The world’s first Margaritaville-themed active adult community has broken ground in Daytona Beach, Fla., and a similar project in Hardeeville is coming right on its heels.
“We are exactly right where we thought we would be in terms of schedule,” Minto Communities senior vice president William Bullock said earlier this week. “Actually, we’ve accelerated (the pace of development) because of high demand.”
Minto, a Florida-based developer, is collaborating with the Jimmy Buffett-inspired Margaritaville brand on the project, which is geared toward Parrotheads 55-years and older.
John Cohlan, chief executive officer of Margaritaville, said in a statement late last month that the “extraordinary level of enthusiasm and interest generated from the announcement of our first development on Daytona Beach with Minto has been exciting and gratifying.”
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The gated development — called Latitude Margaritaville — broke ground in March and is expected to include as many as 7,000 homes, as well as retail and restaurant spaces.
“Our sales center is well underway,” Bullock said. “We actually started that in back in October, so that will be finished up by early this September.”
Construction of infrastructure has begun on the roughly 1,600-acre site adjacent to Interstate 95 near the Daytona Beach International Airport.
“We are getting ready to pave some roads, and we will start (building) some of the model units in August,” Bullock said.
Lots for new homes will hit likely begin hitting the market in the next three or four months and move-ins are expected by next fall, he said.
We are exactly right where we thought we would be in terms of schedule.
Minto Communities senior vice president William Bullock
The start of development of the community in Hardeeville — called Latitude Margaritaville Hilton Head and located south of U.S. 278 near Sun City Hilton Head — is expected to trail close behind.
Plans call for the construction of about 3,000 homes, a 290,000-square-foot retail center, and amenities such as a pool, fitness center, and tennis courts.
Groundbreaking is expected this summer and a sales center is set to open early next year. The community’s first residents are expected to move in by the end of 2018.
“There are a lot of things going on behind the scenes to get things moving as quickly and smoothly as possible,” Bullock said. “Our engineers and architects are burning the midnight oil.”
At both communities, residents can purchase an already-constructed home or buy a lot, choose a pre-designed floor plan, and have a home built, he said.
“We do it both ways,” Bullock said. “There is always that buyer who is (has) the instant need to get into a home as quickly as possible — so we will always maintain a certain level of inventory. But there are also going to buyers who want to pick their lot, pick their home style and specific customization options.”
Minto expects to be able to build about 300 to 400 new homes per year in each of two the Latitude Margaritaville communities.
“Pricing (for homes in the Hardeeville development) will be reasonably comparable to what we are doing in Daytona Beach because we want both of those locations to be equally attractive,” Bullock said.
The developer has not released specific pricing for individual floor plans and home styles, but Bullock said starting prices will be around $200,000.