Surge in housing starts spurs biggest increase in commercial projects in decade in Volusia County
DAYTONA BEACH — The surge in new home construction activity is also spurring an increase in new commercial projects, the latest data from Volusia County’s economic development division shows.
In the first three months of 2018, 64 building permits were issued countywide for new commercial developments, the most in a single quarter since the first three months of 2008 when developers got the green light to proceed on 85 projects.
It’s the second most number of permits issued in a quarter in Volusia since 2006, according to county data. It’s also five times the number (12) issued both in second quarter of 2014 and fourth quarter of 2013.
“Developers are finding good opportunities here,” said John Albright, president and CEO of Consolidated-Tomoka Land Co., who attributes in increase in commercial projects to a combination of the rise in housing starts as well as employment growth.
Builders were issued 548 permits for new homes in Volusia during the first quarter, according to the latest county statistics. That’s the most to start a new year since 2007, when 563 were issued. (The Volusia Building Industry Association, whose HBW Inc.-compiled data slightly varies from the county’s, recently reported 522 permits for new homes issued during the first quarter.)
Notable commercial projects under construction in the county include North American Development Group’s 400,000-square-foot “power lifestyle” retail center at Tomoka Town Center, just east of Tanger Outlets, and the future home of Gary Yeomans Honda on North Tomoka Farms Road, just south of CarMax.
Both are being built on land formerly owned by Consolidated-Tomoka, as are the sites of two major residential projects now going up off of LPGA Boulevard, west of Interstate 95: Minto Communities’ planned 6,600-home Jimmy Buffett-themed Latitude Margaritaville 55-and-older community and ICI Homes’ adjacent 1,200-home Mosaic all-ages “full life” community.
Consolidated-Tomoka, which has sold more than 2,600 acres locally since Albright took the Daytona Beach-based company’s helm in 2011, has an additional 6,000 acres here under contract to be sold to developers in the next few years.