Consolidated-Tomoka off to promising start

DAYTONA BEACH — The sale of land for a planned Buc-ee’s mega convenience store/gas station and of four office buildings locally contributed to one of the most profitable quarters ever for Consolidated-Tomoka Land Co., the company reported.

The Daytona Beach-based public company (NYSE American: CTO) reported $1.97 a share in net income and $24.8 million in revenues in the first quarter.

The company, which is currently one of the city’s largest private landowners, also reported that its “pipeline” of pending land sales locally has now swelled to 6,007 of the approximatel7 8,100 it owns in Daytona Beach, mostly in the area surrounding the Interstate 95/LPGA Boulevard interchange. Those pending sales, if all are completed, would result in roughly $137.7 million in revenues.

The properties now under contract to be sold include approximately 2,500 acres to be set aside as a “mitigation bank” conservation area immediately west of ICI Homes’ planned 1,200-home Mosaic “full life” community off of LPGA Boulevard, and 123 acres on the east side of I-95 where New York-based O’Connor Capital Partners plans to develop a commercial/retail center.

The “L”-shaped O’Connor site is immediately north of the future Buc-ee’s and stretches north to the campus for Florida Hospital Memorial Medical Center and east to Williamson Boulevard on its southernmost portion, which would abut the campus of Daytona State College’s Advanced Technology College, according to a presentation Consolidated-Tomoka recently made to investors.

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