Catching the momentum of Latitude Margaritaville and other developments along LPGA Boulevard in Daytona Beach, a Jacksonville real estate developer submitted plans for five projects in the area.
J Malcolm Jones III, a partner in JMJ Capital and Tidewater Homes, and vice president of Castle Rock Realty, submitted the plans to the city under the entity LPGA Venture Holdings, which includes his father, J Malcolm Jones Jr., the CEO of Florida Capital Bank.
One project will be located where a shopping center was previously planned in the southwest corner of West International Speedway Boulevard and Grand Champion Boulevard. West Speedway Town Center would include multi-family residential, retail and restaurants. Think Tomoka Town Center and you get the picture, although it won't be quite that big. But then it's not the only one. Tymber Creek, at LPGA Boulevard and Tournament Drive, would be similar.
Then there are three residential subdivisions, one that will depend on the extension of Dunn Avenue across the Tomoka River. One is just north of the Daytona Beach water plant and the other is northeast of International Golf Drive and Champions Drive. All would have some golf course homes and all homes presumably would be built by Tidewater, one of Florida's most active builders. The three are named Grand Champion, Royal Oaks and Silver Pine.
If you're wondering whether the Jones have the know-how to pull this off, consider the father was chief financial officer of the St. Joe Co. and the son was an assistant project manager there. St. Joe was at one time the biggest landowner in the state and developed some huge projects, including Victoria Park in DeLand. JMJ III also was a project manager for Toll Brothers, another huge home building company.
Don't expect any of this to start soon. Rob Merrell of Cobb Cole, the local lawyer representing them, said they are going through the rezoning process, which can take six to 12 months. But LPGA Venture Holdings already owns the land, so that part is done. As far as how long all of it will take to build out, again, think of Victoria Park as far as something that will develop over a long time.
The big, bad plan to tear down Barnes & Noble and put up a Wawa on West ISB in Daytona Beach is back. But fear not, kids, construction has already started to move Barnes & Noble to Tomoka Town Center. A Dominic's Deli also will be locating at the center.
Passenger traffic at Daytona Beach International Airport increased 11.1 percent in November from Nov. 2017 with 62,807 passengers flying in and out of the county-operated airport, compared to 56,512 passengers last year. Airport Manager Rick Karl said that despite the addition of Sunwing and Spirit, and American Airlines adding a New York flight, traffic would be down in 2019 with JetBlue discontinuing its daily flight to New York.
Consolidated-Tomoka Land Co. sold 22.53 acres to North American Development Group for $8.2 million, including $1.6 million for infrastructure costs. No word yet on what NADG plans to put on the properties, both east of I-95. However, Van Trust plans to build an industrial building with office/warehouses on the 19.78 acres next to the Trader Joe's distribution center it bought from C-TLC for $2.43 million.
In other commercial real estate news, CBL & Associates sold land across from The Pavilion at Port Orange for $6 million for Springs at Port Orange, 292-unit apartment complex and two outparcels. Miami investor has bought the Burger King property at 305 Sunrise Blvd., DeBary, for $1.45 million.
On a final note, the unemployment rate was at 3.2 percent in Volusia County in November, the same as October, but down from 4 percent in November 2017, according to the latest state estimates. Employment was at 244,859 in the county, up from 240,986 last year.
Managing Editor Cecil G. Brumley has been tracking business and the economy in Volusia County for more than 21 years. Contact him at firstname.lastname@example.org (no hyphens) or follow him on Twitter @cecilbrumley.