Orlando is one of the cities that receives the newest investments and is in rapid development. As one of the main tourist destinations in the world, there is no city better prepared to return to normality when the pandemic is over. Today we will talk about two new green parks in Orlando, not theme parks. The areas that will receive the green developments are in Downtown Orlando, attached to the existing Lake Eola Park. The new leisure areas are expected to have a positive impact on the Real Estate market nearby.
In addition to the two new parks, the iconic Lake Eola Park will also undergo a makeover. The last intervention in the park was 30 years ago and brought huge popularity to the region.
Find out more about the new parks:
According to the Orlando Business Journal website, the city plans to build the Under-i park, which will be located beneath Interstate-4, between Church and Washington Street. The park, of approximately 10 acres, will have sports courts, play-ground, areas for trade tents, among other attractions. The authorities cannot yet predict when the construction will begin, due to the pandemic, but it is estimated that the construction activities of the park will start in late 2022, with an estimated end in early 2024.
ART 2 Park
Imagine a container building with bold architecture in an area of 0.28 acres that will offer snacks, a stage for concerts, an open area with lawn, picnic tables, food trucks, a souvenir shop and a huge interactive video wall! This will be a different and unprecedented park in Orlando. ART 2 park, as it will be called, is still in the approval phase.
Real estate appreciation
A tourist destination that receives more than 75 million people every year would not have to worry about real estate appreciation. All this flow of people entering Orlando annually already creates enough demand to keep property prices up. However, adding green parks to urban landscaping can further favor this appreciation.
Parks have two immediate effects on properties in the surrounding area. The first is that there is an increase in pedestrian traffic in the region. It is different from passing traffic. People tend to spend more time in the neighborhood, enjoy, appreciate and pay attention to the properties around them.
The second impact of parks in urban areas is the “brake” of constructions in the neighborhoods that receive it, limiting the supply of real estate and, therefore, valuing the existing ones. In addition, areas with green parks are more sought after, especially in times of pandemic, where people are looking for open areas with open space to maintain a healthy social distance.
And if you enjoy outdoor activities, exuberant nature and green areas, know that there are many attractions in the city and surroundings that take advantage of the lush tropical nature of central Florida. Explore trails, rivers, lakes, safaris, fishing and more. Central Florida has a lot to offer besides theme parks and shopping.
About AMG Realty
AMG International Realty is a full-service brokerage firm in Florida. If you are interested in buying, renting or selling Real Estate in Florida, please give us a call today: +1 (305) 318 6968 (Heloisa Arazi).