A Daytona Seaside housing challenge depends on enhancing a congested highway
DAYTONA BEACH — One thing out of the peculiar occurred on the March 15 Daytona Seaside Metropolis Fee assembly.
First, a majority of metropolis commissioners shot down a rezoning request that will have cleared the way in which for a housing and business improvement that will stretch throughout 415 acres between Interstate 95 and Tomoka Farms Street.
Then on the urging of the legal professional representing the developer on the challenge, commissioners stated they might rethink the rezoning if visitors issues on the county-controlled Tomoka Farms Street could be labored out.
So what’s this challenge all about, and what occurs now?
What does the developer wish to do?
The plan is to create a $400 million improvement with 1,660 residential models of residences, townhouses and single-family properties in addition to 340,000 sq. ft of business, institutional, and lightweight industrial makes use of.
The developer desires to construct 800 residences, 250 single-family hooked up townhomes, and 610 single-family homes. The hope is to additionally assemble 200,000 sq. ft of sunshine industrial area, 100,000 sq. ft of storage buildings, 30,000 sq. ft of business area, and 10,000 sq. ft of common workplace area.
There could be trails all through the upscale group the place residents may stroll or bicycle round small ponds. The neighborhood would additionally provide clubhouses, health facilities, resort swimming pools, a canine park and a multi-use discipline.
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Who’s the developer?
The developer is The Kolter Group, a diversified actual property improvement and funding agency that has invested in tasks with an anticipated worth in extra of $19 billion. The corporate is headquartered in Florida’s Palm Seaside County.
When the corporate was getting began within the late Nineteen Nineties, its first single-family residence was constructed at PGA Village on Florida’s Treasure Coast and its first condominium challenge was The Water Membership on Longboat Key. Throughout the identical interval, Kolter bought land to develop South Creek, a one-million-square-foot, six-building business workplace park in Ontario.
Over the previous 25 years, The Kolter Group has operated out of 5 divisions within the Southeast. The corporate has created master-planned communities, luxurious high-rise condominiums, multi-family residences and branded motels.
What’s in it for town if the Daytona improvement is constructed?
The event would include a dedication to spend $10 million extending metropolis utility strains throughout I-95. One other $7 million could be paid in impression charges, and when totally constructed out in about six years, the brand new subdivision would begin producing an estimated $7.25 million in tax income yearly. The land at the moment yields solely $5,000 per 12 months in taxes.
The town has not promised any tax breaks or provided any grants. However metropolis commissioners did approve the formation of a group improvement district on the positioning, which might enable the developer to tax future property homeowners and tenants to assist cowl its prices.
What occurs now?
The Kolter Group’s contract to purchase the family-owned Daytona Seaside property, which for almost a century had been used to boost cattle and develop crops, remains to be energetic.
Daytona Seaside legal professional Glenn Storch, who’s representing the developer, will meet with metropolis and county officers to assist dealer an settlement to enhance Tomoka Farms Street’s potential to deal with heavy visitors.
Who helps the challenge, and who’s in opposition to it?
Some Daytona Seaside residents say the challenge is a good instance of good development and could be a beautiful, high-quality addition to town. It will be a master-planned group, and it will dedicate greater than 100 acres to stormwater administration.
Just one-quarter of an acre of wetlands could be impacted, and the developer would take away septic tanks and wells on the positioning to guard the groundwater.
Nonetheless, some native residents fear constructing over the undeveloped land would create flooding issues and overtax town’s roads, water provide, and sewer methods.
You’ll be able to attain Eileen at Eileen.Zaffiro@news-jrnl.com