An affiliate of Integra Land Co. has closed on approximately 15 acres where it has planned 289 multifamily units near the SunRail station in DeBary, as an Integra executive told GrowthSpotter on Friday that construction is expected to begin in about 30 days and long-term financing is in place.
The apartments will stand near the southern end of a 68-acre mixed-use concept along U.S. 17-92 at Dirksen Drive called The Junction, where an affiliate of Charles Wayne Properties is determining office, retail and single-family residential spaces for the remaining parcels as part of a $200 million development overall.
Integra's financing is coming through the federal Housing and Urban Development's 221(d)(4) program that carries no restrictive components and a 40-year term, said David McDaniel, principal at Integra, which paid $4.1 million for the land.
"We're the first ones in, and kind of setting the pace for the whole development," he said. "... From our standpoint, it's been an underserved market as far as multifamily goes; they haven't had a new project in that area in many years. Having SunRail there is a benefit for our project, in addition to the lack of new supply coming in there."
Plans call for 109 one-bedroom units, 148 two-bedroom units and 32 three-bedroom units in five 4-story buildings. Amenities include a pool with clubhouse and lighted walking trail around a central pond. Entitlements are in place, McDaniel said, with demand expected from millennials and from downsizing baby boomers. CPH Corp.of Sanford is engineer.
With surrounding plans for more development including a DeBary community center proposal that's up for referendum on November's ballot, each component has been able to operate independently.
"We're glad to see the additional activity in the area," said Charles Lichtigman of Charles Wayne Properties.
Large-scale home builders have been inquiring about the single-family component, but no contract in place yet, Lichtigman said. While the details are still taking shape, the possibilities include 150 to 180 homes with 32- to 35-foot lots being proposed, and set on approximately 15 to 20 acres between Integra's project and the bulk of the commercial property, which would include 104,000 square feet of retail.
More multifamily could be built atop commercial development slated for the southernmost 5-6 acres of the overall property that could include a well-known restaurant or sports bar, Lichtigman said, with the remaining 32 to 38 acres at the northern end slated for commercial. National grocery chains also are in discussions for a 46,000-square-foot space, according to Steve Costa, principal with Charles Wayne Commercial. A sports activity business also is a possibility, Lichtigman said.
The community center is proposed for the site of a former mobile home park where the city owns about 9 acres at 17-92 and Fort Florida Road less than a mile from the southern reaches of The Junction. If voters reject the community center, one possibility for that land could be development under a public-private partnership, said Roger Van Auker, DeBary's TOD Marketing Director. In addition to SunRail, the Spring Trail and the River-to-City Loop converge in the immediate vicinity.