Orlando-based Avalon Park Group paid $40.9 million for 3,015 acres in Daytona Beach that will be home to its fourth mixed-use, master planned community.
The developer and seller, CTO Realty Growth, jointly announced the sale in a pair of press releases late Tuesday.
APG CEO Beat Kahli previously told GrowthSpotter the company, along with its partner sitEX, is on track to start development in 2021. The property is located on State Road 40, just west of Interstate 95, next to Latitude Margaritaville, an age-restricted community that ranks as the 25th highest-selling master planned community this year according to RCLCO Real Estate Advisors.
Avalon Park Daytona would be entitled for 10,000 dwelling units, 730,000 square feet of retail space, 270,000 square feet of office space. Half of the residential units would be multifamily, while the single family homes would be attached townhomes and villas (1,650 units) and detached homes (3,350 units).
Avalon has proposed a 10-phase build-out with the first residents moving in by late 2021. Phase 1 comprises portions of both the mixed-use town center and residential area and would include 559 multifamily units, 190 single family attached units and 381 detached homes. It also calls for 118,700 square feet of retail space and 40,000 square feet of office space.
Avalon Park Group began constructing its first master-planned community in Orlando more than 20 years ago. The company is also currently developing Avalon Park-branded communities in Wesley Chapel, just north of Tampa, and in Tavares with the same design principals.
CTO Realty Growth also reported two additional land sales in Daytona Beach comprising approximately 95 acres and totaling $1.15 million. The Land JV currently has a pipeline of 8 purchase and sale agreements for potential land sale transactions representing approximately $30.9 million of potential proceeds to the Land JV. The 282 acres under contract represents approximately 16% of the 1,773 acres of land remaining in the Land JV.