An Orlando developer has announced plans for a massive 2,600-acre mixed-use development along State Road 40 north of Latitude Margaritaville that could become home to 10,000+ residents as well as businesses. The developer also says Avalon Park Daytona will add more than $2 billion in tax revenues for the city and county.
DAYTONA BEACH — Latitude Margaritaville is about to get a big new neighbor.
An Orlando developer has agreed to buy 2,600 acres of undeveloped land directly north of the fast-growing Jimmy Buffett 55-and-older community here.
Plans call for creating a massive mixed-use development called Avalon Park Daytona, that upon completion in a decade or more, will become home to more than 10,000 residents as well as businesses.
Upon completion, the massive development will stretch along the south side of State Road 40/West Granada Boulevard just east of Interstate 95, from Tymber Creek Road west to Tiger Bay State Forest.
It will be across from Ormond Beach’s Breakaway Trails and Hunter’s Ridge communities on the north side of SR-40.
“The intention is to begin developing immediately, but until the site plan gets approved (by the City of Daytona Beach) we won’t be able to put a timeline on it,” said Stephanie Lerret, a spokeswoman for the project’s developers, Orlando-based Avalon Park Group and Switzerland-based SiteEx Properties Holding AG.
Beat Kahli, a Swiss national who is CEO of both Avalon Park Group and SiteEx, said his goal is to start infrastructure work late next year and begin construction of the first homes, along with a small “downtown” in early to mid-2021.
“We are not just developers, we’re town builders,” he said in a phone interview.
While plans for Avalon Park Daytona have yet to be finalized, Kahli said he envisions building a town that will have approximately 6,000 homes, including single-family houses, apartments and townhouses, as well as restaurants, shops, a grocery store, schools, medical facilities, churches, and offices.
Kahli said he is also planning to launch a global network of “co-use office” complexes called The 5th Floor that will include a location at Avalon Park Daytona.
For a membership fee, businesspeople can work out of and meet with clients at any 5th Floor location, including Orlando, Tampa, as well as in Australia, Singapore, and Switzerland.
Avalon Park Daytona, when fully built out, will add more than $2 billion in ad valorem tax revenues for the City of Daytona Beach and Volusia County, Kahli said.
Although the north side of State Road 40/Granada Boulevard is Ormond Beach, the land Avalon Park Group is buying from Consolidated-Tomoka Land Co. and Magnetar Capital is within the city limits of Daytona Beach.