Excerpted from Orlando Business Journal story.
Unicorp National Developments Inc., one of the most prominent Orlando-based developers, is eyeing Daytona Beach for its next project featuring shops, restaurants and residential.
The developer is under contract for about 150 acres in the area, referred to as Tomoka, for a three-phase development near Interstate 95 and LPGA Boulevard. The $200 million project is expected to feature roughly 200,000 square feet of retail, 300 luxury apartments and 200 homes. Construction is expected to start in the first-quarter 2019.
“It’s a great growth area,” said Chuck Whittall, president of Unicorp. “We think with our project and things happening now, there won’t be a lot left in that market. We think the timing is just right.”
The first phase will feature about 100,000 square feet of shops and restaurants. No tenants have been signed, but Whittall said his company is speaking with about 30 different tenants. The first phase will be called Shoppes at Williamson Crossing and will be built on about 23 acres. The second phase is another 100,000 square feet of construction and should feature shops, casual dining and restaurants on about 13 acres. Apartments and homes will be part of the third phase on about 111 acres.
Consolidated-Tomoka Land Co. (NYSE: CTO), the largest landowner in Daytona Beach, is the seller. Jorge Rodriguez, executive managing director in Colliers International Central Florida, represents Unicorp in the negotiation. Terrence Hart, a senior director with Franklin Street, represents the seller.