Downtown Ocala has seen a boom in recent years in terms of commercial real estate development, but now it seems the time is right to develop its residential market, as well. The downtown area of Ocala "could easily accommodate 800-1,000 residential units a year for the next five years and there are enough people to want to live in them," according to a recent study sponsored by the city of Ocala.
Such an opportunity means developers should take notice. All of the recent changes and additions to downtown have done a lot to attract people to the area, with the diverse target market including empty-nesters, young professionals and young families. It has grown into an extremely walkable area with plenty of local shops, restaurants and entertainment, including the arts district and the historic movie theater. Furthermore, plenty of money has been invested in expanding parking options and accessibility, as well as in the addition of a "high-end hotel, theater renovations and art spaces."
It is believed that if the residential units existed, enough people would flock to them. There is an increase in demand for downtown living, and Ocala is not escaping this national trend. Potential residential options include a mix of "rental units, multi-family, for sale loft/apartments and single-family attached, for sale townhouses and condominiums."
Ocala's downtown square is the heart of the city, but the greater downtown area is bordered by Northeast 3rd Street to the north, by Pine Avenue to the west, by Southeast Watula Avenue to the east and by Southwest 10th Street and Southeast 8th Street to the south.
For more details and information on the potential residential boom on the horizon for downtown Ocala, be sure to read the full article at Ocala.com.