SOLD: $2.4 million worth of property in Palm Coast Park

SOURCE: Palm Coast Observer

Sunbelt Land Management recently purchased 677 acres of land, 165 acres of which are developable, in Palm Coast Park, according to Jeff Douglas of Douglas Property and Development Inc.

The land is located on the west side of U.S. 1, just north of the Palm Coast Parkway, and is zoned for a mix of multifamily and single-family homes, a total of about 780 units.

Sunbelt, which spent around $2.4 million on the deal, closed on the property on Aug. 17, said Ken Belshe, the company’s executive vice president for Florida operations.

Belshe said about half of the developable land will be available for multifamily homes — either apartments or condominiums — and the other half will be designated for single-family homes.

In addition, Belshe said Sunbelt doesn’t build homes; it develops the property’s roads, sewer system, curbs and gutters, clubhouse and entryway features. After that’s completed, Sunbelt will sell to either builders, the public or a combination of the two.

He expects the property to be back on the market by either the summer or fall 2018.

This is the second deal brokered by Douglas Property and Development Inc. since the firm was hired in March to sell the remaining Flagler County land owned by Allete Properties LLC — including Town Center properties.

Recently, Douglas Property and Development Inc. closed on a $1.75 million deal for 750 acres north of Matanzas Woods Parkway, east of U.S. 1. About 644 residential units could be built there.

Douglas said he is excited about the two sales because they could potentially lead to more multifamily housing options for young people.

“You educate a child with a good education, and they go to college and they don’t come back — it’s a mark of a deteriorating community,” Douglas said. “We need more options for families to retain them. These millennials, these kids, are tech savvy. They are the brainpower moving forward, and when we lose them, and we lose their entrepreneurial side, their creative side, we fall further behind.”

More housing in the northwest part of Palm Coast could also lead to more commercial development, he said.

Brian McMillan contributed to this story.

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