JTD Land plans new homes in Daytona Beach

By Alex Soderstrom  – Staff Writer, Orlando Business Journal

A recent land buy in Volusia County will tee off the construction of 140 new homes near the LPGA International golf course. 

Kissimmee-based developer JTD Land Co. LLC bought 98 acres in Daytona Beach in a deal that closed Aug. 11, CTO Realty Growth announced. The entity that sold the property is related to Daytona Beach-based CTO (NYSE: CTO).

‘Aggressive’ for local land 

JTD Land paid $2.8 million for the land and plans to develop the site into a subdivision with single-family homes that can be accessed via LPGA Boulevard. JTD Land Vice President Craig Harris declined to comment on the project. 

The timeline for the project is unknown. 

It’s not the only planned development near the LPGA golf course. Clearwater-based Boos Development Group Inc. wants to rezone roughly 61.4 acres northeast of LPGA Boulevard and Tournament Drive for apartments and 11 commercial parcels for its Tymber Creek Village project, according to documents recently filed with the state. 

The area has seen “virtually no” development activity since the early 2000s, which makes it ripe for new construction as Daytona Beach grows, John Albright, president and CEO of CTO, previously told Orlando Business Journal. In recent years, new residential and commercial developments nearby, such as Latitude Margaritaville and a Trader Joe’s distribution site, have brought new homes and jobs to the area, which creates demand for more retail and apartments.

Volusia County is ideal for single-family home development due to its low cost of land, Brad Parker, a land expert with Longwood-based Southern Realty, told OBJ. As suburban Orlando counties such as Osceola County get more expensive for construction, development will move further outside Orlando, he said. 

“I see people getting more aggressive to get land in Volusia County.” 

Home demand on the rise  

New homes are important locally because construction creates jobs and subcontractor opportunities. Plus, local housing activity often is considered a reflection of the overall health of the local economy. Every home sale in the state has an estimated local economic impact of $77,858, according to a 2018 study by the National Association of Realtors. 

There were 1,154 homes sold in the Daytona Beach area in the first quarter, up 19.6% from 965 sold in first-quarter 2019, according to the most recent data from the Daytona Beach Association of Realtors. The median sales price of $250,000 was up 6.4% from first-quarter 2019’s $235,000. 

Like Daytona Beach, home sales are up in Orlando. There were 3,103 homes sold in the region in June, down 9% from 3,412 sold in June 2019, but up 45.9% from 2,127 sold in May, according to the Orlando Regional Realtor Association.

Home prices in Orlando are higher than Daytona Beach, with Orlando boasting a median home sales price of $265,000. 

Boos Development to build apartments, retail near LPGA International golf course

By Jack Witthaus  – Staff Writer, Orlando Business Journal

A Clearwater developer wants to build a mixed-use project near a Daytona Beach golf course to cater to the area’s fast growth.

Boos Development Group Inc. wants to rezone roughly 61.4 acres northeast of LPGA Boulevard and Tournament Drive for apartments and 11 commercial parcels for its Tymber Creek Village project, according to documents filed with the state. The site currently features woods and wetlands and is zoned for single-family homes.

Plans call for retail space to include an auto parts store, bank, coffee shop, medical offices and a drug store. A Boos Development representative wasn’t available for comment.

The estimated project cost and timeline weren’t known.

The area has seen “virtually no” development activity since the early 2000s, which makes it ripe for new construction as Daytona Beach grows, said John Albright, president and CEO of Daytona Beach-based CTO Realty Growth (NYSE American: CTO), who isn’t involved in the project. In recent years, new developments nearby such as Latitude Margaritaville and a Trader Joe’s distribution site has brought new homes and jobs to the area, which creates demand for more retail and apartments.

“It’s kind of like an oil well being drilled and hitting the mother lode,” Albright said of area’s commercial demand.

Consolidated’s big month was a real bell-ringer

In Consolidated- Tomoka Land Co.’s 117-year history, it’s safe to say the Daytona Beach company has never had a bigger month than it had this past October. After a relatively quiet first two weeks, the company on Oct. 16 announced the $97 million sale of a controlling stake in the remaining 5,300 acres of undeveloped land it owned in Daytona Beach.

