This will be the second apartment project to be kicked off this year in Town Center’s Opportunity Zone.
PALM COAST, FL – August 21, 2019 – The City of Palm Coast yesterday issued building permits for another new apartment complex named Central Landings. The permits cover 11 separate buildings on the 27.1-acre site directly east of the Epic Movie Theatre on Central Avenue in Town Center.
Site Work (looking west from Central Avenue)
When completed, the project will add 233 residential units to Palm Coast and will include 83 age-restricted units. Under construction nearby is The Palms at Town Center, with 86 apartment units. These two projects will help Palm Coast and Flagler County recover from the dearth of affordable multi-family housing exacerbated by a 50-month period that saw no multi-family permits.
Permitting and impact fees (exclusive of water and sewer connection fees) for Central Landings total more than $797,000. The contractor stated value for construction is $18,422,160. The general contractor is WPGC Construction, LLC, of Winter Park.
Central Landings Partners purchased the property for $450,000 in May from a subsidiary of Allete Properties, the developer of Town Center. The sale price, however, is misleading because Town Center is a Community Development District (CDD) and the underlying CDD bonds that financed the completed infrastructure can often make a real estate sale look more like a bond transaction.
Opportunity Zones and Opportunity Funds were created to stimulate private investment in Opportunity Zone communities in exchange for capital gain tax incentives.