Colbert Lane and State Road 100 Real Estate Activity

Apartment construction has begun at Beach Village. Mixed-Use project on the south end of Colbert changes hands. Old Kings Rd will reopen May 1st.

Palm Coast, FL – April 9, 2010 – Although the commercial real estate market is at a low ebb, things are happening along SR 100 and the south end of Colbert Lane. Two separate projects are affected; an apartment complex next to Publix in Beach Village and a land sale along the west side of south Colbert Lane. And Palm Coast City Manager Jim Landon announced that Old Kings Rd north from SR 100 will reopen May 1st. The road has been closed a year for widening and reallignment.
Building permits for three apartment buildings west of the Publix-anchored Beach Village plaza have been issued to Beach Village at Palm Coast. The cost used to derive building permit fees for the three buildings totals $8,061,866. Impact fees assessed on the three buildings total $478,936.
Forty-six acres at the northwest corner of SR 100 and Colbert Lane were recently sold by Colbert Lane LLC (Ormond Beach) to Royal Gold Asset LLC (Coral Gables) for $4,000,000. The sale represents three separate parcels along Colbert with development entitlements for 300,000 square feet of mixed-use space. One remaining 32-acre entitled parcel remains of Colbert Lane LLC’s original holdings.
Colbert Lane LLC previously sold three other parcels. The first, in 2005, was a 22.85-acre parcel where a condominium project named "The Preserve" was begun. The infrastructure is in place including lakes with bulkheads, streets, and parking, but the only vertical construction to date is the stop signs. Progress is at an indefinite standstill.
A second 156-acre residential parcel was sold to Masterpiece Homes in 2006. Masterpiece subsequently sold that parcel to Waterford Investment Properties Inc. in December 2007 for $1,300,000. Colbert Lane LLC sold another 137-acre parcel to Waterford in August 2009.

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