A once red-hot strip of real estate along the Halifax River straddling the border of South Daytona and Port Orange, decimated by the 2008 real estate collapse and recession, is finding new life: At least three high-profile residential developments are on the drawing boards or under construction along Ridgewood Avenue.
Last month, Halifax River Partners filed for an environmental permit for a complex that would ultimately include 260 riverfront condominiums in two 17-story towers at 3751 Ridgewood Ave., along with a two-story restaurant at the site of the former Captain Daddy’s in Port Orange.
That comes on the heels of this summer’s groundbreaking on The Enclave at 3230, which will provide 256 luxury apartment units at 3230 S. Ridgewood about a half-mile north of the Halifax project, just over the South Daytona city limit on the west side of Ridgewood Avenue.
And across the highway from The Enclave -- Ridgewood is also designated as U.S. Highway 1 – Texas developer Silvestri Investments announced last year it would build two 8-story condominium towers with 84 units joined by 17 riverfront townhome/condos for 101 total units at 3131 S. Ridgewood Ave. in South Daytona.
The bustle has developers and their host cities thrilled about catching up with the pace of development elsewhere in Volusia County and central Florida.
“That Riverwalk project, we’ve been trying to get that off the ground for 20 years,” said Port Orange community development director Tim Burman, referring to the Halifax River Partners project that has a working title of Riverwalk Marina Condominium and Point Restaurant. “It’s something both cities have been working on over the years. We’re starting to see progress, we’re starting to see momentum. We can build off their success in South Daytona, and they can build off our success in Port Orange.”
The developer of that project and head of Halifax River Partners of Ormond Beach is Josif Atanasoski. He and a company spokesman did not respond to requests for interviews.
But plans filed by Halifax indicate each condo tower will encompass 356,900 square feet on 12 acres. The developer is proposing a 58-slip marina; there are currently 38 slips at the site.
A site plan development application was submitted for the Fysh Bar & Grill Restaurant at Riverwalk. The plan is for a 250-seat restaurant where a point juts into the river, with construction expected to begin in the spring.
The restaurant concept will mimic the Twisted Tuna in Port Salerno, whose owners will run the new facility.
The developer has already completed a 940-foot-long, 23-foot-wide segment of Port Orange’s public trail and park as required by the city.
“The property will provide luxury living in an area of redevelopment along the Intracoastal (Waterway),” said Matthew Williams, executive managing director of Newmark Knight Frank, which arranged a four-year construction loan for the project.
Monthly rents for one-, two- and three-bedroom units are expected to range from $1,100 to $1,500.
Meanwhile, Silvestri Investments vice president Rob Camporese turns his attention to the as-yet-unnamed South Daytona condo project as Silvestri wraps up the sell-out of the 20-building, 660-unit Oceanwalk complex in New Smyrna Beach. Another Silvestri project in New Smyrna, Riverwalk, is also under construction.
“Over the last couple years, we’ve been noticing a steady trend. Prices are starting to come back, and we feel the timing is right for South Daytona,” Camporese told GrowthSpotter. “For the longest time, condominiums were overbuilt, prices weren’t going anywhere, and that’s slowly trending upwards. By the time we put a hole in the ground and get to completion, I think we’ll be there.”
That overbuilding plagued the U.S. 1 corridor as the real estate bubble burst just over a decade ago. At least five major riverside projects had been proposed in the area during the 2000s real estate boom; nothing was ever completed. And it’s believed the Enclave project represents the first new apartments built in South Daytona in 30 years.
Burman said it’s not only the residential projects that have city planners optimistic. In the Dunlawton/Ridgewood area of Port Orange, three new redevelopment projects included the conversion of an auto oil-change shop into the Blue Ribbon Pools operation; construction of the Jimmy Hula’s restaurant; and construction of Dunlawton Village, a multi-tenant office and real estate building.
“We’re seeing a lot of redevelopment,” he said. “We’re hoping to build on the years and years of work it took to get here.”