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PALM COAST, FL – July 6, 2015 – Flagler County and Palm Coast are signaling that a strong second half can be expected in the local real estate market, both commercial and residential. Here are a few news tidbits GoToby.com has picked up recently.
In early 2010, Walmart purchased a 31-acre site on Old Kings Road, initially planning to construct a 187K SF Supercenter, their second such store in Palm Coast. A later plan revision, called for a slightly smaller footprint, achieved by eliminating the automobile center. One year later, in recognition of the severe downturn in the real estate market and the local economy in general, Walmart put the project on indefinite hold.
GoToby.com has learned that Walmart’s interest in the new store location has been reignited. Apparently store officials have taken note of a substantial increase in business at their existing Cypress Point store and queried city staff about residential developments planned for the area.
Did you know that the nearby area expected to be served by the new store (south of Palm Coast Pkwy and west of the ICW) has 11,965 residential ready-to-build platted lots plus entitlements for an additional 12,416 residential units (some, but not all, platted ) for a total 23,881 additional residential units. Sixty-seven single-family residential building permits were issued within the county during June, the most for any month since June 2006. I would expect to hear additional news from Walmart before the end of the year.
Our area is greatly underserved by Adult Living Facilities; assisted living, supervised care and memory care. This vacuum has been noted by companies specializing in that market segment. The city is currently talking with three companies specializing in that segment. One developer, who had initially proposed Discovery Village, a 228-unit facility on Colbert Lane, has withdrawn its application for that site after receiving a strongly negative reception from the city planning staff. The developer is rumored to be exploring the site of the former Players Club tennis facility adjacent to European Village.
There has been no public announcement, but GoToby.com has learned that financing for the proposed National Guard armory off Belle Terre south of the airport has been approved. The approval does not signal imminent construction, however, but does indicate a key hurdle has been overcome.
A building permit has been issued for a 5,000 square foot shell building to finish out as a medical facility. The started construction value is $380,000. The new building will be at 1270 Palm Coast Pkwy adjacent to Intracoastal Bank.
A Development Order has been issued for Heartland Dental Clinic in Town Center, which proposes to construct a 5,091 square foot office building with supporting parking, landscaping and utilities as required on an outparcel within the Publix Shopping Center on the south side of Central Avenue, and on the east side of Belle Terre. The building is a two-unit building, and Heartland Dental will occupy one unit. A second tenant has yet to be identified.