First New Multi-Family Building Permits in Palm Coast Since November 2014

The Palms at Town Center will have 88 apartment units in three 3-story buildings plus a clubhouse. It will be located on Bulldog Drive in the Town Center Innovation District.

PALM COAST, FL – March 31, 2019 – The first multi-family building permits since November 2014 were issued by Palm Coast March 29. The Palms at Town Center will have 88 apartment units in three 3-story buildings plus a clubhouse. It will be located on Bulldog Drive in the Town Center Innovation District.

PALMS AT TOWN CENTER SITE PLAN

“The City Council created the Innovation District in 2018 as a way to refocus development interest in Town Center, which is within our Community Redevelopment Area,” said Wynn Newingham, Head of Innovation & Economic Growth for the City. “The vision for Town Center is a mix of forward-thinking residential and non-residential developments in the area around Central Park. The Palms at Town Center is a perfect fit, and we welcome them to Palm Coast.”

As a qualified applicant to the City’s new Innovation Kick Start Program, The Palms at Town Center is eligible for a major break on utility impact fees that will reduce overall development costs. The impact fee credit through the Kick Start Program is based on the number of units ($5,000 per residential unit or $5,000 per 1,000 square feet for commercial). The Palms project is also eligible for transportation impact fee credits provided by Allete Properties, LLC, the parent developer of Town Center.

Developer The Housing Trust Group, based in Coconut Grove in South Florida, applied for site plan approval in August 2018.

Four separate permits were issued:

• 4,614 SF Clubhouse with a contractor stated value of $384,000. Impact and other fees paid total $4,859.90.
• Building #1, 3-story apartment building with 26 units with a stated construction value of $2,400,000. Impact and other fees paid total $72,463.70.
• Building #2, 3-story apartment building with 26 units with a stated construction value of $2,035,000. Impact and other fees paid total $69,129.12.
• Building #3, 3-story apartment building with 36 units with a stated construction value of $3,185,000. Impact and other fees paid total $98,803.97.

For Palm Coast, the City plans to build on the Innovation District vision by leveraging proximity, density, and character authenticity to foster it to become an experiential-living hub where our residents can live, work and play. Town Center is 17-percent developed so far, with existing development including the Target shopping center, the Publix shopping center, an office building, Epic Theatres of Palm Coast, professional office buildings, the Palm Coast Arts Foundation, senior apartments, townhouses, and Palm Coast City Hall. At the core of it all is the beautiful Central Park with a lake, center stage for special events, and a walking path that connects to Palm Coast’s trail system.

Douglas Property and Development is representing Allete Properties, the developer of both Town Center and  Palm Coast Park, in the disposition of its remaining assets. Since Douglas stepped in about two years ago, nearly all the land in Palm Coast Park has been sold or put under contract. Douglas Property and Development is also the developer of Grand Landings, a master-planned community off Seminole Woods Blvd south of the Flagler Executive Airport. Grand Landings will have 748 residential units and 150,000 square feet of commercial space upon buildout.