Lake Nona: Florida booms again
By: Shannon Watson •
When it comes to real estate, we’ve all heard the same old saying: location, location, location. Imagine a location less than 15 minutes from a major airport and less than 30 minutes from a major tourist attraction. Now imagine the cost of such a location. The likely price tag does not create an inviting image until you hear about the potential opportunities in one U.S city.
Welcome to Lake Nona, Florida.
Ten years ago, Lake Nona was heralded as the newest health care district model and elite-level science and research city, created to attract the best and the brightest researchers in cutting-edge medical technology. After the housing crisis and subsequent economic downturn, the idea never regained traction and has left behind real estate opportunities in the city located just 20 miles south of Orlando.
But, Lake Nona wasn’t completely abandoned and is home to a new Veteran’s Affairs hospital, the University of Central Florida medical school and the Nemours Children’s Hospital as well as the headquarters for the United States Tennis Association.
The city has a town center that includes hotel, office and apartment complexes, but is lagging behind in support services for the research and educational facilities. Restaurants are in high demand.
Lake Nona’s proximity to medical and educational access in addition to world-class tourist attractions such as Disney’s Magic Kingdom, Universal Studios Florida and the Epcot Center all combine to make a real estate venture in Lake Nona look promising.
Florida’s population is projected to grow to 29 million by 2030, and aging baby boomers are arriving with real estate needs that the savvy investor may tap. As the population increases and aging retirees arrive, real estate investment options may shrink.
Real estate may be location, location, location but timing may be just as important.
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