The Preserve at Palm Coast, a fully developed multifamily site

Listing was updated at: 02/21/2020
Property Overview
Price/Rent PSF $ 8,000,000.00
Asset Type Land
Trade Type Sale
Acres Available 23.00
Date Available 02/21/2020
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Located on the west side of Colbert Lane, approximately 0.5 miles north of SR 100

The Preserve at Palm Coast is a 23+/- acre fully developed multifamily site in Palm Coast, FL. The project was designed, and all site work has been constructed, to accommodate 160 residential condominium units, but was inventoried during the Great Recession. The site is ideally located on Colbert Lane and nearby to both existing subdivisions (Palm Coast Plantation, Grand Haven) and the new Marina Del Palma mixed-use community. The Preserve at Palm Coast offers a wonderful opportunity for a developer to quickly bring a new multifamily project online that can be delivered in this cycle.

The Preserve at Palm Coast was designed for 160 condo units across 10 condo buildings (16 units per building) plus a 5,000 SF clubhouse amenity. The units in the planned four-story condos range in size from 1,600 - 2,400 SF and can be revised to suit today's market. Nearly $6m was previously spent on site construction including roadways, storm water retention, utilities, a bridge, street signs/lighting and impact/municipal fees. All previous engineering and plans are available.

This is a unique opportunity for a developer to quickly bring new condo units to the Palm Coast market. The project could be finished off as a 55+ adult community, senior housing (ILF) and/or rental project. The site plan could also be modified to accommodate other compatible uses such as an Assisted Living Facility. Joint Venture opportunities will also be considered. Contact broker for details.