Residential Project on Colbert Lane Restarted by New Owner

Palm Coast, FL – May 23, 2008 – Phase I of a mixed use development near the northwest corner of Colbert Lane in Palm Coast has taken on new life. The parcel was once owned by Masterpiece Homes. Masterpiece departed the local market last year, selling most of their single-family residential Palm Coast lots to Seagate Homes. Their other major holding in Flagler County was a 156-acre parcel on the west side of Colbert Lane near SR 100 which was platted for 228 single-family homes. This property was purchased by Orlando-based Waterford Investments in December. Waterford resumed site preparation work which had been suspended by Masterpiece Homes a year earlier.

 

Waterford’s new acquisition represents phase I of Colbert Lane LLC’s mix-use project which includes additional acreage which has not yet received final plat approval. Phase II, the acreage directly south of phase I and west of (behind) the stalled Preserve condominiums, is planned for 204 single-family residential homes. The remaining 80 acres which front Colbert Lane and SR 100 (northwest corner) are planned for commercial development.