0 Hwy 27, Davenport, FL | Davenport Land
US - Davenport, FL
SEK 25,935,000 | 2.25 ha
Jones Lang La Salle Americas, Inc. (“JLL”) is pleased to present the Blount Development Wildwood North Land Site (the “Property” or “Site”), a ±25.43-acre site (±15.0 acres buildable) representing an outstanding opportunity to develop a project near The Villages MSA, which consistently ranks as the fastest-growing metro area in the United States with a population that has nearly doubled over the past decade. The driving force behind this unprecedented growth is The Villages master-planned community; the premier 55+ active adult retirement community in the nation that boasts over 130,000 residents. Currently spanning 20,000 acres, The Villages has earmarked another 18,000 acres for new development, which will nearly double the size of this retirement haven. Meanwhile, the immediate area has a labor force of approximately 31,473 employees with currently only 743 units of rental housing.
The Property comprises two parcels spanning approximately ±25.43 acres along E Country Road 466, just west of the intersection with US-301 (19,700 VPD), allowing for convenient access to the area’s abundant amenities. Within just 1.5 miles of the Property, there are three grocery stores - Aldi, Publix, and Fresh Market - as well as a Walmart Supercenter and various acclaimed restaurants. Residents are also proximate to the A-rated Villages Charter School, which serves grades K-12.
The Property’s R-3 zoning and Medium High Density Residential future land use allow for residential density of 9 units per acre, or a maximum of 228 units. The Site provides the ability to develop build-to-rent villas, townhomes, or conventional multi-housing.
Owing to the area’s explosive growth matched with a shortage of housing stock, multi-housing fundamentals within The Villages are projected to remain strong over the coming years. CoStar projects 6.9% rent growth through Q4 2022, and 3.3% for 2023 and beyond. Additionally, occupancy rates for stabilized properties are projected to remain at 99.3% through 2026.
With by-right entitlements already in place, Wildwood North provides a developer an excellent opportunity to deliver a project aimed at serving an extremely underserved market that is well-positioned to continue its nation-leading growth for decades to come.
Nation-Leading Growth Fundamentals:
Since 2010, the population within The Villages MSA has grown by 40.2% to an estimated 130,000, making it the fastest-growing metro area in the United States. Fueled by the continued expansion of The Villages master-planned community, this rapid influx of residents has led to a robust economic expansion that has increased employment by 4.7% over the course of the past year .8% faster than the United States during this same time frame.
Severely Underserved Market:
While the development of for-sale residential housing has been booming within The Villages, development outside of The Villages has failed to keep up with the tremendous growth occurring in the region. According to Census data, 60.7% of individuals who work in the Villages currently live more than 10 miles away, with over 2,000 workers commuting daily from Orlando, Tampa, and Jacksonville combined. New development is desperately needed to relieve the tremendous supply/demand imbalance across multiple property types. Currently, only 743 market-rate units exist to serve a workforce of 65,412. At the industry standard of 5:1 jobs per unit, the market would require the development of an additional 12,339 units to reach equilibrium.
Ability To Capture Multiple Renter Demographics:
The Site’s unique location adjacent to The Villages allows it to capture demand from multiple sources. Demand will be robust from the 65,400 employees working in and around The Villages extremely underserved by the current housing stock and will continue to be as the labor force within the PMA is projected to steadily outpace the state of Florida’s employment growth. Meanwhile, with a steady pipeline of 4,000 homes delivered each year, the Property will attract those who are looking to move to The Villages but initially want to rent in order to test out the area.
Highly Desirable Location:
The Property’s location allows for convenient access from some of the area’s top demand drivers. Over 1.1 million sf of retail exists within the 3-mile radius surrounding the Site. Residents have immediate access to a Publix anchored shopping center, Aldi, Walmart supercenter, and various restaurants that line E County Road 466. The Property is one mile from The A-Rated Villages Charter Schools, which offers K-12 education, available only to the children of employees working in The Villages. The Property is also within a 15-minute drive to both UF Health The Villages Hospital (1,700 employees) and the Center for Advanced Medicine at Brownwood (560+ employees). UF Health recently announced the purchase of 27 acres in neighboring Summerfield to expand its medical footprint in the area, the new campus is projected to employ over 1,500 people.