Bulk Land Offering is Well Below Market Value, Approved for CDD
Ormond Beach, Fla. — The developer who worked several years to bring the Hunter’s Ridge project in Ormond Beach into wide-ranging DRI compliance, including deeding 1,978 acres to Flagler County for a regional park earlier this year, has announced that the entire development is for sale in bulk for $30 million. Hunter’s Ridge recently received approval to establish a CDD (Community Development District) which will allow the new owner to sell bonds for future infrastructure development.
Developer Allan Feker of U.S. Capital Alliance said the prominently located project – three miles west of I-95 on Granada Blvd (SR 40) – has all major infrastructure in place and is ready for immediate development. “The regional park land deeded to Flagler County for conservation will have traditional park facilities and hiking, biking and equestrian trails, an important amenity and buffer to the west of the Hunter’s Ridge residents,” he said.
John Kurtz and Roger Soderstrom, Jr., commercial investment specialists for Premier Sotheby’s International Realty who are representing the property, said they have launched their marketing campaign for the 1,450 remaining acres of Hunter’s Ridge which is approved for over 1,800 residences and 600,000 square feet of retail and commercial space.
Straddling the Flagler-Volusia county line, the Hunter’s Ridge property includes approximately 1,000 finished homes with an established, active homeowners association. More than 1,800 more homes are to be built by homebuilders, many who have submitted letters of intent to purchase sites. The community offers a variety of residence types from attached villas to estate homes priced from the low $200s to nearly $1 million.
“There is a huge amount of development taking place along the I-95 corridor north of Daytona Beach,” Kurtz said. “In particular, Hunter’s Ridge is directly north across SR 40 from the widely lauded 6,900-home Margaritaville active adult community.”
Included in the $30,000,000 Hunter’s Ridge bulk sale is a $5,000,000 town center with grocery and drug stores, bank, shops, restaurants, assisted living, medical and professional offices planned. The concept also includes multiple walking trails between amenities, neighborhoods, town center and the regional park. It’s all just a short distance to the major retailers, restaurants and entertainment of Ormond Beach, Daytona’s International Speedway Blvd. and the world’s most famous beach.
“This adds tremendous value to not only one’s lifestyle and home at Hunter’s Ridge but to the new owner/developer of this master planned community which will soon be one of the area’s most sought after places to live, work and play,” Soderstrom said.