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Daytona s Volusia Square draws $12 2M from real estate developers
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National builder D R Horton signs on to Daytona s Avalon Park project
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DAYTONA BEACH Less than a decade ago, the local economy here was still in the grips of the Great Recession with real estate development activity practically at a standstill. New development was largely viewed as a sign of hope and optimism.
Not anymore.
Today, a flurry of new home construction, apartment projects and commercial development throughout Volusia County has some citizens and elected officials alarmed that area is quickly becoming over-developed.
Volusia County Chair Jeff Brower is one of them. The flood gates have come open, said Brower while standing on a grassy field along LPGA Boulevard that is set to become the site of a retail center called Tymber Creek Village. The pendulum has swung the other way. Now, it s at the point where people daily are telling me Stop all growth. We can t stop all growth, but what we could do is try to slow things down. It s like we ve been on a sprint.
DAYTONA BEACH Orlando developer Beat Kahli confirmed plans to break ground on the first phase of his massive Avalon Park Daytona Beach development here in the second half of this year.
The native of Switzerland also expects to soon complete his purchase of 6,200 acres of timberland on the other side of Tiger Bay State Forest for his development. He hopes to build a 300-megawatt solar farm, pending regulatory approval.
The initial phase of Avalon Park Daytona Beach will bring more than 1,600 homes and 90,000 square feet of commercial space to an area along the south side of State Road 40/West Granada Boulevard roughly a mile west of Interstate 95.
From the time we listed it on Dec. 4, the market went from having a tight housing inventory to not having any, said the couple s Realtor, Geri Westfall Adams, referring to the home the Johnsons recently sold in Ormond Beach s Chelsea Place community.
In February, the number of available existing single-family homes shrank to a new all-time low of just 1,035 in Volusia County, down 60% from the same month a year ago. In Flagler County, the inventory of active listings fell even more, down 70.7% to just 333, according to area Realtor association reports.
The Johnsons, who have an 18-month-old son, said their stay with Maxine s parents is just temporary but acknowledged it could be a long wait until they can find a home for sale in their price range. They are determined to remain in Ormond Beach where both grew up and where they have family.
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