Palm Coast Real Estate News Clips: January 11, 2012

New County Intracoastal Waterway Parks, Hammock Dunes DRI, Palm Coast Landing buyer also owns Palm Harbor Plaza

Palm Coast, FL – January 11, 2012 – Miscellaneous real estate news tidbits for Palm Coast and Flagler County.

Hammock Dunes DRI
The City of Palm Coast objected strongly to Flagler County’s decision to end the 28-year old Hammock Dunes DRI (Development of Regional Impact). The city wanted to put the developer’s feet to the fire, forcing it to widen the two-lane toll bridge spanning the Intracoastal Waterway and widening a portion of Palm Coast Parkway. Now, the city has decided to put the issue to bed rather than spend county and city taxpayers’ money to sue the county.
The recent election changed the composition of the city council, replacing two members known to consistently support City Manager Jim Landon’s initiatives. New Council Members Bill McGuire and Jason DeLorenzo are likely to be much less pliant. And that’s a good thing.
Flagler Intracoastal Parks in the future
The DRI termination also resulted in the payment of $1.8 million over a five-year period to the county by the Dunes Community Development District. Add to that a recently received FDOT grant to the county to plan a park on 5.96-acres of county-owned land immediately south of the toll bridge. The park concept has now grown to include a 20-acre parcel owned by the Flagler School Board. The school board parcel, also on the Intracoastal Waterway, is a short distance north of the county parcel. It abuts the north boundary of Yacht Harbor Village.
The county hopes the two parks can be linked by a walking trail along the west side of State Hwy A1A. Planning will likely take about one year.
Palm Coast Landing Purchase
A real estate investment trust based near Chicago spent $40.4 million to buy Palm Coast Landing, the Town Center shopping anchored by Target at the corner of Belle Terre and SR 100. The Target property was not included in the deal. The buyer was Inland Diversified Real Estate Trust Inc., one of several Inland entities. Another Inland entity, Inland American Palm Coast Palm Harbor LLC owns Palm Harbor Shopping Center. Inland American bought that plaza, Palm Coast’s first, in April 2009.
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