The Preserve at Palm Coast, a fully developed multifamily site

Vacant Land for Sale
Catylist Listing ID: 30310604
Property Subtypes: Multi-Family
Gross Land Area: 23 Acres
Sale Price: $8,000,000
Unit Price: $347,826 Per Acre
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 5/20/2019

Overview / Comments

The Preserve at Palm Coast is a 23+/- acre fully developed multifamily site in Palm Coast, FL. The project was designed, and all site work has been constructed, to accommodate 160 residential condominium units, but was shelved during the Great Recession. The site is ideally located on Colbert Lane and nearby to both existing subdivisions (Palm Coast Plantation, Grand Haven) and the new Marina Del Palma mixed-use community. The Preserve at Palm Coast offers a wonderful opportunity for a developer to quickly bring a new multifamily project online that can be delivered in this cycle.

The Preserve at Palm Coast was designed for 160 condo units across 10 condo buildings (16 units per building) plus a 5,000 SF clubhouse amenity. The units in the planned four-story condos range in size from 1,600 - 2,400 SF and can be revised to suit today's market. Nearly $5m was previously spent on site construction including roadways, storm water retention, utilities, a bridge, street signs and lighting. All previous engineering and plans are available.

This is a unique opportunity for a developer to quickly bring new condo units to the Palm Coast market. The project could be finished off as a 55+ adult community, senior housing (ILF) and/or rental project. The site plan could also be modified to accommodate other compatible uses such as an Assisted Living Facility. Joint Venture opportunities will also be considered. Contact broker for details.

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Additional Details

Nearest MSA: Deltona-Daytona Beach-Ormond Beach
County: Flagler
Tax ID/APN: 03-12-31-0000-01010-0140
Zoning: PUD

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Demographic Statistics

Proximity: 3 miles 5 miles
Total Population: 5,184 40,862
Median Age: 55.27 45.01
Households: 2,594 16,699


Photograph of Listing Agent

Chris Butera

SVN Alliance
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