ORLANDO – Jon D. Walls, RLA, MiCP, Development Services Director at NAI Realvest, and Steve Costa, Managing Director, NAI Realvest | Charles Wayne, recently closed the sale of 198 acres located in DeLand, Florida. Jon Walls represented the buyer, Lakewood Park Project I, LLC dba Cap 5 Development, who purchased the property for $6,940,000. The site is on the west side of the Dr. Martin Luther King Jr. Beltway, south of SR 44. The seller was Lake Park Estate, LLC. They were represented by Steve Costa.
The new development will be called Lakewood Park and Cap 5 has obtained approvals for 433 single-family homes with a mix of lot sizes. Construction is to start immediately. As part of the new development, the builder will also be constructing part of the much-needed SR 44 bypass. This bypass will help alleviate traffic congestion on the constrained 2 lane highway that is the primary east to west connector for the area.
The project is one of several recently approved projects in east Deland that will bring as many as 2,000 new homes to the area. These new homes are desperately needed to offset the record low supply of homes on the market. According to recent data from the West Volusia Association of Realtors, there is only a 1.7 months’ supply of inventory on the market. This tight supply is causing an increase in home prices and potentially a housing bubble.
Increasing the new home supply will help keep prices affordable for young working families that want convenient access to the I-4 tech corridor and DeLand’s charming historic downtown district. In addition, the project will help the local economy deal with any Covid 19 hangovers and is expected to produce 1,286 full time jobs, more than $7 million in wages and $48 million in taxes and revenue at the state, local and federal level.
About NAI Realvest
NAI Realvest, covering all of central Florida, is a fully integrated commercial real estate operating company specializing in brokerage, development, investment, leasing and management, consulting and research services in the U.S. and worldwide. NAI Global is an international commercial real estate network with over 375 offices spanning the globe. Since 1978, clients have built businesses on the power of NAI Global’s expanding network. Extensive services include multi-site acquisitions and dispositions, sublease, tenant representation, lease administration and audit, investment services, due diligence and related consulting and advisory services. To learn more, visit www.nairealvest.com.
About Charles Wayne Properties
Charles Wayne Properties is an industry leader with a 40-year track record as an investor and developer throughout the Southeast having developed and managed grocery anchored shopping centers, freestanding retail facilities, and office and industrial parks. Since 1978 the firm has worked with local and national brands in various capacities including brokerage, development, investment sales, tenant representation, property management and receivership. Visit www.charleswayne.com for more information.