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Tampa-based DeBartolo Development has started construction on a $39 million, 360-unit luxury multifamily community in Daytona named Andros Isles Apartments. The development occupies a 24-acre site in the master-planned community.
DeBartolo recently closed on a HUD loan for the apartment project. Infrastructure work for the project has already been completed.
DeBartolo acquired the Daytona land in 2006. Originally planned as retail development, DeBartolo repositioned it because of the recovery in the multifamily segment and the property's location off Interstates 4 and 95.
“Multifamily is currently the most stable real estate sector and is performing above expectations nationwide, which makes this the perfect opportunity to begin construction on Andros Isles Apartments,” Edward Kobel, president and chief operating officer of DeBartolo Development, says in a press release. “Breaking ground on new construction is a positive sign for the region's economic recovery. Our research shows there is demand for more housing units in the area with more than 35,000 commuters traveling out of the Daytona Beach area each day for employment. Andros is ideally located right at the intersection of the major interstates and should appeal to these commuters.”
When it's completed, Andros Isles will contain 10 three-story buildings, a clubhouse and six garages.
DeBartolo Development owns more than 3,200 apartments units, including three communities in the Orlando market: Falcon Square Apartments, Esplanade Apartments and Abaco Key Apartments. The first Andros Isles residences are scheduled to be delivered in August.
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