The new Parrish Lakes community, located in both Parrish and Palmetto, Florida, has begun construction. The entire project is just over 1,150 acres and is located on the south side of Moccasin Wallow Road, one mile east of I-75 at Carter Rd. You may have seen new signs erected for the construction company and mass land grading in progress.

The entire project has been approved for 3,300 residential units, which may include single-family detached, single family semi-detached, single family attached, town homes, villas, rental apartments, and condominiums. Also approved is 400,000 square feet of commercial and 50,000 square feet of office space.

The first phase will contain 1,500 residential units, of which 900 are single-family and 600 are multi-family units. The first phase includes 250,000 square feet of retail. The build out date for this phase is 2026.

The second phase will have 1,800 residential units, of which 1,300 are single-family and 500 are multi-family units. There will be 150,000 square feet of retail and 50,000 square feet of office space. The build out for the second phase is the year 2037.

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NAHB’s latest estimates show that, nationally, 87.5 million households (roughly 69% of all U.S. households) are already unable to afford the median-priced ($412,505) new home.

In Florida, the median new home price is $422,108, needing an income of $100,572 to qualify. Over 75% of Florida households are priced out of the market. A $1,000 price increase would knock another 6,931 Floridians out.

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