New urbanism proposes new models for the urban design of master-planned communi-ties and town centers. The financial performance of three projects is examined in detail: Seaside, a second-home resort in Florida; Lakelands, a master-planned community in Gaithersburg, Maryland; and Haile Village Center, a mixed-use residential, commercial, and retail center outside Gainesville, Florida. Seaside, which consists of 630 residential units, about 45,000 square feet of retail, and about 18,000 square feet of commercial space, has slowly developed into a financial success. The first lots sold in 1982 for $15,000; by 1992, the average price of new lots sold was $130,000 and by 2001 it was $690,000. The project has become a model for several larger second-home village-type resorts in northwest Florida. Lakelands, with 220 developable acres, has about 1,572 residential units (houses as well as multi-family), the majority produced by national homebuilders. The selling rate has been good: in the first three years, the project sold about 400 units a year. The land at Haile Village was originally bought for $2,500 per acre and is today sell-ing for more than $300,000 per acre; the value of the project at build-out is estimated to be about $500,000 per acre. Due to lack of visibility, there has been some difficulty in attracting a large variety of retail tenants.
Download Info
To download:
If you experience problems downloading a file, check if you have the
proper application to
view it first. Information about this may be contained
in the File-Format links below. In case of further problems read
the IDEAS help
page. Note that these files are not on the IDEAS
site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Publisher Info
Paper provided by Wharton School Samuel Zell and Robert Lurie Real Estate Center, University of Pennsylvania in its series Zell/Lurie Center Working Papers with number
429.