary SunRail station is still awaiting approval on a request for an additional $30 million in federal funding for its north alignment. Nevertheless, the project still seems to be making progress despite the fact that designs have not yet been drawn up.

A number of train tours have been planned to promote the SunRail experience, which will be held in the first phase. There will also be free train rides available between April 15 and 18, and 21 and 24.

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