Once ITT’s model center site, this property was rezoned in 2005 to create the Old Hammock Cove PUD. BB&T foreclosed in 2012. Proposed rezoning will reduce the allowed density to 55 homes.
Palm Coast, FL – June 16, 2013 – BB&T is seeking to rezone 21.84 acres bounded by Country Club Drive and the Palm Harbor Golf Course. The application was submitted on behalf of the bank and contracted purchasing developer D.R. Horton. They want the zoning changed from the current Master Planned Development allowing 133 townhomes/condominiums and three single-family residential units, to SFR-2 (Single Family Residential), allowing only 55 single-family residential units. An additional 7.35 acres, known as Sesame Island, will be rezoned from PUD to Parks and Greenways (P&G) and donated to the City of Palm Coast.
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. The proposed new development is known as “Country Club Harbor.”
A neighborhood meeting was held June 11. There were no negative comments from residents who attended. Neighbors were pleased with the reduced density requested. The item has been placed on the agenda for the June 19th meeting of the Planning & Land Development Regulation Board. Following expected PLDRB approval, it will be forwarded to the Palm Coast City Council for final approval.