As it prepares to host its annual shareholders meeting later this month, Consolidated-Tomoka Land Co. recently announced several changes to its “pipeline” of pending real estate sales in Daytona Beach.
They included a contract to sell the 1,600 acres east of Interstate 95 on the south side of West Granada Boulevard to an unidentified developer of master-planned communities for a project that could add up to 3,400 homes and 200,000 square feet of commercial space just north of Latitude Margaritaville.
The changes to the pipeline also included some surprises to local observers.
• The termination by New York-based O’Conner Capital Partners of its contract to buy 203 acres along the east side of Interstate 95, one block north of LPGA Boulevard.
• Consolidated-Tomoka’s landing of a contract to sell the 12 remaining undeveloped acres at Cornerstone Office Park to a developer other than the owners of the business park’s two existing buildings.
• A new contract to sell 38 acres along the east side of Clyde Morris Boulevard, just north of the new B.Braun distribution center to an unidentified developer.
• The reinstatement of a previously expired contract to sell 13 acres along the east side of I-95, immediately north of Tanger Outlets mall, to Canadian developer North American Development Group.
• The reinstatement of a contract to sell nearly 14 acres on the southwest corner of LPGA and Clyde Morris boulevards to Unicorp National Development Inc. The Orlando developer had previously stated its interest in developing the site as a future expansion of its planned Shoppes at Williamson Crossing retail complex, whose first phase is on the southeast corner of LPGA and Williamson boulevards behind the existing RaceTrac gas station.
Consolidated-Tomoka CEO John Albright characterized the termination of the O’Connor deal as part of “a return to normal” for his company’s pipeline of pending land sales, which has had most of its deals come to fruition in recent years.
The company last year sold 2,700 acres for a total of nearly $60 million, the most it has made from land sales in its 117-year history.