Volusia Business News: Land company leads the way

By Cecil G. Brumley
Hometown News

As the Volusia County economy, and average temperatures, heat up, the company that continues to stay in the middle of it is Consolidated-Tomoka Land Co.

The company has bought in a ton of development simply in selling the thousands of acres of land it owns in the Daytona Beach area. Just look out along Interstate 95 between Daytona Beach and Ormond Beach, and you can see a lot of that development.

In the past few years it also has begun doing a lot of its own developing on its land. The company just sold four office buildings it developed to Dr. Hussain Rawji, a DeLand ob/gyn physician, for $11.425 million, according to Volusia Clerk of Court records. The portfolio included the two-story, multitenant Concierge office building at the northeast corner of LPGA and Williamson boulevards, two buildings on Williamson in the Mason Commerce Center and a building in Williamson Business Park, according to SVN Alliance, which brokered the deal.

On its own land, it submitted plans last week for East LPGA, a 301-unit apartment complex on LPGA Boulevard, just east of Clyde Morris Boulevard in Daytona Beach.

But it has moved away from its land lately, buying property elsewhere in the area and developing it. Most notably, the company bought a strip on the oceanfront and developed the two-restaurant complex of LandShark Bar & Grill and Cocina 214.

If you thought that was something, hold onto your hat. The company just bought the First Baptist Church property in downtown Daytona Beach for $2 million. It hasn’t submitted any plans for the property, yet, but then the church is still using the property as it builds its new campus between Interstate 4 and U.S. 92, way out west of I-95. With the other plans for downtown Daytona, including Brown & Brown’s new headquarters, it will be extremely interesting to see what Consolidated-Tomoka does with the church property.

Click here to read the full story