The newest player is Edward DeBartolo's Tampa-based DeBartolo Development Corp. which has purchased a 45-acre tract for $4.64 million or $103,211 per acre ($2.37 per sf) from Lake City-based Homes of Merit Inc. The land is at the southeast corner of Interstate 95 and Beville Road.
Tampa brokers familiar with DeBartolo Development Corp.'s projects tell GlobeSt.com the developer plans a shopping center of undetermined size on the site. David W. Marks, president, MarketPlace Advisors Inc., Winter Park, tells GlobeSt.com the general yardstick for estimating the potential size of an open-air center is about 10,000 sf per acre. That would place DeBartolo's project in the 450,000-sf range, area brokers tell GlobeSt.com.
The DeBartolo site is near the 1,150 acres acquired in 2004 by Morgan Stanley and Gale & Kitson from Consolidated-Tomoka Land Co. of Daytona Beach for $18 million or $15,652 per acre (36 cents per sf). The Stanley-Kitson partnership later sold off 96 acres in the southern part of the LPGA golf course property to Chicago-based Jupiter Partners LLC and its principal, Harold Kay, for $3.1 million or about $32,292 per acre (74 cents per sf), as GlobeSt.com previously reported.
Volusia County development department staffers confirm for GlobeSt.com the LPGA Development of Regional Impact has been approved for 3,400 acres of commercial development and 2,100 single-family homes. The LPGA Development is the home of the Ladies Professional Golf Association.
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