The sale of land mostly in the area surrounding the Interstate 95/LPGA Boulevard, in one single transaction to Evanston, Illinois based Magnetar Capital, shattered the record Consolidated-Tomoka set last year for most revenue generated in a single year — $60 million — from sales of undeveloped real estate.

Two days later, the company announced the $3.45 million sale of its two golf courses as well as the clubhouse at LPGA International to Virginia-based Fore Golf Services Inc. Then on Oct. 23, Consolidated-Tomoka made another big announcement, or rather, two of them: plans for an upcoming an initial public offering of common stock shares in a new separate company it is forming called Alpine Income Property Trust Inc., as well as plans to change its own name at the beginning of 2020 to CTO Realty Growth. CTO also happens to be the symbol for Consolidated-Tomoka’s common stock, which trades on the NYSE American stock exchange.

Alpine, a real estate investment trust, is expected to have its common stock shares traded on the New York Stock Exchange under the symbol “PINE.” It will initially consist of 20 single-tenant income-producing properties that it will purchase from Consolidated-Tomoka as the company soon to be known as CTO shifts its primary focus to investing in multitenant commercial properties. But Albright will become CEO of both companies as Alpine will be managed by Consolidated-Tomoka. The two companies will also share the same headquarters offices in Daytona Beach at 1140 Williamson Blvd.

Consolidated- Tomoka on Oct. 16 also announced its third quarter earnings, which included an increase in net income per share to 31 cents, up from 26 cents for the same period a year ago. Turns out, October included another big milestone for the company. On Oct. 16, Consolidated-Tomoka for the first time in its history rang the closing bell of the New York Stock Exchange to mark the 50th anniversary of its becoming a public company. “We were thrilled to have represented the shareholders of Consolidated-Tomoka in celebrating 50 years of trading on the NYSE,” said Albright who wielded the wooden mallet used to ring the stock change’s closing bell. It as a “very cool experience,” Albright said. “Not many companies have that distinction (of ringing the bell at the New York Stock Exchange).”

Albright was accompanied by co-workers Mark Patten, senior vice president and chief financial officer at Consolidated-Tomoka, and Tammy MacIsaac, the company’s land information manager. MacIsaac also is the company’s longestserving current employee, having joined the staff at Consolidated-Tomoka 33 years ago, Albright said. Also taking part in the trip to the NYSE in New York City were the current members of Consolidated-Tomoka’s board of directors, led by chairwoman Laura Franklin, as well as past-board member William L. Olivari, former partner of Ormond Beach certified public accounting firm Olivari & Associates. Consolidated- Tomoka employs 15 workers.

Clayton Park is business editor of The Daytona Beach News- Journal. He can be reached at

Land is in the ‘rearview mirror’ for this Central Florida real estate firm. Here’s what’s next.

Jack Witthaus
Staff Writer
Orlando Business Journal

A mega acreage deal may help transition Daytona Beach’s largest landowner into a real estate investment trust.

Consolidated-Tomoka Land Co. (NYSE American: CTO) revealed it sold a controlling interest on Oct. 16 in all — yes all — of its 5,300 acres in Daytona Beach. The Daytona Beach-based real estate company sold the land for $97 million to funds managed by Evanston, Illinois-based hedge fund Magnetar Capital, whose Magnetar Financial LLC owns about 4.6% of the company’s shares, according to Yahoo Finance. Investors in Consolidated-Tomoka seemed pleased, as the company’s stock price grew 6.4% by the market’s close on Oct. 17.

Consolidated-Tomoka President and CEO John Albright told investors on a not-so-typical third-quarter earnings call that land was in the “rearview mirror.” “The market wasn’t valuing the land whatsoever as far as where our stock’s been trading. So right now, we are very focused on investing that capital in income-producing properties.”

That excited some investors on the call who saw the deal as a potential opportunity to turn the company into a REIT, which essentially owns and leases space. The income from the REIT’s leased properties then is given as dividends to shareholders.

Albright declined to say Oct. 17 if the company would become a REIT. He told Orlando Business Journal in a statement that the 5,300-acre “joint venture” deal with Magnetar Capital allows the company “more flexibility in how we structure deals with developers.”

But Alrbight did say in the earnings call that the deal “definitely speeds up the conversation about what’s next for CTO” and said there would be more communication on what that next step for the company would be.

