DAYTONA BEACH, Fla. – Two new apartment complexes are coming to downtown Daytona Beach. It’s something city leaders have been wanting for years.
With $26 million already being invested into the Riverfront Park along Beach Street, the announcement about the apartments has the leaders and downtown business owners hoping the momentum will keep up.
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“It will definitely increase our demographics. The biggest concern on why our downtown hasn’t grown was because we have a very small demographic,” Miguel Nin said, he is the owner of Daytona Cigar Club downtown.
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Nin hopes the hundreds of new residents will bring in much-needed business.
“It will definitely bring a whole type of different business that we need - upscale business,” he said.
Last week, CTO Realty confirmed a developer bought a vacant site on the corner of Ridgewood and International Speedway and is expected to build at least 275 units.
In December, plans were solidified with the city commission for another developer to build 290 apartments on Beach Street, across from the northern part of Riverfront Park. The average rent there would be close to $1,800 a month.
“These apartments are market-rate apartments. So, the young professional, maybe the single CPA or attorney or maybe that couple that doesn’t want a yard,” city manager Deric C. Feacher said
The city commission voted to give the Beach Street complex’s developers a $7.5 million property tax break over 12 years. Feacher said it’s an investment in a downtown renaissance.
“It’s an investment into the redevelopment of our community so we’re going to see more people coming in that we won’t have to give so many incentives because the market is thriving because people want to be here,” he said. “I think this is just a launching pad for more housing to come.”
It hasn’t been announced yet when construction will start on the Ridgewood Property. The developer for the Beach Street complex hopes to have the construction done by early 2024.