With the population continuing to grow in both Volusia and Flagler counties, developers are stepping up construction of new apartment communities here.
Projects already underway including the first new apartments to be built in Palm Coast in five years and 1,800 new units in Volusia County.
“There’s a big demand for apartments in the Daytona Beach area right now,” said Luke Wickham, senior vice president of multihousing investment properties at the Orlando office of commercial real estate brokerage CBRE.
“Daytona Beach has really improved and stepped up its game,” he said, adding that the increase in employment opportunities and addition of new entertainment/retail amenities such as One Daytona, Tanger Outlets and Tomoka Town Center are adding to the area’s appeal.
“Historically, Daytona Beach has been a blue-collar/Walmart type of economy, but that’s really changing with the new headquarters for Brown & Brown going up in downtown Daytona Beach, the new Amazon (last-mile delivery station) facility and the hospitals expanding,” he said.
In the past two-and-a-half years, Volusia County has seen the completion of new apartment complexes that have added 900 units, more than twice the number added the previous four years, according to CBRE data.
Developers are expected to add another 588 new apartment units in the county by year’s end, according to the report.
Apartment projects currently under construction include the 301-unit 500/East Apartments on LPGA Boulevard, east of Clyde Morris Boulevard that is expected to welcome its first residents in November, the 282-unit Icon One Daytona apartments that are expected to welcome its first residents in October, and the 292-unit Springs at Port Orange complex going up on the northwest corner of Summer Trees Road and South Williamson Boulevard, across from The Pavilion at Port Orange shopping center, that’s also expected to have some units available for occupancy by year’s end.