This parcel surrounded by Palm Harbor Golf Course is being developed by D.R. Horton to include 54 single-family homes.
Palm Coast, FL – June 21, 2014 – A 21.83-acre parcel on Clubhouse Drive, surrounded by the Palm Harbor Golf Course is being developed by D.R. Horton to include 54 single-family homes. It was once approved for 133 townhomes/condominiums and three single-family homes. An additional 7.35 acres, known as Sesame Island, has been rezoned from PUD to Parks and Greenways (P&G) and donated to the City of Palm Coast. Seventeen of the lots will have saltwater frontage.
The property was once the site of ITT’s model center. It has been vacant since 1995, when the model center was removed. It was purchased by La Jolla Cove LLC from Commonwealth Palm Coast Corp in May 2003 for $3,000,000. La Jolla Cove resold it later that year to Old Hammock Cove LLC for $3,675,000. Old Hammock Cove rezoned the property in 2005 to create the Old Hammock Cove PUD but development never commenced as the real estate market crashed. Lender BB&T completed its foreclosure and took title to the property in 2012. It was rezoned and sold to D.R. Horton last November for $1,050,000.
A permit for site development was issued May 5, 2014 and work has begun. The contractor stated value of the site development work is $1,960.291. In addition, the Utility Agreement for Water and Waste Water Service requires the developer to pay City of Palm Coast $241,108.91 as a Contribution In Aid Of Construction (CIAC) “to induce CITY to provide service to the Property.” Additional connection charges will apply.
It looks like D.R. Horton will have invested at least $60,000 per lot for land, site development and upfront water and wastewater services. Add to that approximately $15,000 in impact fees associated with each home’s building permit. Architectural, legal, engineering costs will add to the investment. Compare to the $3,675,000 paid by Old Hammock Cove for the land alone. D.R. Horton’s cost advantage allowed them to make a business model work with lower density.
When I called the number on the sign posted at the site, I was told that D.R. Horton hopes to have Country Club Harbor opened by the end of the year. At this time, no architectural plans or elevations are available and no price point has been set. D.R. Horton is taking contact information from those showing interest at (386) 313-1931.