New sign on old Prominence property, next to Watersound Beach, yesterday, announcing a new development called Grace Pointe. No phone number on the sign. Any information as to developers, timing, site plan etc?
Don't know why anyone would think that changing the name will cure the fatal flaw of that property. Notably it has no beach access except through Deer Lake Park which is no access IMO. Only St Joe could save that property as an enlargement on Watersound Beach. Could it be destined as a commercial center - 30 acres as I remember on S side? Anyone see any connection between this and the old Aquaterra property recently going under contract?
A search of the Walton County Property Appraiser's website shows a November 08, 2012 sale of the property for $25,750,000 to D.R. Horton. Perhaps they are flipping the property? There is no way D.R. Horton can make that kind of money back by building their lower-end products.[/QUOTE
The property was entitled for 650 residential units, 120 unit hotel, and 200k ft commercial under the Prominence development order. Divide just the 650 residential into purchase price and you get about $45k each, add infrastructure of about $20k each, and you get $65k per lot. Maybe some areas were townhouses? Where on 30a can you buy a lot for that price right on 30a? Then sell off the hotel and commercial piece. I think they got quite a deal ?