Significant Changes Coming to Farmington Townhomes
A vast change is taking place in Farmington townhomes, with significant transactions and developments that are transforming the landscape of this community. In a notable real estate deal, townhomes have recently changed hands for millions of dollars.
Dramatic Shift in Property Values
Farmington has seen a remarkable increase in property values over the past year. Residential property values have risen by an average of 6.6% per year, with even more substantial growth projected for this year, with an expected 8.1% increase. This growth is also mirrored in commercial and industrial sectors, with forecasted increases of 4.7% and 5.7%, respectively.
New Housing Projects
One of the key changes is the demolition of the former Maxfield Training Center to make way for Hillside Townes, a new community boasting 53 townhomes spread across seven three-story buildings. This ambitious million project will significantly alter the area. Additionally, the Terraces at Farmington have seen significant sales, with 58 townhomes changing hands in the past year.
Future Development Plans
Farmington has more projects in the pipeline. The Governor Warner Mansion, a historic property, is being considered for future use and development, with a strategic acquisition of an adjacent property, opening up new opportunities for the mansion. The city also plans to grow its household base by 2.5% over the next 25 years, adding housing units at a substantially faster pace.
Economic Growth
Economic development has played a vital role in this growth. Permanent work in 2023 represented an estimated .4 million in property investment, contributing to the overall economic strength of the city. The growth is also driven by a strong economy, a diverse tax base, and a solid municipal process, solidifying the positive long-term trends.
Infrastructure Improvements
Key infrastructure projects, like the Farmington Road streetscape, have transformed the area. This multimillion-dollar project was made possible by a million federal grant and sparked additional private investment of almost million, bringing new businesses to the city.
Community Focused Initiatives
In addition to these changes, the community is also prioritizing public safety, recycling, and waste diversion, achieving significant increases in recycling rates. The Farmington Community Library continues to be a popular hub, with over 300,000 visitors last year.
