Dear Toby - February 2009

Your Comments and Questions - My Replies

I receive several comments and questions from website visitors. To many, I responded individually. It occurred to me that some of these questions and answers would be of interest to all of you. I publish selected input and replies under the “Dear Toby” banner, with a new page each month to keep the pages short and readable. The most recent entry is at the top of the page.

Feel free to use the “Contact Us” button to send in your comments or questions. Your name will not be disclosed. Due to volume, I may be unable to reply to everyone.

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Question: Do you have any information about the toll bridge being already paid for and still taking toll moneys. Isn't that supposed to be done away with?

Toby Says: The toll bridge is owned by the Dunes Community Development District. The toll is to cover ongoing maintenance as well as construction costs. The toll will be perpetual.

Question: I want to know if (and when?) a movie theater will be built in palm coast? I'd heard a 14 screen multiplex was going in Town Center opening Feb 2009, but after asking around, no one seems to have any idea if that's a fact...? Do you?

Toby Says: Epic Movie Theaters has applied for a building permit to build the multiplex theater. The plans include additional space for retail and restaurant use. The permit has been approved and is ready to be issued. Impact fees are due when the permit is issued, so everyone waits until they are ready to commence construction before they pick up their permit. According to the permit, the value of the construction is $6.1 million. Impact fees are $234,595. This is a big financial commitment. As you can imagine, the state of the economy will have a lot to do with their decision to move forward. The ball is now in Epic's court but the clock is ticking. The permit expires on February 27^th.

Question: Anything more on Ginn? Does he still have the property in Flagler Beach area that he was supposed to build on off John Anderson?

Toby Says: Ginn (actually Ginn-LA) owns two pieces of property on John Anderson. The Gardens is a large residential community with a Fred Couples designed golf course. Only 14 lots sold at their inaugural sales launch and market conditions have brought the project to a halt. Ginn also purchased Bulow Shores, a planned and approved development south of The Gardens planned by Centex. No dirt has been moved there, but it is a very desirable piece of property with existing canals, Intracoastal Waterway access, and development entitlements in place. There is not activity at that site either.

What happens with these pieces will be determined soon, as the Ginn/Lubert Adler marriage is being unwound. I wouldn't be surprised to see these properties sell to another developer, but further development will not be seen until the market turns around.