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