Fort Walton Beach Council agenda — 03-23-2010 Special-Soundside Develp. Project — reading text

BUILDING PERMITS ISSUED - OKALOOSA COUNTY Year Single Family* Multifamily*Multifamily* Total YTD 2009 thru Oct 166 0 166166 20082008 258258 4444 302302 20072007 397397 129129 526526 20062006 713 45 758758 2005 1, 011 810810 1, 821 2004 882 425425 1, 307 20032003 863 14 877 2002 933 263 1 1,1, 196196 2001 1 380 1 257 637637 Note: YTD 2009 represents data collected through October. SF=SF= underunder 55 units,units, MF=MF= overover 55 units.units. Additionally,Additionally, datadata representedrepresented inin unitsunits andand onlyonly includesincludes unincorporated unincorporated areasareas ofof OkaloosaOkaloosa County.County. Source: US Census Bureau - Building Permits. The chart above illustrates the dramatic decline from a peak in 2005 to the present time. Until the market is balanced and financing is more readily available, construction permits will likely remain below historical levels. www.gotovalue.com Page 32 Value Tech Realty Services, Inc. 47-  Sound Side Apartments Okaloosa County Area Analysis The Okaloosa County Economic Development Council has expressed concern over the lack of available housing for the workforce community. As early as 2006, the EDC has been championing further development of homes priced between 60% and 120% of the area median income — typically known as workforce housing. Workforce housing in Okaloosa County should be priced between $ 125, 000 and 250, 000.Recent discussion with economic development officials has revealed that there are not any existing housing communities in Okaloosa County that would successfully match the criteria of workforce housing and the demand to come from inbound military personnel and military -affiliated subcontractors. The following graphic was produced for a 2006 study conducted by the Hass Center of the University of West Florida on the topic of workforce housing needs: Median home values are illustrated in the following table: MEDIAN HOME VALUES FOR 2009 -2014 OKALOOSA COUNTY Household Change 2000 2009 2014 2000 -2009 2009 -2014 969792 1 152, 238 Compounded annual growth rate 1$ 177, 788 57. 3% 5. 2% 16. 8% 3. 2% Source: Demographic and Income Profile, ESRI Site Analysis. As in many other parts of Florida and the nation, median home prices rose substantially throughout most of the decade. Since then, prices have fallen in the wake of the sub -prime mortgage crisis and a declining economy. Nonetheless, projections for 2014 reflect a price increase as the economy recovers and home prices return to their former levels. Strong projected population and household growth for the county will also foster this trend. Tourism Tourism in Okaloosa County is big business, recording an impact of over $ 1 billion annually. The Gulf Coast offers numerous recreational activities, from beach relaxation to surfing to fishing to almost three dozen golf courses. One of the more unique opportunities the Emerald Coast area offers is dolphin watching. There are a few companies that charter glass bottom boats for day trips out onto the Gulf of Mexico, providing educational narration, an air conditioned cabin, and a snack bar. Value Tech Realty Services, Inc. www.gotovalue.com Page 33 48-  Sound Side Apartments Okaloosa County Area Analysis The 24 miles of coast in Okaloosa County were voted the safest in the country. There are four newly renovated parks on the beachfront: Beasley Park, James Lee Park, Marler Memorial Park, and Wayside Park. All of these, and six other mini -parks, feature ADA accessibility, showers, and bathrooms for beachgoers to use at their discretion. The Bluewater Bay Golf Course is one of over 25 golf courses in Okaloosa County. There are two 18- hole courses designed by the renowned Tom Fazid and Jerry Pate. Bluewater Bay also offers a variety of accommodations, including villas and condominiums. Destin Commons is the area' s premier outdoor lifestyle center, offering residents opportunities to shop, eat, and experience numerous other forms of entertainment. Spread out over 56 -acres and comprised of 470, 000 square feet, the Destin Commons is anchored by Belk, Worldwide Sportsmen Bass Pro Shops, and a 14- screen stadium -style movie theatre called Rave Motion Pictures. There are over 80 retail stores, including Abercrombie & Fitch, Brookstone, Victoria' s Secret, and Banana Republic. There are 13 restaurants, including Blue Point Fish Club, Panera Bread, and the Hard Rock Cafe. Additionally, the Destin Commons offers Class -A office space and a soft -play kids playground in the plaza center. Destin Commons opened in 2004 and has been voted best place to shop on the Emerald Coast. The Sasquatch Zoo in Crestview is home to many exotic animals and birds. Sasquatch Zoo offers a less commercialized attraction, featuring animal exhibits and a few picnic tables about to encourage guests to relax, reflect, and learn rather than be bombarded with merchandise and thrill rides. There are cages featuring lions, tigers, bobcats, antelope, and majestic birds at the zoo. The Okaloosa County Park System features plenty of areas reserved for picnics, playgrounds, and hiking. In the northern part of the county, Blackwater River State Park and Eglin Reservation offer opportunities for kayaking, canoeing, tubing, and whitewater rafting, complete with rest areas and picnic tables. RIVER STATE PARK 24 MILES OF BEACH GOLF COURSES DESTIN COMMONS SASQUATCH ZOO DOLPHIN WATCHING Value Tech Realty Services, Inc. www.gotovalue.com Page 34 49-  Sound Side Apartments Okaloosa County Area Analysis Medical There are several hospitals in the Okaloosa County area. The major hospitals in the market are listed in the following table: MAJOR HOSPITALS Name Location Beds Fort Walton Beach Medical Center Fort Walton 257 North Okaloosa Medical Center Crestview 110 Sacred Heart Hospital, Emerald Coast Destin 55 Twin Cities Hospital Niceville 51 Source: American Hospital Directory Schools The Okaloosa County school system has been recognized as an " A" -rated district since 2004. The district offers 55 total schools: 22 elementary schools, 11 middle schools, 3 K -12 centers, 8 high schools, 6 alternative schools, and 5 charter /contract schools. There are also numerous opportunities for education at the university level, including Okaloosa -Walton College, which enrolls over 15, 000 students across six campuses and offers Associates and Bachelors degrees in various specialties, and the University of West Florida, which serves a student population of approximately 10,000 and offers 50 undergraduate and 24 master' s degrees. Transportation Interstate 10 provides direct east -west access to regional and national markets intersecting major north - south interstates I -65, I -75 and I -95. US 90 runs parallel to the CSX Rail Transportation System that connects users to all regions of the country. US 98 is a main thoroughfare running along the coast from west Alabama connecting Pensacola, Fort Walton Beach, Panama City, Port St. Joe, Apalachicola and then north to Tallahassee. Highway 20, parallel to I - 10, also connects Tallahassee to central Okaloosa County. Airports The Northwest Florida Regional Airport is located on Eglin AFB and serves over 800, 000 commercial passengers each year. The airport offers connections to major airline hubs in Atlanta, Charlotte, Chicago, Cincinnati, Dallas, Houston, Memphis, and Tampa. Airlines that transit in and out of the Northwest Florida Regional Airport include: American Eagle, Continental Airlines, Delta Airlines, Northwest Airlines, and US Airways. Railroads CSX Rail Transportation is a carrier and industrial transport company that operates a depot in Crestview, Florida. They do not offer commercial transportation. Port The nearest ports to Okaloosa County are The Port of Pensacola, 40 miles to the west, and The Port of Panama City, 55 miles southbound along the Gulf Coast. Both of these ports offer deepwater berths, warehouses, and cargo handling areas for domestic and industrial markets. Value Tech Realty Services, Inc. www.gotovalue. com Page 35 50-  Sound Side Apartments Okaloosa County Area Analysis Government Okaloosa County consists of five County Commissioners, elected at large and serving staggered four year terms. The Board of Commissioners selects a County Manager to execute all of the policies established by the Board and to administer all of the government departments. All public county offices,