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New vacation homes in Encore's Reunion West helped fuel more than $914 million in new construction last year in Osceola County.
New vacation homes in Encore's Reunion West helped fuel more than $914 million in new construction last year in Osceola County. (Red Huber / Orlando Sentinel)

More than $914 million in new construction last year helped push Osceola County's property values well above $35 billion, according to Property Appraiser Katrina Scarborough.

"I would attribute the increase to both new construction and increasing property values," she told GrowthSpotter. "We have new construction all over the county and sale prices are up as well."

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The new construction value was up 3.63 percent from 2016, when the county saw $882 million in new construction driven mainly by the Four Corners area.

Taxable values grew last year by 9.3 percent countywide, compared to 7.2 percent in 2016, fueled largely by residential and vacation home construction in the tourism corridor and, again, the Four Corners area.

Several luxury apartment complexes, including The Gate apartments in downtown ChampionsGate, were completed in 2017.
Several luxury apartment complexes, including The Gate apartments in downtown ChampionsGate, were completed in 2017. (Red Huber / Orlando Sentinel)

Reunion Resort added a whopping $100 million in new construction last year -- a figure that includes both residential and commercial construction. It was followed by ChampionsGate at $70 million and Storey Lake at $60.2 million.

Kissimmee's Tapestry community and D.R. Horton's Kindred also added hundreds of new homes to the county's tax roll in 2017.

Scarborough said the assessed value of Tapestry grew by 45 percent in the last year. The fast-growing Narcoossee corridor now has an assessed value of $923 million, up 16 percent year over year.

A handful of new luxury apartment complexes were completed last year as well. Those include Domain, which is next to Margaritaville Resort and sold for $57.7 million in October.

Insight on how Reunion and ChampionsGate continue to drive growth in Osceola County.

Wisconsin-based Continental Properties completed the 288-unit Springs at Tapestry complex; and Investors Realty completed The Gate apartments at downtown ChampionsGate.

Two new shopping centers were completed at Sunrise City on Vineland Road and at St. Cloud Commons on U.S. 192 at the Floridas Turnpike.

The City of St. Cloud continued to outpace the rest of the county, with a 12 percent growth in taxable value in 2017 and 14 percent increase in its market value.

Kissimmee's market value grew by nearly 10 percent last year.

Have a tip about Central Florida development? Contact me at lkinsler@GrowthSpotter.com or (407) 420-6261, or tweet me at @LKinslerOGrowth. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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