Florida Commercial Real-Estate Land for Development

With this properties unique location it serves as a 'connecting piece' for a roadway development. A developer could open up this parcel with placement of a road through it and thus create even more frontage for retail business. Please refer to the map as well as our online presentation for more information on this.

Listing: For Sale by Owner
Brokers welcome. Commission will be agreed upon on contact.
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4. Shopping within 1/4 mile at Super Wal-Mart
5. Shopping within 1/4 mile at Lake City (Gleason) Mall

Location Overview

The State of Florida's main boon has been a steady and above-average population growth. The temperate climates and lifestyle draw over 360,000+ new residents per year. This starts with Florida's massive draw as a top-teir vacation destination with tourists bringing dollars into the state's economy every year. With benefits such as no state income tax and a lower cost of living, population and job growth will continue to grow regardless of economic conditions.

Lake City is centrally located in North Florida. Next to two metropolitan areas, Jacksonville and Gainesville Florida (with 800,000 thousand and 200,000 residents, respectively), Lake City is the third largest city in the region. This affords for major commercial and economic growth.

Lake City is the county seat of Columbia County, whose population in 2005 was 64,000 and steadily has been rising at 13.3 percent over past five years. This is 2 percent higher than the state's average growth. Located 6 miles south of the intersection of Interstate 75 and I-10 through traffic is a major source of revenue. We are the main tourist stop-over before heading down south to hit tourist destinations such as Orlando and Tampa.

An excellent place to raise a family, Lake City has a small-town feel with up-and-coming large town development. Over the past ten years Lake City has drawn in major restaurant, hotel and shopping chains and the steady job and population growth proves that this is a key market for major retailers.

We are the first major market for interstate travel when entering Florida and the largest market in 40+ miles. Traffic counts for the property are very high due to the heavy interstate travel, and this even reflects in local restaurant sales 30% over most market averages in Florida.

The main center for commercial development is right along HWY 90 and I-75. With a long standing track record of lucrative business development, this is the most sought after location in the area. Looking closer we see that many major food, hotel and shopping retailers have found this area to be very successful. This three-mile or so strip supports 90% of the town's retail commerce.

Property Information

Located right in the heart of Lake City's commercial center, there is NO other parcel of land available of comparable size and presence. A frontage of over six hundred feet on heavily traveled Highway 90 is unheard of, as all the neighboring parcels are taken by other thriving businesses.

As you have seen the surrounding area has a massive commercial draw (with shopping, dining and lodging)... which the developer of this large parcel can exploit. With a new Target distribution center, publix shopping center expansion and many new hotels and restaurants commercial land is in this area is in great demand and drawing new business to a commercial development of this size would be relatively easy.

Highway 90 has been the main through-fare of Lake City and only recently, in the last 5+ years have there been new off-shoot roadway development that draws the traffic directly off 90 to new businesses -- which has been the key to many businesses success as they are able to take advantage of the large amount of thru traffic off 90. With a size of 25 acres and its unique location, a developer could create an interior road which will open up both sides of the property to commercial development, thus creating a large amount of new frontage for commercial business. The ability to connect several roadways is also a very unique feature of this property. There is more than enough land for an anchor store and several out-parcels perfect for the large chain restaurants actively seeking expansion to Lake City. Ultimately there are many options available when you have a parcel of this size and one can rest assured any development configuration they have in mind will be possible.

The property consists of over eighty five to ninety percent cleared, ready-for-development land. Several businesses consisting of a hotel, food store and Subway restaurant comprise the frontage portion of the property along Hwy 90. Public water and sewer is available to this property. This property is best suited for large development but for detailed specifics on the current businesses located on the parcel, please contact us.

Favorable factors affecting the exposure time of the subject property include the property's favorable location within the main development area of Lake City, as well as its location along Lake City's primary east-west thoroughfare, US Highway 90. The subject property also benefits from exposure near Interstate Highway 75, one of the country's most heavily traveled north-south interstate highways and the primary ingress/egress route for tourist traffic to the State of Florida. This area of Columbia County is currently experiencing rapid growth and expansion, and commercial property in the area of the subject property is in relatively high demand. The Area and Neighborhood Analysis sections of this report further illustrate the economic conditions within the area of the subject property.

Based on the above analysis, an exposure time of three months appears reasonable and reflective of current market conditions.

Columbia County contains 797 square miles. Among the county's natural resources are the Osceola National Forest, the bordering Suwannee River, and the Ichetucknee River that provides nearly three miles of swimming, tubing, and canoeing.

The Columbia County 1999 population was estimated at 57,226, and the projected population for the year 2005 is 64,910 representing a 13.42% (or 2.24% per year) increase, while the projected population for the year 2015 is 76,399, representing a 33.50% increase (or 2.09% per year). The Columbia County population increased 34% between 1990 and 1999. The city of Lake City had an estimated 1999 population of 15,000.

There is a relatively equal distribution of population among the various age groups with the greatest percentage in the 25-44 year-old age bracket (28.30%). The remaining age brackets are ranked as follows: 45-64 (22.50%), 0-14 (21.29%), 15-24 (14.55%), and 65+ (13.35%). The median age as of 1/1/1997 was 35.2 years.

