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Record sales year heralds new directions for Consolidated-Tomoka

Daytona Beach’s one-time largest private landowner is distancing itself from that distinction in a hurry.

Consolidated-Tomoka Land Co. sold 2,700 acres in Daytona Beach last year that are expected to bring hundreds more apartment units, homes and commercial properties to an area already bursting with activity.

Those transactions totaled nearly $60 million, the most revenue from land sales in a single year in the company’s 117-year history.

“It was a good year,” CEO John Albright said.

Consolidated-Tomoka has pending deals in its pipeline that could fetch as much as $70 million this year and $30 million more in 2020. By then, its local real estate holdings would be reduced to 3,700 acres — less than a sixth of what it owned in the mid-1990s.

The record sales come even as Albright had to fend off attacks from the company’s largest shareholder — who pushed for his resignation the past two years — and as he looks to a future in which Consolidated-Tomoka will have to reinvent itself again.

The company, which got its start producing the materials used to seal decks of wooden ships, is now moving from selling land to managing income-producing properties in multiple states. Two of those projects are local: multi-use apartment and retail developments in Daytona Beach’s downtown and beachside tourism district.

As Volusia County ponders a vote for a half-cent increase to the sales tax — driven in part by the needs of new development on former Consolidated-Tomoka lands — it seems clear that the company’s influence on Daytona Beach won’t be ending with the sale of its largest holdings.

Whether that’s a good thing is a matter of perspective.

On the one hand, Consolidated-Tomoka’s land sales have meant new housing, shopping and jobs. In the words of City Commissioner Rob Gilliland, the company is “the biggest job creator and driver of economic development over the last decade that we’ve seen in Daytona Beach.”

If that sounds like more than a touch of understatement, it could be because 2019 might be even better.

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Revving Economic Engines: Daytona Beach

People are talking about Daytona Beach.

And what they’re saying is all good.

By Eleanore Osborne
Florida Trend Magazine

To toot your own horn might be considered a transgression.

So Daytona Beach and Volusia County will let others do the bragging for them. Because what others are saying is all good: for business, for quality of life, for the future.

Daytona Beach now ranks No. 7 nationally as the most popular place for people to move, according to U.S. News & World Report – up from No. 8 a few months ago.

Part of the Popularity is location, of course: On the Atlantic Ocean, with easy access for business and leisure in three directions via I-4 and I-95. Volusia County, with a comfortable urban/country vibe, puts Orlando and Jacksonville in easy reach, but without the traffic and higher prices.

US. News & World Report says: “Daytona Beach’s growth from net migration between 2012 and 2016 nearly hit 9%. The coastal metro area attracts plenty of tourists to NASCAR races and local beaches, but plenty of those visitors also appear happy enough to make the place their next home.”

Accolades are also coming in from other sources: Realtor.com ranks the Volusia-Flagler County area No. 8 in its report: “Next Urban Powerhouses” and No. 4 in its “America’s Top 10 Housing Markets to Watch.”

The Hard Rock Hotel opened recently, and ONE DAYTONA, the entertainment/shopping/lodging complex, is nearing completion of its first phase across from Daytona International Speedway. And recently, Chicago-based 55Places.com ranked Latitude Margaritaville the nation’s “Most Popular Active Adult Community” for 2018.

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The 25 best places people are moving to in 2018

Devon Thorsby

These places have the highest net migration over five years.

In calculating the Best Places to Live, US News factors in each metro area’s growth due to net migration over a five-year period. For the 2018 ranking, we used net migration data from 2012 to 2016 from the US Census Bureau, the most recent complete data set at the time of our calculations. Places with the most growth might be attracting new residents thanks to a hot job market, affordable housing, a desirable location or some other factor. Read on for the 25 metro areas (out of the 125 most populous in the US) that have grown the most over this period.

7. Daytona Beach, Florida

Best Places to Live 2018 Rank: 94
Metro Population: 613,723
Median Home Price: $164,069
Median Annual Salary: $38,010
Net Migration Rate, 2012 to 2016: 8.95 percent

Daytona Beach’s growth from net migration between 2012 and 2016 nearly hit 9 percent. The coastal metro area attracts plenty of tourists to NASCAR races and local beaches, but plenty of these visitors also appear happy enough to make the place their next home.

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