As the Marco Island Planning Board continues its deliberations over the revisions to the Land Development Code (LDC), they were given a status update on what is available for single family residential lots to build on.
Lina Upham, who has a temporary assignment to the Growth Management Department, gave the board an overview of available single family home lots on the island. According to data from the Collier County Appraiser’s Office and GIS Data from Marco Island, as of November 22, 2016, there are 8,311 single family lots. The breakdown of those lots is as follows: 6,807 are built upon; 1,504 are vacant; 2,606 are inland (1,943 built on, 663 vacant); and 5,705 are waterfront.
Out of the waterfront lots, direct access lots had 2,309 homes built on them, and 343 were vacant. The indirect access lots had 2,555 homes built on them, and 498 were vacant.
Since 2012 there have been 250 single family homes built on the island, as we worked our way out of the recession of 2008. That downturn had a major impact on housing within the U.S. and here on Marco Island.
In the past some of the largest permitting days came in 2001 when 257 permits were processed for single family homes, and in 2004, when a record 102 permits were issued for single family tear downs in a year which saw 211 permits pulled for new single family homes.
“People were purchasing prime waterfront lots with great views, but required that older homes be demolished and homes designed with updated features, such as the popular open concept living designs and high vaulted ceilings,” said longtime realtor Ken Gandy of Keller Williams.
Marco Island has seen steady growth in single home permits. In 2016 there were 112 new single home permits pulled, and that pace
seems to be continuing.
In May of 2013 there were 168 multifamily buildings and 10,294 multi-family dwelling units. Not much has changed with those numbers since that date. At the same time period there were 1,219 hotel rooms and another 403 timeshare units. Since that time the JW Marriott is adding another 90 rooms and the Marriott Crystal Shores Vacation Club is about to come on line with their completion of the redevelopment of the old Radisson Hotel property on South Collier Boulevard which will add some additional hotel rooms.
It is estimated that the permanent Marco Island population will be 17,190 people by 2020, not much above where it stands today at about 16,900. Some of that may be coming from baby boomers who may already own property on Marco and intend to move fulltime to the island, in addition to those that have owned lots and intend to build their retirement home and move here fulltime.
The Growth Management Department will also be watching closely the trend for redevelopment of both commercial and residential properties. The trend with redevelopment of residential home sites centers around larger residences to maximize the investment in purchasing tear down homes with great views.
Major redevelopment or repurposing of commercial properties may also be in the offing as developers look to increase the values of their investments and update or revitalize some aging properties on the island.
There is a small inventory of vacant commercially zoned properties that are zoned either C4 or C5 in designation, in addition to some of the other limited commercially zoned properties which have potential for redevelopment.
Much of that will hinge on the health of the national economy and legislation regarding tax reform and the incentives for those types of investments, and changes regarding the local development and land use regulations.