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PALM COAST, FL – August 21, 2019 – The City of Palm Coast yesterday issued building permits for another new apartment complex named Central Landings. The permits cover 11 separate buildings on the 27.1-acre site directly east of the Epic Movie Theatre on Central Avenue in Town Center.
Site Work (looking west from Central Avenue)
When completed, the project will add 233 residential units to Palm Coast and will include 83 age-restricted units. Under construction nearby is The Palms at Town Center, with 86 apartment units. These two projects will help Palm Coast and Flagler County recover from the dearth of affordable multi-family housing exacerbated by a 50-month period that saw no multi-family permits.
Permitting and impact fees (exclusive of water and sewer connection fees) for Central Landings total more than $797,000. The contractor stated value for construction is $18,422,160. The general contractor is WPGC Construction, LLC, of Winter Park.
Central Landings Partners purchased the property for $450,000 in May from a subsidiary of Allete Properties, the developer of Town Center. The sale price, however, is misleading because Town Center is a Community Development District (CDD) and the underlying CDD bonds that financed the completed infrastructure can often make a real estate sale look more like a bond transaction.
Opportunity Zones and Opportunity Funds were created to stimulate private investment in Opportunity Zone communities in exchange for capital gain tax incentives.
Toby Tobin: REALTOR®, SRES®
I'm a Florida licensed REALTOR®, SRES®, affiliated with Grand Living Realty in Palm Coast, Fla. As a real estate consultant and journalist, I have years of experience and a treasure trove of relevant data. I help developers, builders, homebuyers, and sellers achieve improved outcomes with reduced stress, knowing that their real estate decisions are sound and fact-based.
Call me at (386) 931-7124 or email me at Toby@GoToby.com.
Listen to my radio show, Real Estate Matters, every Saturday morning right after the 11:00 A.M. news break on WNZF News Radio 1550 AM or 94.9 FM. Download the Flagler Radio App from the App Store so you can hear Real Estate Matters anywhere in the world.