Sarasota, Florida (PRWEB) December 27, 2012
Price appreciation can be expected for residential properties in south Manatee and north Sarasota with the recent groundbreaking for the $315-milliion University Town Center mall bordering Lakewood Ranch. This project is located in a 73-acre site at the University Parkway and Interstate 75, a heavily traveled interchange that has daily traffic of 62,000 vehicles, according to the Florida Department of Transportation (FDOT).
The project’s locality, along with its 10-mile radius, is shaping up as a regional hub. The University Town Center, which will have its main entrance at the North Cattlemen Road Extension, has several features. Its mall will have a floor area of 880,000 square feet and will host 115 stores anchored on such big names as Macy’s, Saks Fifth Avenue, and Dillard's. The mall’s tenants will also include six sit-down restaurants.
New System to Ease Vehicular Traffic
The mall is programmed for an October 2014 inauguration. The second phase of the University Town Center project calls for the construction of two hotels, 1,700 residential units, and 220,000 square feet of office space. These developments are complemented by the Florida World Aquatic Center, a world-class rowing facility, which too is fast shaping up at the lake-based Nathan Benderson Park a short distance north of University Town Center.
The concern on added vehicular traffic in the area is expected to be eased with the slated completion of the North Cattleman Road extension in March 2013. Moreover, FDOT efforts are underway to have Interstate 75 better handle the increased vehicular loads. The department’s engineers are designing a new infrastructure at Exit 213 of the interstate. The design features include larger off-ramps and a diverging diamond interchange, the first in Florida. This system, common in the western states, has two roads looping twice over each other as they snake below the highway bridge overhead. Traffic conflict points are expected to be lessened and vehicular movement enhanced with this new system in place at the busy intersection.
Where Price Points Are Low
The 8,500-acre Central Park in Lakewood Ranch is one of the communities where Sarasota Bay Real Estate expects property value appreciation on the heels of the University Town Center development. Price points are still relatively low at this neighborhood, one of the newest additions to the Lakewood Ranch communities.
The residences in this neighborhood, which is located just a few miles north of the University Town Center, consist of single family homes built around a 10-acre park. Green certified construction materials and techniques were used to build Central Park homes. These energy-efficient residences typically have starting prices in the high $100s at the low end of a sales listing. Quoted prices for upper-end choices reach the $400s.
Floor plans of sales-listed residences in the community range from 1,040 square feet to more than 3,000 square feet. The amenities in this neighborhood include a baseball field, tennis courts, a covered pavilion, and a children’s playground. Central Park is in the northeastern section of Lakewood Ranch Boulevard, with 44th Avenue at its northern border and Malachite Drive at its southern periphery.
About Sarasota Bay Real Estate
Sarasota Bay Real Estate is a full service real estate brokerage in Sarasota Florida owned by Sarasota real estate broker, Christina Miller, and marketing professional, Roy Hunter. Together they, and their team of well-experienced agents, provide the best-in-class real estate marketing services for the properties in the company’s inventory.
Sarasota Bay Real Estate Internet assets receive more than 1,000 visits from perspective home buyers a day due to the wealth of local community information published by the company. Through a direct feed from the Sarasota MLS, Sarasota Bay Real Estate publishes the most current real estate information on the Internet for the Sarasota, Florida, market.
Contact information for Sarasota Bay Real Estate can be found at http://sarasotabayrealestate.com/