Memorial Hospital Flagler Buys Cobblestone Village Parcel for $1.5 Million
The 2.9-acre parcel is one of three resulting from the replat and reconfiguration of the site that was approved by Palm Coast City Council June 7. The transaction closed July 5.
Palm Coast, FL – July 14, 2011 – Memorial Hospital Flagler (Florida Hospital Flagler) closed July 5 on its $1.5 million purchase of approximately 2.9 acres in the Cobblestone Village commercial development. Site plans show a two-story medical building on the property. The use will be allowed by a replat and reconfiguration of a larger parcel which will allow two restaurants (one with a drive-thru) an office/retail building, and a medical building. The changes were approved by palm Coast City Council June 7, 2011.
When Cobblestone Village was originally platted, one out-parcel turned out to be problematic. The size, shape, and road access were not suited for a bank which had been envisioned there. In February ’08, the developer proposed a Discount Tire store for the parcel, but city council turned them down. They felt the tire store was not consistent with their vision of Cobblestone Village.
In October 2009, the developer brought back a new plan that increased the size of the lot by taking over 6 acres of high quality wetland. They obtained St. Johns Water Management District approval only after agreeing to mitigate 150 acres of property in a wetland mitigation bank.
The new larger parcel is on the right side of the entry road past Walmart. The developer planned at that time to market the property for a hotel and three restaurants. June’s reconfiguration finally hit a sweet spot, with the hospital’s purchase of lot 1, which is on the most western portion of the property, adjacent to Walmart.
GoToby.com understands that construction is likely to begin this year with occupancy planned for 2012.
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