The 1999 county population density is 71.80 persons per square mile (797 square miles) with the majority of the population centered in and around the area's incorporated cities.

In addition to general population growth, per capita personal income has grown and is expected to continue to grow (Source, Florida Trend Magazine 1997 Economic Yearbook). The most recent study revealed a per capita personal income of $16,600, and a median household income of $24,022.

In Columbia County, the largest employer is the Columbia County School System with approximately 1,159 employees. The VA Medical Center is the second largest with 963, followed by the TIMCO Corporation (765), Homes of Merit (650), Department of Transportation (590), Columbia Correctional Center (449), PCS Phosphate (375), Lake City Medical Center (309), and Anderson Columbia Company (302).

Columbia County has a labor drawing area with an approximate radius of 30 miles, and an estimated available labor force of 55,000. In Columbia County alone, the labor force is estimated at 24,188.

Regarding unemployment rates, Columbia County's percentage is equal to the statewide percentage while Florida is slightly higher than the national average. The county's unemployment rate in February 2000 was reported to be approximately 4.3 percent, compared to the statewide rate of 3.7 percent.

Rail services are provided to the area by the CSX Transportation Company and by Norfolk-Southern. Railroads provide an important function for many industries of the area, especially those in forestry related businesses and phosphate mining. Additional transportation services are provided by bus lines, various trucking companies, and numerous overnight parcel delivery companies. Columbia County contains the Lake City Municipal Airport with a runway length of 8,000 feet. The Jacksonville International Airport is located approximately 60 miles to the east of Lake City, and the Gainesville Airport is 45 miles to the south.

The area is fortunate to be served by numerous major road networks: Interstate Highways 75 and 10, US Highways 90, 41, and 441, and State Roads 25, 47, 100, and 247; and various connecting roads. The roadways provide good access between locations and traffic congestion has been increasing in the recent past due to the increase in commercial business and population growth in the area. In order to offset these current and potential traffic problems, US Highway 90, from County Road 247 to Interstate Highway 75, has recently undergone a major widening and resurfacing. The project increased the size of the thoroughfare from four to six lanes, and includes a center turn lane and concrete and landscaped medians. The project also incorporated the implementation of an improved drainage system and new traffic signals.

Plans are currently being finalized for construction of a new bypass road which will divert traffic from US Highway 90, currently the area's most heavily traveled east-west thoroughfare. The project, currently named the Western Bypass, will have its origin at Douglass Road and US Highway 90 West just west of the Gleason Mall and in the main development area of Lake City. From this point, the Western Bypass will carry traffic north-northeast past the Lowes Home Center and toward Lake Jeffrey where it will cross County Road 250 (Lake Jeffrey Road) and connect with the Norris Bascom Bypass. It will then continue east as Norris Bascom until its northern terminus at US Highway 41. To the south from US Highway 90 West, the bypass will continue in a southeasterly fashion through the existing Columbia County fairgrounds property until connecting with Old Troy Road. It will then continue past the eastern terminus of Old Troy Road and through the northern portion of the Quail Heights subdivision where it will cross County Road 341 (Sisters Welcome Road) and connect with Marvin Burnett Road. Marvin Burnett Road then continues east to its terminus at State Road 47. This project should serve to alleviate traffic congestion problems along the county's current major arterials and will provide direct access to developing residential areas north and south of town.

Most major roads are in good condition. The various governments appear to have followed adequate maintenance programs. Parking may only be a problem in the downtown business district but as a rule, plenty of parking spaces are available. Parking at most other locations is generally adequate.

Retail growth has been a major force in the economic upswing of Columbia County. In the past ten years, the county has seen the addition of a Wal-Mart Superstore, Red Lobster, Applebee's, Fazoli's, Texas Roadhouse, Lowes Home Center, and RJ Gators. All of this new construction has taken place in the vicinity of US Highway 90 and Interstate Highway 75. In addition to retail growth, the county has also seen the addition of new Chevrolet, Mazda, and Chrysler/Plymouth/Dodge dealerships; the $33 million dollar Lake City Medical Center; and a Jameson Inn and Microtel Motel in the area.

Within the past six months, an increase in development has been experienced within the main development area of Lake City. Gleason Mall, the area's only enclosed shopping mall has recently completed the first phase of a major renovation and expansion which will provide a new retail space to an existing anchor tenant and will bring in a new anchor tenant. Also, the management of the mall has recently procured two new interior tenants, a shoe store and music and book store. The construction on Gleason Mall will also include a full renovation and is expected to be completed within the spring of 2001. Across US Highway 90 from the mall, a new Office Max store has recently been completed in a new shopping plaza named Gleason Place. The Office Max occupies roughly half the site area leaving room for future development. Further east on US Highway 90, a stand-alone Eckerd's store and Kentucky Fried Chicken recently opened, and a new Crystal franchise recently opened across from the aforementioned Gleason Place. Projects currently under construction or planned for the near future in the area include a 320 unit luxury apartment complex, a Harley Davidson dealership, a new Ford/Lincoln/ Mercury dealership, a Country Inn and Suites hotel, and six acre Travel Country RV sales and service center (recently opened).

