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Meritage Homes for Ormond Crossing Allocation of 3,000 Acres in Volusia County
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Volusia County has been sold from a proposed progression valued at more than $1. 5 million.
An LLC connected to Maryland-based developer Bradford Kline & Associates paid $62 million to buy the 3,000-acre assemblage from an LLC tied to the Ford family of DeLand, the Orlando Business Journal reported.
The deal closed for almost $20,700 per square foot on Dec. 5. Michael and Robert McEwan of CBRE marketed the property.
The development, Ormond Crossing, is a fully planned network in Ormond Beach. Development plans date back to at least 2002 and assets have changed hands more than once since then. The Ford family bought it in 2016.
It’s close to Interstate 95 and U. S. 1, and a $340 million upgrade is planned.
Kline has tapped Scottsdale-based Meritage Homes to expand Ormond Crossing’s single-family homes, and Kline will expand the multifamily portion. Approximately 3,000 apartments are planned.
The progression is also entitled to 200,000 square feet of advertising area and 2. 5 million square feet of advertising area, addition and advertising area.
The sale included several hundred acres set aside for parkland and wetlands to be developed.
Construction of the grading and utilities is expected to begin next year, Kline told the outlet. Approximately 450,000 square feet of advertising area are being designed.
Kline’s company has been coming up with mixed-use projects in Maryland, Virginia and Delaware for years. Kline bought an oceanfront mansion in Highland Beach in 2021, the outlet reported.
“This domain is the next frontier of expansion for Central Florida,” said Brad Parker, a broker with Southern Realty Enterprises, who was not involved in the deal. “You can see that Volusia County is gaining ground and has great potential. “
—Raquel Pierre