Palm Coast deserves another look

As the recession drags on for commercial real estate, you might be tempted to think development has come to a screeching halt statewide. But there seem to be some signs of life in Palm Coast, based on a recent conversation I had with David Lusby of Palm Coast Holdings.

“It’s certainly not at the pace that it was a few years ago, but there is still an active market. Some of the projects that have been in the works for a while are under construction or recently completed and open,” he told me.

First, the Kohl’s-anchored Palm Coast Parkway Plaza opened a few months ago, and there has been some interest in the outparcels by national quick-service restaurants, he said. A major corner lot at Palm Coast Parkway eastbound and Belle Terre Parkway is still open for development.

Second, in the Town Center, a Target-anchored power center is open and some of the outparcels and outparcel buildings are beginning to take shape, he said.

Third, Palm Coast Holdings is in the process of wrapping up a 40,000sf office/retail building in the Town Center. A certificate of occupancy is expected in October. PCH and a law firm will occupy the third floor, with the remainder available.

Also in the Town Center, near Florida Hospital Flagler, a group of local doctors is subdividing a parcel for new development. I’m told a developer from Sarasota is planning an 80-unit ALF on one of the lots. Other deals are under way, according to Lusby. These doctors have already completed an 80,000sf medical office complex on their part of the land.

Finally, Lusby said Florida Hospital Flagler has purchased 10 acres some 10 miles north of the Town Center facility to build an outpatient surgical center and urgent care facility. Construction could start in 2011, he said.