EDGEWATER, FL-Volusia County government is at bat for the third time, trying to sell or lease a prime 60-acre Intracoastal Waterway facing the Atlantic Ocean, 40 miles northeast of Downtown Orlando and 20 miles south of Daytona Beach.

Lake Mary, FL investor Thomas Krug has signed an agreement in principle to buy the tract for $3 million or $50,000 per acre ($1.15 per sf). Krug plans to develop a marina, motel, restaurant, boat retail outlet, boat-storage facility, a dive shop, bait-and-tackle shop, tiki bar and playground on the site, according to conceptual plans filed with Volusia County.

The county previously had unsuccessfully contracted to sell or lease the land to other developers. Volusia bought the tract for $3 million in 1998 and had planned to develop a marine industrial park. Tepid demand for the project from boat manufacturers, however, killed the venture.

This time around, the county is demanding a $25,000 non-refundable down payment on the land purchase from Krug before the deal is done. If Krug can’t obtain all of the needed development permits by a specified date, the county keeps the $25,000.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


GlobeSt. INDUSTRIAL 2022Event

This conference brings together the industry's most influential & knowledgeable industrial real estate executives

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2022 ALM Global, LLC. All Rights Reserved.