The “island” of Margaritaville is primed to get bigger.
Minto Communities LLC, the developer of Daytona Beach active-adult community Latitude Margaritaville, will build 500 homes on 260 acres the firm recently scooped up for an undisclosed price. Minto bought the land from three sellers: TJ Cloar III, Daytona Beach-based GDA Investments LLLP and Daytona Beach-based GDAF Investments Limited Partnership.
The Ottawa-based homebuilder is at least two years from kicking off development of the land located east of its existing property, Minto’s Latitude Margaritaville Division President William Bullock told Orlando Business Journal following the company’s Jan. 11 announcement of the purchase.
That is because Minto still has more than 1,000 lots to develop in the red-hot residential community, which was the 18th-best-selling master-planned community in the U.S. last year, according to real estate consulting firm RCLCO.
Condos, homes and villas to rise
The new homes will consist of Latitude Margaritaville’s existing housing products. Those include cottages that range from 1,204-1,466 square feet and start at $217,900; villas that range from 1,503-1,862 square feet and start at $261,990; and single-family homes that range from 1,684-2,564 square feet and start at $306,990. For comparison, Volusia County’s median November sales price for all home types was $235,100, according to the Orlando Regional Realtor Association.
In December, Minto sought approvals to start construction on 317 single-family homes as part of the sixth phase of Latitude Margaritaville. The sixth phase likely will be built out by October 2021