DAYTONA BEACH — Just three months after Latitude Margaritaville’s developer walked away from a pending deal to double the size of its Jimmy Buffett 55-and-older community, a mystery developer has emerged to snap up the site.
Consolidated-Tomoka Land Co. on Monday announced it agreed to sell the 1,600-acre site immediately north of Latitude Margaritaville to “a master-planned community developer that would be new to the Daytona Beach market.”
The $27 million sale of land that stretches north along the west side of Interstate 95 to State Road 40/West Granada Boulevard, is expected to close later this year, confirmed Consolidated-Tomoka CEO John Albright.
He declined to identify the pending buyer of the parcel but confirmed that it is a developer based in Florida.
“They’ve never developed a master-planned community in Volusia County to my knowledge,” Albright said.
The land already has entitlements from the city and county to accommodate up to 3,400 new homes as well as 200,000 square feet of commercial space.
The pending land sale, if it goes through, would appear to end Latitude Margaritaville developer Minto Communities’ hope of eventually expanding its wildly popular active adult community.