The new Poinciana Parkway in Central Florida could boost property prices by up to a quarter, according to news reports.
The 9.6-mile two-lane toll road from Poinciana to the busy I-4 corridor, is already causing Poinciana, at the southern part of Kissimmee, property values to increase by up to 25%, says a Poinciana Parkway Q&A document.
The road is estimated to be finished by May 2017, but it is currently ahead of schedule, says Atlee Mercer, Chairman of the Osceola County Expressway Authority.
According to its progress report in February and the latest aerial photographs, work on the long-awaited road is forging ahead and is around 38% complete.
Just over $30million of the original budget of $68.78million has been spent so far on the project, which began in December 2014.
One of the leading real estate developments in the area is Feltrim Group’s new Tuscany Preserve at Lake Marion, which includes 500 three and four-bed townhomes, and two-bedroom villas.
The gated development alongside the 2,990-acre Lake Marion, includes a wide range of amenities including a clubhouse with a fitness center and swimming pool, tennis courts, basketball courts, and a children’s play area. The Bull Run Golf Course is less than five minutes away.
Feltrim Group, Chief Executive Officer, Garrett Kenny says, “It is well-known that when road and rail connections improve in an area, nearby real estate often benefits and demand and prices rise.
“Great strides are being made with progress on Poinciana Parkway and once the highway opens, it will bring a major improvement in travel time to Orlando’s theme parks, attractions, shops and golf courses, as well as connections to other major routes.”
The Poinciana Parkway work is being Jr. Davis Construction and UIG Poinciana Parkway LLC.
Poinciana Parkway is set to be the first part of a long-term project for a belt-way around South Osceola County that links the I-4, US-192, Osceola Parkway and Florida’s Turnpike.
Poinciana is also planned to be last stop for the commuter rail, SunRail, terminal, which is scheduled open in 2016. The 61.5-mile commuter rail system that will link Poinciana to major areas around Orlando, Sand Lake Road, Orlando Health, Downtown Orlando and more.
Poinciana’s population has risen rapidly over recent years and reached 54,442 in 2014, the latest data shows.