Miami Developers to Begin Construction in June on Multifamily Project Near Daytona Beach
The EDEN Crystal Lake project in Port Orange, which a spokesman for the development team told Globest.com is valued at approximately $47 million, is expected to break ground in June.
PORT ORANGE, FL—A joint venture of EDEN Multifamily and Ghitis Property Co. say they will begin construction on a luxury 288 garden-style apartment project in this Daytona Beach suburb.
The EDEN Crystal Lake project in Port Orange, which a spokesman for the development team told Globest.com is valued at approximately $47 million, is expected to break ground in June. The development site totals 19.5 acres at 1270 Reed Canal Road in Volusia County. The joint venture recently secured site plan approval for the project.
“It is exciting to embark on this project with Ghitis Property Company, a developer with an impeccable track record and industry reputation,” says Jay Jacobson, president of EDEN. “Everyone involved is bullish about the location of the project site and upside of the Port Orange submarket.”
The EDEN Crystal Lake site is located within four miles of Daytona Beach, the Daytona International Speedway, Daytona Beach International Airport and the LPGA’s headquarters. It is also near the I-95 and I-4 highways, major retail and dining, three post-secondary educational institutions and more than 72,000 healthcare industry employees.
“In researching Port Orange and the Daytona MSA, we saw an opportunity to accommodate the pent-up demand for brand-new, Class A apartment product,” says Jonathan Ghitis, principal at Ghitis Property Company. “We are thrilled to partner with Jay Massirman, Jay Jacobson and the team at EDEN Multifamily and look forward to a successful venture.”
Planned community amenities include a clubhouse, resort-style swimming pool, outdoor lounge, state-of-the-art fitness center, frontage along a 38-acre lake, dog park with grooming stations and an extensive lakefront boardwalk.
The joint venture states it has secured all of the necessary capital for the development. A Carlton Group team led by Michael Campbell secured the joint-venture equity component for the $47-million transaction on behalf of EDEN Multifamily and Ghitis Property Co. from a Singapore investor.
GPC is led by president Leo Ghitis who previously headed Trammel Crow Co.’s South Florida division. EDEN Multifamily was founded by industry veterans Jay Massirman and Jacobson.