At the intersection of US Highway 90 and State Road 247, construction is nearing completion on a Walgreen's drug store.

The city and county have also seen a rash of residential development within the past five years. Several residential subdivisions are currently selling lots and, according to local market participants, an increase of lot sales and building activity has been experienced. In 1999 alone, 16 new subdivisions were recorded in Columbia County, including Laurel Lakes, Cypress Landings, and Hills of Windsor (an affluent gated community marketing lots restricted to construction of homes 3,500 square feet and larger). In 1998, 221 single family homes were constructed in the area. In early 2000, construction began on two new phases of one of the most active subdivisions in Lake City, the Plantations, located on the north side of US Highway 90, just west of Interstate Highway 75.

Commercial office subdivisions have also seen increases in sales and development over the past several years. South Bank Place, the North Florida Professional Park, and the Plantations commercial subdivisions have all experienced good absorption rates over the past five years, with South Bank Place being 100% developed. North Florida Professional Park is approximately 67% developed (4 of 6 lots taken down), while the Plantations commercial subdivision is the newest of the existing parks and has been approximately 76% developed (13 of 17 lots sold) since selling its first lot in August 1997. In addition to these developments, two new office subdivisions have recently completed the infrastructure phases of development. Stonegate Park is located on the south side of US Highway 90, directly across the street from the Plantations, just west of Interstate Highway 75 and will market 19 individual lots. Marion Place, is located in the northeastern quadrant of the intersection of US Highway 41 and Malone Street in southern Lake City. This project will be developed in conjunction with a proposed adjacent residential development and will market 15, 1/2 acre lots. As of May 10, 2000, six commercial lots in this development have sold.

The Columbia County Courthouse is in the midst of a full scale renovation and addition. Upon completion of this first phase of the project, one of the two remaining phases will begin. These phases will include the renovation of the courthouse annex which currently houses the planning and zoning department, property appraiser's office, and tax collector's office; as well as the renovation of the original portion of the main courthouse. The Supervisor of Elections building and adjacent office building was recently razed in order for the county to extend Olustee Park, the original town square, back to its original size which extended south to US Highway 90.

The Columbia County Board of County Commissioners recently approved an incentives package that will bring a computer call center operated by Service Zone to the area. This facility will handle phone calls from customers with questions regarding computer equipment and/or credit card accounts.

Other growth indicators include a new high school in Fort White, and a new elementary school southwest of Lake City on the west side of State Road 247 near Troy Road.

The area has a typical balance (compared to similar rural communities) of industrial centers, commercial districts, residential neighborhoods, apartments, churches, schools, universities, medical facilities, and park areas. Columbia County and Lake City still has substantial land for development, particularly in the outlying county areas. Remaining growth and redevelopment of older properties are occurring at mixed rates. Other parts of the county that are less built up are growing at stable rates.

Columbia County contains two hospitals with 203 total beds, two emergency centers, the VA Medical Center with 140 beds, one VA nursing home with 210 beds, three private nursing homes with 275 beds, approximately 45 doctors, 22 dentists, and 6 optometrists. The new Lake City Medical Center hospital has recently been completed and opened for operation in the northeast quadrant of Interstate Highway 75 and US Highway 90. This facility is expected to serve a larger population base, as well as provide medical services previously unavailable in the Lake City/Columbia County area.

Building permits for 1999 in Columbia County reflected a total value of $32,635,373.

The county added $139,764,067 in new construction to the tax rolls in 1999, 221 single family homes were constructed in 1998, and 16 new subdivisions were recorded in 1999.

Local governments are run by both elected and appointed officials. Both spending and taxation are reviewed annually. The current level of assessments and taxes is well within the reasonable guidelines established by the state. Homestead exemption of $25,000 is available for permanent residents and up to a 4 percent discount is available for early payment of taxes. A big drawing power to the state and area is that there are still no state or local personal income taxes.

Services provided by local governments include public water and sewer, police and fire protection, zoning and building regulations, and other administration. Trash collection is divided between city governments and private contractors.

Other utilities of the area include: electricity from Florida Power and Light Company, Florida Power Corporation, Suwannee Electric Cooperative, and Clay Electric Cooperative; telephone service from Southern Bell and Alltel; and piped natural gas from Lake City (distributor), and the Florida Gas Transmission Company (supplier). Most neighborhoods have adequate utilities and public services, however, the more outlying areas have inferior utilities and public services and use private wells and septic systems.

These and other statistics indicate a continuance of variable population and income growth, and a good base for reasonable demand in most sectors of the real estate market.

There appears to be adequate housing, existing and under construction, to serve the foreseeable residential needs of the area. The average household size is between 2 and 3 persons. In addition to supply and demand, residential interest rates have a substantial effect on both residential buying and construction. Current residential interest rates are favorable and are creating conditions which allow for development and refinancing.

In conclusion, the long-term outlook appears to be continued growth of population, employment, and income. Property values and demand are expected to exhibit mixed trends as the various market factors interact. Different areas will be growing at different rates depending on availability of land, supply and demand, and other factors.

The general area is considered to provide a diversified supportive economic base for most properties over the long term.