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Palm Coast Park is a 4,700 acre multi-use development stretching along a 6 mile segment of US Rt 1 in the City of Palm Coast, with development tracts available for commercial, including big box retail; light industrial; business park and various types of residential, including single-family and multi-family. The site extends from Palm Coast Parkway to Old Kings Rd along US Rt 1.
Development approvals are in place for the following land use entitlements:
The first residential homes within the project area will be started in late 2006. The developer, Palm Coast Holdings, projects a 15 year build-out for Palm Coast Park. Bisected by US Rt 1, Palm Coast Park boasts 10 miles of Rt 1 frontage, with easy access to I95, both north and south. Rail access on the west side of the property enhance the prospects of attracting commercial development. As with Palm Coast Holdings other major project in Flagler County, Town Center, this project offers a combination of residential and business locations organized with a neo traditional downtown.
Two developers of residential property have acreage under contract. LandMar Group, the developer of Grand Haven selected tract 5, the land east of RT 1 and north of the Matanzas golf course. Under the terms of the sales contract, LandMar Group will pay approximately $7.5 million for the property. The sale is expected to close in stages over the next three years, with the first phase expected to close by the end of 2006. LandMar plans to build a 500 to 600 unit residential development on the site, tentatively named Grand Woods.
The second residential developer to step in is LDD Palm Coast North, LLC, a branch of Lowe Destination Development, which is, in turn, a subsidiary of one of the nation's leading real estate services companies, Lowe Enterprises. Lowe plans to create an upscale residential golf course community named Sawmill Creek. The development will include 1,459 residential housing units, a championship golf course, and neighborhood retail and office space, along with a community park and school site. Sawmill at the Park will be marketed by Lowe to both baby boomers and primary residents. Under the contract, the land will be purchased in four phases, with closings to occur in 2007 through 2009. Lowe has opted for the northern portion of Palm Coast Park west of Rt 1 (tracts 6 - 10 and 16).
Tract 1 will be developed by Parc Vue Communities as an affordable condominium project.
Palm Coast Holdings has begun infrastructure improvements for a commercial site on the west side of Rt 1, opposite Matanzas Woods Pkwy.
The Palm Coast Park Community Development District has issued special assessment bonds totaling $31.8 million to fund all master infrastructure improvements at Palm Coast Park. Bond proceeds of $26.3 million will be used for construction of environmental, traffic mitigation and infrastructure improvements, including utility extensions, roadways, parks, drainage, recreational facilities, landscaping and a multipurpose trail system. Development costs funded by ALLETE Properties, the parent company of Palm Coast Holdings, will be minimal. The 4,700-acre development is located in Flagler County, Fla. At June 30, 2006, pending land sales totaled $64 million and included the rights to develop approximately 2,500 residential units and the rights to build up to 50,000 square feet of commercial space.