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Growth continually seen on U.S. 90 West
| MADELYN TROYANEK/Lake City Reporter The most visible growth area in Columbia County and one with a steady increase in land values is on Lake City's west side, along U.S. 90 West and beyond Interstate 75, shown above. |
By JUSTIN LANG
jlang@lakecityreporter.com
Columbia County's population has grown from about 43,000 to about 59,000 during the past 10 years, according to the U.S. Census Bureau. Commercial development has followed that trend.
The most visible growth area and one with a steady increase in land values is on Lake City's west side, along U.S. 90 West and beyond Interstate 75.
Doyle Crews, Columbia County property appraiser, said many commercial real estate sales are confined to this area.
"That is where the most of our commercial sales are," Crews said. "You can pick out patterns and where they are going, those are the areas
that we see are the most
active commercial areas in the county."
Charlie Sparks, broker associate for the Daniel Crapps real estate agency, consistently has several commercial properties listed and is responsible for multiple development projects with the Westfield Group, a firm he co-owns and is general partner with local businessman Scott Stuart.
With Westfield Group, Sparks has developed Jackson Square off U.S. 90 West and Marion Crossing on U.S. 41/441 South (Main Boulevard).
Sparks said U.S. 90 West, both up to and beyond I-75, is currently the pocket of highest growth in Lake City.
"I think right now the hot commercial strip is U.S. 90, and probably the boom area is west of the interstate," he said.
Sparks said this is probably aided by planned Florida Department of Transportation improvements to four-lane U.S. 90 West from Lake City Avenue to Brown Road. The availability of city sewer, water and a high traffic count, he said, also adds to its commercial desirability.
Crews said growth in this area also is due to scarce commercial land along U.S. 90 East and West, which means many new developments go beyond I-75 for road-front property.
"There's no more land so they are going more on the other side of the Interstate and buying," Crews said.
Several businesses have moved or expanded operations in this area in the past 10 years.
During the past year, at the intersection of Turner Avenue and U.S. 90 West, two new bank branches have been built by Columbia County Bank and First Federal Savings Bank.
According to records from Crews' office, First Federal paid $525,000 in 2001 for the 3.9 acres, which is about $135,000 per acre.
Columbia County Bank bought 2.25 acres in 2000, for $350,000 or about $155,000 per acre, according to records at Crews' office.
What's left of commercial land along U.S. 90 West closer to town carries the highest value.
In the area closest to I-75, Sparks said a "typical site might be $500,000 to $600,000."
"The farther west you get of that, the values become less," he added.
According to county records, .98 acres on U.S. 90 West that will become a Floyd's Diner sold for $425,000.
Though U.S. 90 West is the most common area of commercial development and maintains the highest value, land along State Road 47 (south of town) is beginning to see its share of construction and sales as well, Crews said.
He said the property appraiser's office already is seeing steady sales of commercial lots along SR 47 - mostly to become doctor's offices - and believes it also may be because of future FDOT plans.
"I think that is in anticipation of State Road 47 being four-laned out to I-75," he said.
The typical per acreage cost for commercial land is much lower than frontage along U.S. 90 West, according to county sales records, but increasing rapidly.
A commercial lot purchased in 1999 at the intersection of SR 47 and Michigan Street, for example, was sold at $180,000 for 2.44 acres to Charles and Beverly Graper of Newberry. Though a similar sized lot on U.S. 90 West would be more, the same lot sold for $32,000 only one year earlier.
Sparks said growth on SR 47 will increase with road widening, but expects even more if city utilities were provided all the way to I-75.
While he said city water is desirable, "city sewer is really going to be the main driver for commercial development."
"That's going to be the key to unlock that development down there," he said.
Crews said sales nor the increase of commercial land value has showed any sign
of slowing along U.S. 90 or
SR 47.
"We follow the market, so we watch for what it's selling for," he said. "It's increasing year to year for sure."
Overall, he said, in the past 10 years, local commercial development has been "tremendous" and has "doubled practically."
The types of businesses which are part of the growth are service-oriented development, he said, those responding to an increase in population - such as Lowe's Home Improvement Warehouse and Office Max and also restaurants, both fast food and
dine-in.
"All of those are beginning to pop in," Crews said. "The county is growing slowly, I think it's staying up with growth in the county. More restaurants and retail stores are following the population increase."
Crews' office is constantly trying to keep their assessed land values up to date with real estate market changes.
With most commercial land centered around Lake City's main traffic arteries, Sparks said another major roadway could bring both commercial and residential development along its shoulders.
With the $10 million, six-segmented construction of the Bascom Norris Bypass project under way, Sparks already has properties listed along what likely will be Lake City's next major thoroughfare.
Once Bascom Norris is complete, Crews said he expects the value and sales of land along it to increase.
"I think that will be a major road for commercial business and local traffic," he said.
With Columbia County taking care of road construction and the city of Lake City handling utilities, frontage on Bascom Norris may be exactly what developers are looking for.
"Any place where you are close to the main travel arteries and you have city utilities available, growth and development will start to fill in to some of those areas," Sparks said.
He said it's important for the city and county to get ahead of the growth by providing areas already ripe for commercial construction.
"I think the city and the county need to always be on the front edge of growth," he said. "Growth is going to be dependent on an infrastructure being in place."
Ten years from now, Sparks said he still sees the section of U.S. 90 West beyond I-75 as a" pretty popular commercial strip, west on 90 probably to Brown Road for sure."
He said he also expects more growth along State Road 247 (Branford Highway) and more development south of the Columbia County Fairgrounds.
