Residential construction is on a roll in the City of Dade City, and officials are predicting that it will yield marked increases to the town’s ad valorem revenue across the next several years.
Information shared during a budget workshop revealed some of the city’s timelines and projections for when new single-family housing and apartment complexes are expected to hit the city’s tax rolls, in the foreseeable future.
Melanie Romagnoli, the city’s community and economic development director provided the latest housing and apartment updates to the Dade City Commission.
The most recent large-scale projects — that are all but complete — include two affordable workforce apartments — Osprey Pointe (110 multi-family units) and Arbours at Hester Lake (80 multi-family units).
Osprey Pointe, at 12870 Courtyard Estates, is already 100% occupied. Arbours at Hester Lake, 13300 Hester Lake Way, has been receiving application requests since it broke ground and is expected to be fully occupied shortly, Romagnoli said.
Both apartment complexes, plus the addition of 13 single-family homes (11 infill development, two Suwanee Lakeside models) are expected to increase the city’s tax rolls by another $205,000 in fiscal year 2021-2022, she said.
That represents about a 10% bump from this upcoming fiscal year’s tax rolls — where ad valorem taxes are tallied at $2,044,490.
Long-term, at least 3,000 new units are expected to come online within the next decade, with a substantial number expected to be built out over the next few years.
With that, the city has a bullish outlook for ensuing years, with further projected increases in ad valorem revenue in fiscal years. In fiscal year 2022-2023, it expects an increase of $91,000. In, 2023-2024, a bump of $199,400; in 2024-2025, an increase of $206,400;, and 2025-2026, an additional $182,000.
In other words, by 2025-2026, ad valorem tax revenues are expected to total more than $2.9 million.
And, that’s a conservative estimate, Romagnoli said. She noted that single-family homes are calculated with an assessed value of $98,000, at a 7.14 millage rate by the Pasco County Property Appraiser.
But, she said, many new properties being built come in with much higher property values.
Romagnoli explained: “A majority of the homes being built start at $220,000 to $240,000 and goes up from there based on customization, so hopefully we’ll see a lot more than that.”
Meantime, the economic development director offered a rundown on several of the more pressing projects.
Suwanee Lakeside is a 302 single-family, three-phased development along Adair Road west of State Road 52.
Earthwork on the 10-year build-out is under way since it experienced various slowdowns due to issues related to seasonal weather and environmental reviews. “They expect to see some homes built this year, we just don’t know how many. We know it’s two (model homes), for sure,” Romagnoli said.
Phase II of the Abbey Glenn development off Prosser Road and State Road 52 likewise has been held up by seasonal weather issues since its design review process was approved by city planners last fall. The 170-single family expansion is expected to have a five-year build-out, with about 35 homes coming online each year.
Earthwork and pad installations have begun at Countryside, a 25-lot subdivision at the intersection of U.S. 301 and State Road 52. “They expect to have one or two homes before the end of the year, and then 25 homes completed at the end of next year,” Romagnoli said.
Underground and roadway work is complete at The Cove, a 10-unit Habitat for Humanity development situated at 15th Street and Main Avenue. The project is still awaiting some funding and other assistance though, Romagnoli said.
Meantime, the 812-unit Summit View project is on hold as its developer is “reassessing their situation right now,” Romagnoli said. The development is expected to eventually consist of single-family homes and townhomes east of Happy Hill and south of St. Joe Road. “We hope to see something with them coming up the first quarter of next year,” she said
Following the report, Dade City Mayor Camille Hernandez expressed her pleasure that dirt is being moved and housing developments getting under way within city limits.
“It’s very exciting, and it’s very good news that we will have these rooftops and we will be moving forward over these years,” Hernandez said.
Planned residential development in Dade City
- Vista Walk (450 units): Construction expected 2021; eight-year build-out
• Summit View (812 units): Project on hold; 10-year build-out
- Abbey Glenn II (170 units): Construction in progress; five-year build-out
- Suwanee Lakeside (301 units): Construction under way; six-year build-out
- Osprey Point (110 units): Completed
- Arbours at Hester Lake (80 units): Completed
- Countryside (25 units): Construction under way; two-year build-out
- Hilltop Point (250 units): Construction expected 2021; six-year build-out
- Highland Trail (600 units): Construction expected 2021; 10-year build-out
- Perfection Partners (300 units): Development plans to be determined
- Crossroads (total units unknown): Pending comprehensive plan amendment; 10-year build-out
- Various infill development: Roughly 10 to 15 units per year for 11 years
Dade City’s expected increases in ad valorem, year by year
Fiscal year 2021-2022: $205,500
Fiscal year 2022-2023: $91,000
Fiscal year 2023-2024: $199,400
Fiscal year 2024-2025: $206,400
Fiscal year 2025-2026: $182,000
Note: Single-family homes calculated with assessed value $98,000 at 7.14 mills
Published September 16, 2020