Mystery buyer agrees to purchase land north of Daytona’s Latitude Margaritaville

DAYTONA BEACH — Just three months after Latitude Margaritaville’s developer walked away from a pending deal to double the size of its Jimmy Buffett 55-and-older community, a mystery developer has emerged to snap up the site.

Consolidated-Tomoka Land Co. on Monday announced it agreed to sell the 1,600-acre site immediately north of Latitude Margaritaville to “a master-planned community developer that would be new to the Daytona Beach market.”

The $27 million sale of land that stretches north along the west side of Interstate 95 to State Road 40/West Granada Boulevard, is expected to close later this year, confirmed Consolidated-Tomoka CEO John Albright.

He declined to identify the pending buyer of the parcel but confirmed that it is a developer based in Florida.

“They’ve never developed a master-planned community in Volusia County to my knowledge,” Albright said.

The land already has entitlements from the city and county to accommodate up to 3,400 new homes as well as 200,000 square feet of commercial space.

The pending land sale, if it goes through, would appear to end Latitude Margaritaville developer Minto Communities’ hope of eventually expanding its wildly popular active adult community.

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Daytona’s Latitude Margaritaville gets OK to build more homes

Zoning unanimously approved for 2nd phase which would nearly double Daytona project to 6,650

DAYTONA BEACH — Having recently sold its 500th home in just 11 months, the developer of the Latitude Margaritaville community going up along LPGA Boulevard is now one step closer to extending it north to State Road 40.

The Daytona Beach City Commission on Wednesday night voted unanimously to approve the comprehensive plan zoning for developer Minto Communities’ planned second phase of its Jimmy Buffett-themed “55-and-better” community.

The 1,614 acres Minto has under contract to buy from landowner Consolidated-Tomoka Land Co. now has city approval for up to 3,250 homes, which would double the size of the fast-growing Latitude Margaritaville community on the west side of Interstate 95.

The 1,581-acre first phase, which Minto paid $27.2 million to acquire from Consolidated-Tomoka in February 2017, is zoned to allow up to 3,400 homes.

“It’s obviously good news and shows the progress of phase one,” said John Albright, the president and CEO of Consolidated-Tomoka.

Noting the fast-pace of home sales at Latitude Margaritaville, which is now zoned to allow up to 6,650 homes, Albright said, “It’s probably the most successful development in the United States right now.”

As of Monday, 184 homes have now been built at the Daytona Beach community with another 130 currently under construction, said Bill Bullock, president of Minto’s Latitude Margaritaville division, which includes a similarly Jimmy Buffett-themed active-adult community being built in Hilton Head, South Carolina.

Bullock said his company is stepping up new home construction activity to an average of 11 new starts a week beginning this month, up from its previous average of nine per week.

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