Developing developments

Palm Coast Observer
Opinion

If you’ve traveled A1A through Beverly Beach lately, you may have noticed that Sunset Inlet is coming out of the ground again. The property, which fronts A1A and extends to the Intracoastal Waterway, was purchased in October from Sunset Inlet LLC by D.R. Horton for $1.5 million. Sunset Inlet LLC acquired the property via Peoples First Community Bank in 2011. People’s First acquired it via a deed in lieu from Shelter Cove Investment Group LLC in 2008.

Horton affiliate, Emerald Homes, will be the developer with Jim Cullis acting as development manager. Grand Haven Realty, also owned by Cullis, has an exclusive agreement to manage sales and marketing for the community. Each of the 31 new homes will have its own private dock in a protected inlet off the Intracoastal.

Emerald Homes plans to have the new Sunset Inlet model home open for people to tour by the summer of 2013.

The Conservatory, a 340-lot golf community, originally conceived and developed by Bobby Ginn, is showing signs of new life. For years, the beautiful Tom Watson-designed golf course has been surrounded by four builder models, one private dwelling and 335 vacant lots.

On behalf of Lubert-Adler, Bobby’s former financial partner, Front Door Communities and Luxury Team of Florida Real Estate Group announced a repositioning of the community in June, selling packages starting in the $300,000s. Their efforts are paying off. Building permits for two new homes have been issued to Gold Coast Home Builders and Charles Rinek Construction. Bellagio Custom Homes, Seagate’s luxury division, will be next.

Hidden Lakes, developed just as the real estate bubble burst, is humming with business today. Led by builders D.R. Horton and Paytas Home, construction of several new homes can be seen in the first of three phases. When built out, Hidden Lakes will have 354 homes.

Two Flagler County senior facilities recently changed hands. Flagler Pines, a 120-bed nursing and rehabilitation facility at 300 Dr. Carter Blvd., in Bunnell, was sold by Health Care REIT Inc., to AP2012 Flagler Pines LLC for $9,034,552. The transaction closed on Nov. 9.

Benton Village, on Magnolia Trace Boulevard, off Belle Terre, was sold by Palm Coast SLP LLC to ARHC BHPALFL01 LLC for $17,037,216. The transaction closed on Nov. 20. Benton Village offers assisted living, independent living and memory care.

Another recent transaction of note is the sale of the unsold lots in the Eagle Lake development in the southern part of Flagler County on Old Kings Road (between Old Kings and Interstate 95). The property, including building lots and entitled land, was sold by Eagle FL VI SPE LLC to Venture 8 LLC for $3.3 million. The transaction closed on Nov. 29.