An official announcement is expected soon, but Palm Coast officials have been told that the regional homebuilder has contracted to buy tracts 18B, 18C, 19A, 19B and 19C in Palm Coast’s Town Center.
PALM COAST, FL – August 23, 2016 – GoToby.com has learned that Daytona Beach-based ICI Homes has contracted to buy five tracts in Palm Coast’s Town Center. Tracts 18B, 18C, 19A, 19B and 19C are indicated in the Town Center map below as #21. An official announcement is expected soon.
Town Center Project Map
The PUD Ordinance states that residential tracts 18B and 18C are designated for town homes, row homes or patio homes with a density of five to eight units per acre. With regard to tracts 19A, 19B and 19C, the Ordinance is less specific, stating only, “Because of their location, it is likely these Tracts will be developed for town homes, row homes or patio homes, possibly as future phases of the development on Tracts 18B and 18C.”
An earlier map of Town Center shows a slightly larger area #21 marked as “Sold.” GoToby.com seems to recall that ICI Homes was the proposed buyer of #21 at that time, however the Great Recession intervened and the transaction never closed.
Early Town Center Project Map
The current contract is reportedly in an open-ended due diligence period, meaning that the transaction is not likely to close soon. But, the fact that ICI Homes is already familiar with the property and the project should facilitate due diligence.
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This is great news for Palm Coast. It marks an important commitment to additional residential development within Town Center. The most recent estimated census pegs Flagler County’s population growth rate at more than 2,800 additional residents per year.
This growth rate places a demand for an additional 1,200 to 1,300 residential units per year. Local builders have averaged 560 single-family building permits for the past two years, less than half the additional demand. Until recently, available vacant distressed homes have taken up the slack, but this relief valve has practically vanished, placing more demand on new construction.
This month to date, 68 single-family home building permits have been issued within Flagler County. With one week to go in August, builders are on track to easily exceed the recent high of 70 new permits in April. GoToby.com forecasts this year’s total will be between 700 and 750. The additional volume likely to come from ICI Homes in Town Center will be justified.
ICI Homes, Volusia County’s “Builder of The Year” was also designated one of the “Top 100 Builders in the nation” by Builder Magazine. Over the last thirty plus years, ICI Homes has built thousands of new homes in many of Florida’s finest communities as well as in Georgia, North Carolina and Tennessee markets.
Town Center, developed by Palm Coast Holdings, is a mixed-use development within 1,557 acres north of SR 100 (Moody Blvd.) and east of Belle Terre Pkwy. The 2003 Development Order foresees a total 2,500 residential units within the project. Take an animated tour through the Town Center vision below.