The answer: All of them.
The Florida Coastal Commission announced Wednesday that it had awarded five mega-projects totaling $1.4 billion for five properties that are located within the state’s largest coastal area.
The sites include a $1 million yacht project in Key Largo, a $500 million beachfront project in Fort Myers, a five-bedroom waterfront mansion in Palm Beach Gardens, and a $450 million lakefront property in Orlando.
These projects represent a significant expansion of the state of Florida’s coastal real estate sector.
In a statement, the commission said the projects “provide the ability for Florida’s top developers to tap into a new generation of talent for their high-quality projects.”
“The Coastal Commission has chosen these five projects for inclusion in its 2020 Coastal Expansion Program,” the statement said.
“Each project includes a commitment to develop one or more properties within the coastal region for the benefit of Floridians in the state and its surrounding communities.”
The commission, which is part of the Florida Department of Environmental Protection, awarded projects to the five coastal counties in late February for the purpose of expanding the state economy, adding jobs, and generating revenue to the state coffers.
A total of 11 properties have been awarded so far, including the $1 billion mansion at Lake Worth and a beachfront property near Orlando.
In a statement provided to the Orlando Sentinel, the Palm Beach County Board of Supervisors said it would not comment on the projects until the commission had finalised the contracts, but noted that “the projects are designed to enhance the coastal economy by enhancing tourism, diversifying the tourism industry and attracting and retaining talent.”
The commission has not yet released a timeline for the projects.
Florida has one of the most ambitious programs in the country.
The state will spend more than $2.5 billion on new housing and land for developers to build affordable housing.
The commission said that it would award $500,000 in incentives for developers who can build at least 50 percent affordable housing within the five projects.
In total, there are now eight mega-development projects under construction or in the planning stages, with the final tally expected to reach $1 trillion.
The projects include the $450,000 beachfront mansion at Key Lobo, the $500m mansion at Fort Myers Beach and a five bedroom waterfront mansion at Palm Beach.