JX Properties in Foreclosure on Planned Development Property behind New Walmart Location
A Development of Regional Impact and Development Order were approved in 2006 for the 507.8 acre tract. The property is located behind the planned new Walmart Supercenter.
Palm Coast, FL – September 20, 2010 – Another developer with plans for Palm Coast is in trouble. Libertyville, Illinois based JX Properties’ 507.8 acre tract behind the site of the planned new Walmart Supercenter is in foreclosure. A Lis Pendens was filed with the Flagler Clerk of Courts office on Sept. 2 by BankAtlantic, which holds a $7, 070,000 mortgage on the property.
JX Properties paid Wisne Land LLC $7,000,000 for the three contiguous parcels that make up the tract in December 2003. Subsequently, a Development of Regional Impact (DRI) and a Development Order were approved for a mixed-use neo-traditional neighborhood community. The tract fronts SR 100, running north behind the planned new Walmart location. As planned, a four lane spine road would dissect the development, running from SR 100 to Old Kings Road where it will align with Town Center Blvd. adjacent to the Lehigh Trail. There is a large lake on the property easily visible from SR 100.As originally submitted, the plan called for Phase I (2006 – 2010) to include 583 Single-family units, and 82 Multi-family units plus 50,000- square feet of General Retail and 30,000 square feet of General Office space. Phase II (2008 – 2025) was approved for 190 Single-family units and 1,556 Multi-family units. Additional space was planned for a school and a fire station. The tract is zoned PUD.
The DRI and DO were later amended to extend the expiration date to January 1, 2026. Per the amended DRI/DO, major infrastructure and a single plat for the entire development are to be completed by December 31, 2011. A preliminary plat DO was issued in December 2009 that will expire this December.
The DRI/DO "runs with the land," but timing has become an issue for JX Properties or any developer who acquires the property. The complexity of the project would have required infrastructure development to be underway already to meet the December 31, 2011 completion deadline. Any future development is likely to require another review which, under current evaluation criteria, would most likely result in a scaled down project.
JX Properties is not BankAtlantic’s only high-value foreclosure in Palm Coast. The bank initiated foreclosure proceedings against Whitehall Homes at Grand Haven in May. BankAtlantic loaned Whitehall $6,400,000 in 2004 to develop a 96-unit condominium project adjacent to the Grand Haven Golf Course and clubhouse. Whitehall completed development of Phase I of the Riverview Condominiums; four buildings with 12 units each. Construction began in 2007 on two of four units in Phase II, but Whitehall soon abandoned the project, leaving two partially completed buildings on the site.
Contaminated property?
History indicates the Lehigh cement plant dumped toxic waste along the old railroad tracks that border this property. It also is so low it needs extensive drainage work, which would inpact the wild life. This property should be bought as park property or deeded as forever wild, if not in whole most, especially what is low and full of wildlife. You can bet a deal is in the works to get this asset off the banks books. They will probably end up with a tax loss that will work for the bank.
JX Properties in Foreclosure on Planned Developmen
How much did taxpayers shell out for the newly paved and relocated portion of Old Kings Road North to facilitate this fabulous new development???? … and how many years were people discommoded by the road closure???
Oh well, what’s the difference? Just us old cranks care about this boring stuff.
Reply to Toby
Are you sure about that. I read that the upgrades were paid for by the Town Center CRA with confiscated tax dollars to be reimbursed by the now non-existent future tenants and/or homeowners.
It’s a really great model that hasn’t worked yet, buy to repeat, nobody but us old cranks cares a fig about it. The new TV season starts this week. Yeah!
PS: Since OKR was already a public road, by what mechanism could private parties seek to improve it, nevermind relocate it?
Is Low Impact Development the Rule?
What Toby is doing is great, keeping folks informed. Questions to ask…as all of these area development plans come and go, will they all receive the same amount of environmentally detailed attention that Neoga Lakes and Old Brick developments are receiving? Wildlife corridors, conservation easements, buffer zones, low impact developement, dark sky green technologies are all (thankfully)concepts turned into action with those proposed developments….will the JX Properties (or future deed holders) be required to adhere to the same environmental/green guidelines and will those guidelines receive the same scrutiny – go before local councils and commissions? How many proposed developments have escaped under the radar and cannot/will not be grandfathered into e.g., low impact compliance?
Is Low Impact Development the Rule?
What Toby is doing is great, keeping folks informed. Questions to ask…as all of these area development plans
come and go, will they all receive the same amount of environmentally detailed attention that Neoga Lakes and Old
Brick developments are receiving? Wildlife corridors, conservation easements, buffer zones, low impact
developement, dark sky green technologies are all (thankfully)concepts turned into action with those proposed
developments….will the JX Properties (or future deed holders) be required to adhere to the same
environmental/green guidelines and will those guidelines receive the same scrutiny – go before local councils and
commissions? How many proposed developments have escaped under the radar and cannot/will not be grandfathered
into e.g., low impact compliance?
Reply to Evelyn
The road widening was paid for primarily by the private sector; the land owners with property fronting Old Kings Road. The City paid only for the upgrades; curbs, gutters, and sidewalks.