Integra Land Company has picked up 15 acres of land in Daytona for $2.4 million or $160,000 per acre. The purchase is located on the east side of Interstate 95 near the intersection of LPGA Boulevard and Williamson Boulevard. The property has been approved for a 260 unit multi-family development that is expected to commence construction in the first quarter of 2016. The seller, Consolidated-Tomoka Land Co., is a Florida-based publicly traded real estate company with more than 1.7 million square feet of income properties, as well as over 10,500 acres of land in the Daytona Beach area.
John P. Albright, President and Chief Executive Officer of the Company said the development of high quality multi-family residential units would have a positive impact on the local economy and our surrounding land holdings. “We are also pleased to have amended the agreement with NADG to enable NADG to close on the first phase of the Tomoka Town Center project and commence their entitlement and development activities to align with the Tanger Factory Outlet Center project development timeline.”