For the State Road 47 and I-75 interchange, Sparks predicts more development in the form of hotels, restaurants and possibly even strip centers to serve both tourists and Lake City residents south of town.
Columbia County's population has grown from about 43,000 to about 59,000 during the past 10 years, according to the U.S. Census Bureau. Commercial development has followed that trend.
The most visible growth area and one with a steady increase in land values is on Lake City's west side, along U.S. 90 West and beyond Interstate 75.
Doyle Crews, Columbia County property appraiser, said many commercial real estate sales are confined to this area.
"That is where the most of our commercial sales are," Crews said. "You can pick out patterns and where they are going, those are the areas
that we see are the most
active commercial areas in the county."
Charlie Sparks, broker associate for the Daniel Crapps real estate agency, consistently has several commercial properties listed and is responsible for multiple development projects with the Westfield Group, a firm he co-owns and is general partner with local businessman Scott Stuart.
With Westfield Group, Sparks has developed Jackson Square off U.S. 90 West and Marion Crossing on U.S. 41/441 South (Main Boulevard).
Sparks said U.S. 90 West, both up to and beyond I-75, is currently the pocket of highest growth in Lake City.
"I think right now the hot commercial strip is U.S. 90, and probably the boom area is west of the interstate," he said.
Sparks said this is probably aided by planned Florida Department of Transportation improvements to four-lane U.S. 90 West from Lake City Avenue to Brown Road. The availability of city sewer, water and a high traffic count, he said, also adds to its commercial desirability.
Crews said growth in this area also is due to scarce commercial land along U.S. 90 East and West, which means many new developments go beyond I-75 for road-front property.
"There's no more land so they are going more on the other side of the Interstate and buying," Crews said.
Several businesses have moved or expanded operations in this area in the past 10 years.
During the past year, at the intersection of Turner Avenue and U.S. 90 West, two new bank branches have been built by Columbia County Bank and First Federal Savings Bank.
According to records from Crews' office, First Federal paid $525,000 in 2001 for the 3.9 acres, which is about $135,000 per acre.
Columbia County Bank bought 2.25 acres in 2000, for $350,000 or about $155,000 per acre, according to records at Crews' office.
What's left of commercial land along U.S. 90 West closer to town carries the highest value.
In the area closest to I-75, Sparks said a "typical site might be $500,000 to $600,000."
"The farther west you get of that, the values become less," he added.
According to county records, .98 acres on U.S. 90 West that will become a Floyd's Diner sold for $425,000.
Though U.S. 90 West is the most common area of commercial development and maintains the highest value, land along State Road 47 (south of town) is beginning to see its share of construction and sales as well, Crews said.
He said the property appraiser's office already is seeing steady sales of commercial lots along SR 47 - mostly to become doctor's offices - and believes it also may be because of future FDOT plans.
"I think that is in anticipation of State Road 47 being four-laned out to I-75," he said.
The typical per acreage cost for commercial land is much lower than frontage along U.S. 90 West, according to county sales records, but increasing rapidly.
A commercial lot purchased in 1999 at the intersection of SR 47 and Michigan Street, for example, was sold at $180,000 for 2.44 acres to Charles and Beverly Graper of Newberry. Though a similar sized lot on U.S. 90 West would be more, the same lot sold for $32,000 only one year earlier.
Sparks said growth on SR 47 will increase with road widening, but expects even more if city utilities were provided all the way to I-75.
While he said city water is desirable, "city sewer is really going to be the main driver for commercial development."
"That's going to be the key to unlock that development down there," he said.
Crews said sales nor the increase of commercial land value has showed any sign
of slowing along U.S. 90 or
SR 47.
"We follow the market, so we watch for what it's selling for," he said. "It's increasing year to year for sure."
Overall, he said, in the past 10 years, local commercial development has been "tremendous" and has "doubled practically."
The types of businesses which are part of the growth are service-oriented development, he said, those responding to an increase in population - such as Lowe's Home Improvement Warehouse and Office Max and also restaurants, both fast food and
dine-in.
"All of those are beginning to pop in," Crews said. "The county is growing slowly, I think it's staying up with growth in the county. More restaurants and retail stores are following the population increase."
Crews' office is constantly trying to keep their assessed land values up to date with real estate market changes.
With most commercial land centered around Lake City's main traffic arteries, Sparks said another major roadway could bring both commercial and residential development along its shoulders.
With the $10 million, six-segmented construction of the Bascom Norris Bypass project under way, Sparks already has properties listed along what likely will be Lake City's next major thoroughfare.
Once Bascom Norris is complete, Crews said he expects the value and sales of land along it to increase.
"I think that will be a major road for commercial business and local traffic," he said.
With Columbia County taking care of road construction and the city of Lake City handling utilities, frontage on Bascom Norris may be exactly what developers are looking for.
"Any place where you are close to the main travel arteries and you have city utilities available, growth and development will start to fill in to some of those areas," Sparks said.
He said it's important for the city and county to get ahead of the growth by providing areas already ripe for commercial construction.
"I think the city and the county need to always be on the front edge of growth," he said. "Growth is going to be dependent on an infrastructure being in place."
Ten years from now, Sparks said he still sees the section of U.S. 90 West beyond I-75 as a" pretty popular commercial strip, west on 90 probably to Brown Road for sure."
He said he also expects more growth along State Road 247 (Branford Highway) and more development south of the Columbia County Fairgrounds.
For the State Road 47 and I-75 interchange, Sparks predicts more development in the form of hotels, restaurants and possibly even strip centers to serve both tourists and Lake City residents south of town.
. wrote on Jan 30, 2008 11:01 AM: