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Centex Property Holdings in Flagler County Rumored to be Under Contract

Marineland property and Palm Harbor Golf Course practice area are entitled for condominiums. Palm Coast Resort includes an existing marina and is entitled for a hotel and two additional condominiums.

By Toby Tobin

Palm Coast, FL – June 26, 2014 Rumor: GoToby.com has heard that Atlanta-based Jacoby Group is under contract to purchase several Flagler County properties from Centex Homes. The deal, which is not expected to close before August, is said to include land currently leased and used by Palm Harbor Golf Course as its practice facilities, the Palm Coast Resort project and over 34 acres of land in Marineland.

Jacoby is the development partner of International Speedway Corporation for One Daytona. Preliminary designs for the first phase of One Daytona include "1.1 million square feet of world-class shopping, fine dining, hotel, theater and other entertainment just steps from the 'World Center of Racing'."

Jacoby picked up Marineland after the 2004 hurricane season and revitalized it. It has since been acquired by the Georgia Aquarium.

When Centex abruptly departed the local development scene, it left several undeveloped and incomplete projects behind. Among them are the three that are rumored to be under contract with Jacoby Group.

  1. Marineland – Centex owns approximately 33 acres on the south side of the marina between A1A and the Intracoastal Waterway. This property has been entitled for condominium development. Centex also owns 1.76 acres of shoreline property on the east side of A1A.
  2. Palm Harbor Golf Course – Centex owns 9.83 acres of land currently leased by the City of Palm Coast and used as the golf courses practice facility. The property includes the driving range and additional property on the northwest side of Cooper Lane (across the road from the clubhouse). This property is entitled for condominium development. The City obtained the golf course from Centex in a deal seven years ago in return for a PUD amendment that would make the PC Resort property easier to sell. Centex, however, retained the land designated for condominiums.
  3. Palm Coast Resort and marina – Only one condominium building was completed of the three condominiums and one hotel that had been entitled on this 9.81-acre parcel..   

Palm Coast Resort - GoToby.com

Palm Harbor Golf Course land owned by Centex - GoToby.com

After exiting northeast Florida in early 2008, Centex was absorbed into Pulte. Centex/Pulte still retains rights to develop 134 additional condominiums at Tidelands, but GoToby.com’s sources did not think those developer rights were part of the rumored Jacoby deal. Tidelands Condominium Association received the Tidelands Club assets (clubhouse, two pools and tennis courts) and 2,000 feet of Intracoastal Waterway frontage as part of its Settlement (Turnover) Agreement with Centex/Pulte in March 2013.

Other projects developed by Centex in the Palm Coast area are Canopy Walk Condominiums, Cinnamon Beach Condominiums and Villas at Hammock Beach (condominiums). Centex was also working to develop Bullow Shores (off John Anderson) but sold that project to the Ginn Company in 2007. Centex built several single-family homes in Palm Coast.

Centex/Pulte did not respond to GoToby.com’s attempt to confirm the veracity of the Jacoby rumor.

Rumor: (noun) a current story or statement without confirmation or certainty as to facts

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Don "Toby" Tobin is a licensed real estate professional affiliated with Grand Living Realty. Toby is a member of the Flagler County Association of Realtors®, the Florida Association of Realtors, Enterprise Flagler, Flagler Home Builders Association, and the National Association of Realtors.

GoToby.com proivdes real estate news, commentary, and analysis for Palm Coast and Flagler Country Florida, as well as Realtor® referrals and consultation to buyers, sellers, and developers.