Consolidated’s land-selling spree continues

DAYTONA BEACH — Consolidated-Tomoka Land Co.’s days as one of Daytona Beach’s largest landowners are fast nearing an end.

The public company in its second quarter earnings report disclosed its local land holdings are now down to 5,500 acres as of June 30, from 8,100 on March 31.

Of its remaining land, 4,300 acres are under contract to be sold between now and 2020.

“This is an evolution of the company,” said CEO John Albright.

Historically, Consolidated-Tomoka generated most of its revenues from land sales as well as timber and hay production on the vast acreage it owned in Daytona Beach.

Most of its land holdings are in the area surrounding the Interstate 95/LPGA Boulevard interchange.

Consolidated-Tomoka owned approximately 11,000 acres locally when Albright became CEO in August 2011.

Its land sales since then include the sites of what is now the Trader Joe’s distribution center and Tanger Outlets mall on the east side of I-95 and the Latitude Margaritaville and Mosaic communities going up just west of I-95.

The company has reinvested most of the proceeds from those land sales to buy income-producing properties such as retail and office buildings leased to long-term tenants.

Those acquisitions have been largely in other parts of the country — with two notable exceptions.

Consolidated-Tomoka in January completed the construction of two oceanfront restaurants — Landshark Bar & Grill and Coquina 214 Restaurant & Bar — on six acres it acquired in 2016, north of SunSplash Park.

In the first quarter of this year, the company acquired three acres belonging to First Baptist Church in downtown Daytona Beach and in June added other neighboring parcels on the same block.

“We intend to pursue the potential redevelopment of these parcels, which are located nearly adjacent to the location of the future new headquarters of Brown & Brown Inc.,” Consolidated-Tomoka stated in its earnings release

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Mosaic grand opening in Daytona gets off to strong start

DAYTONA BEACH — When ICI Homes Chairman and CEO Mori Hosseini came up with the idea to create a “full life” community here, he envisioned a place where people of all ages and from all walks of life could come together.

That’s exactly what he saw this past weekend at the grand opening of the first model homes at his new Mosaic community off of LPGA Boulevard, west of Interstate 95.

On Saturday, when the event was held, more than 1,000 people turned out, said Hosseini, adding that the crowd was so large at times that his staff was unable to count everyone.

“We saw young families with kids and we saw retirees,” he said.

He added that when he dropped by on Sunday, he was thrilled to see the five model homes filled with people as well.

“For the weekend, we had over 1,500,” he estimated.

Encouraged by the strong turnout, Hosseini said his company expects to quickly sell out its 350-lot first phase and is now working to prepare a second phase of the planned 1,200-home community.

When fully built out, Mosaic will stretch from Father Lopez Catholic High School north to Tournament Drive and Champion Elementary School.

The community will include a wide range of amenities including a residents’ clubhouse with a fitness center and activities room, community pools, an amphitheater with covered stage for live music and community events, walking/jogging trails, a lake where residents will be able to fish, a boardwalk, a tot-friendly kids play area, a community garden and pocket parks. All homes at Mosaic are designed to be energy efficient with “smart” features that allow residents to control air-conditioning, heating, and lighting, via smart phone. WiFi hotspots will be located at gathering areas throughout the community.

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Mosaic development adds to surge of growth along LPGA Boulevard

DAYTONA BEACH — Another big piece is being added to the white hot development puzzle already taking shape just west of Interstate 95.

On Saturday, ICI Homes will hold a grand opening event to celebrate the completion of five model homes at its planned 1,200-home Mosaic “full life” community off LPGA Boulevard, just west of the Florida Tennis Center.

It’s the latest in a surge of development projects in the area that includes:

• The planned 6,600-home Latitude Margaritaville 55-ond-older community going up on the north side of LPGA Boulevard, west of the Halifax Humane Society;

• A 2,500-home community ICI plans to build on the south side of State Road 40 on Latitude Margaritaville’s northwest border;

• More new homes planned at the LPGA International development, where 400 lots are still available;

• A 200-acre parcel just south of Father Lopez Catholic High School recently put under contract to be sold by Consolidated-Tomoka Land Co. to a Florida developer that could include about 250 homes.

Also in the works is a 200,000-square-foot grocery store-anchored shopping center at the entrance to Latitude Margaritaville at LPGA Boulevard and the new partially completed Tymber Creek Road extension. While developer Sutton Properties has yet to name the grocery store operator for its retail complex, The Landing, residents in the area have been buzzing for months that it will be a Publix.

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ICI Homes to offer ‘alternative’ to Margaritaville in Daytona

DAYTONA BEACH — Latitude Margaritaville, the Jimmy Buffett active adult community that opened its sales center on Monday, is about to get new neighbors.

ICI Homes, the Volusia-Flagler area’s largest locally based homebuilder, recently agreed to pay $21 million to acquire 1,020 acres of timberland on the south side of Granada Boulevard/State Road 40, roughly 2 1/2 miles west of Interstate 95.

The Daytona Beach-based company intends to build a 2,500-home “full-life community” on the site, the second of two it is planning immediately next to the 6,900-home Latitude Margaritaville.

Already under construction on Latitude Margaritaville’s south border, just west of LPGA Boulevard, is another “full life community” by ICI, the planned 1,200-home Mosaic community, which is set to complete its first homes early next year, possibly as soon as February, said Mori Hosseini, the company’s chairman and CEO.

Mosaic, which is just west of Bayberry Lakes and the Florida Tennis Center, will stretch from Champion Elementary School south to Father Lopez High School.

Unlike Latitude Margaritaville, which is open only to residents age 55 and older, ICI describes its two planned communities as “full life because it includes millennials all the way to retirees,” Hosseini said.

The full life description also refers to the wide array of amenities and activities that Mosaic will offer, including a bandshell for live concerts and special events, resort-style community swimming pools, and a clubhouse and fitness center, he said.

Other planned amenities include a lake with a fishing pier, places to go camping, a “Firefly” campfire and picnic area, a “Tail Waggers” dog park, a community garden, a “Hopscotch” children’s playground, and a network of trails that includes a gazebo/community gathering place at the trailhead.

Hosseini said the yet-to-be-named full life community planned on the south side of State Road 40 will offer amenities similar to Mosaic, but with more time to work on it, he said, “We’re going to take it even further than that. We are looking around the country for some of the newest ideas (to incorporate into the community).”

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