That didn’t stop analysts from weighing in on the REIT speculation during the earnings call.

“I just want to say up front, I give my vote toward becoming a REIT sooner rather than later,” said Brian Rohman, a portfolio manager and analyst for Boston-based Boston Partners Global Investors Inc., which owns about 2.8% of the company.

Investors later speculated that Consolidated-Tomoka’s ownership of the LPGA International Golf Club would be a roadblock to becoming a REIT. But that roadblock apparently has been cleared. On Oct. 18, Consolidated-Tomoka announced it had sold the golf club for about $3.5 million to an affiliate of Manassas, Virginia-based Fore Golf Services Inc. The LPGA International Golf Club had suffered “significant operating losses,” Albright said in a prepared statement.

Consolidated-Tomoka’s stock was trading higher as of late morning Oct. 18, and its stock has a 52-week range of $49.23-$68.64. The company traces its roots back to 1902, and at one point owned more than 1.8 million acres of land in Florida.

Daytona’s LPGA golf courses have new owner

Daytona Beach’s LPGA International has been sold for $3.45 million to Fore Golf Partners, a Virginia-based company that has owned and managed more than 100 private clubs, daily fee golf courses and resorts over the past 38 years.

DAYTONA BEACH — The pair of golf courses at LPGA International have a new owner, the beginning of a new chapter for the popular courses that have bled money for decades.

Fore Golf Partners late Thursday completed its $3.45 million purchase of the two 18-hole courses on the city’s west side. The Virginia-based company acquired the 657-acre golf club property from Consolidated-Tomoka Land Co.

Daytona Beach-based Consolidated-Tomoka, which announced the deal Friday morning, also said it paid off its remaining liability to the city totaling $540,000.

That payment covered the per-round surcharge the company agreed to pay the city in connection with its prior buyout of the land lease with the city.

Manassas, Virginia-based Fore Golf, in turn, agreed to pay Consolidated-Tomoka $560,000 in the future based on a per-round surcharge of $1.50 for each round of golf played at LPGA Golf Club.

“We’re pleased to have completed the sale of the golf operations, which has sustained significantly operating losses throughout the history of the Golf Club and required substantial capital expenditures in recent years,” said Consolidated-Tomoka CEO John Albright.

“We’re glad to transition the golf courses to an experienced operator,” said Albright, whose company owns income-producing commercial real estate properties in multiple states. “This (operating golf courses) is not our core business.”

The sale included the Clubhouse at LPGA International, which includes a restaurant called Malcolm’s Bar & Grill as well as a golf pro shop. LPGA Golf Club employs approximately 125 full-and part-time employees.

“The bulk of the jobs are going to stay with the new owner,” Albright said, adding that there may be changes in senior management positions at the golf club.

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Daytona’s LPGA golf courses to be sold, buyer wants women’s tour event

DAYTONA BEACH — A U.S. subsidiary of a Chinese conglomerate has agreed to buy the golf courses at LPGA International, pledging to bring the courses up to their “full potential.”

The pending $3.6 million purchase by Gilbert, Arizona-based C-Bons International Golf Group Inc. is contingent on approval by the Daytona Beach City Commission on Wednesday of an amendment to the 657-acre LPGA Golf Club property’s master agreement between the city and current owner Consolidated-Tomoka Land Co.

The proposed sales price is 2.4 times as much as the $1.5 million Consolidated-Tomoka paid the city in early 2017.

The proposed amendment includes a promise by CBIGG, as the buyer is also known, to keep the two 18-hole courses at LPGA in “tournament-ready condition” and a guarantee to provide the Ladies Professional Golf Association — whose headquarters is located at LPGA International — with up to 30 days a year of free use of both courses as well as practice facilities.

If “tournament ready” isn’t clear enough, the agreement also spells out that the facilities will have be maintained “in at least the same or better manner as other local private golf courses such as Oceanside Golf and Country Club in Ormond Beach.”

Rumors of a potential sale have been circulating throughout the community for months. Teresa Smith, an LPGA International resident and member of the golf club, called them “unnerving” but was encouraged after being told the terms of the deal.

“If what you just said is true, they (LPGA residents and club members) would be ecstatic,” Smith said. “All that would be music to people’s ears. In the absence of information, a vacuum is created and people fill that with rumors and fear.”

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