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jim steckel

Beach Comber
Dec 15, 2010
45
2
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?
 

tsutcli

Beach Fanatic
Jan 14, 2008
921
109
Seacrest
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?
 

tsutcli

Beach Fanatic
Jan 14, 2008
921
109
Seacrest
Just drove down there and I have to say it looks like the sign is on a piece of property between Prominence and Watersound - didn't know one existed. Advertised as a luxury resort with pool, tennis courts and luxury residences. No mention of beach. Curious that developers are listed as Comer Group ( Alyse Beach Comers? ) and Woodford Capital.
 

jim steckel

Beach Comber
Dec 15, 2010
45
2
Prominence property

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?


Actually, Prominence is 40 acres on each side of 30a, for a total of 80 acres. Maybe Joe is selling beach club memberships?
 

Camp Creek Kid

Christini Zambini
Feb 20, 2005
1,278
124
52
Seacrest Beach
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.
 

jim steckel

Beach Comber
Dec 15, 2010
45
2
DR Horton purchase price of Prominence property

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 ?
 

tsutcli

Beach Fanatic
Jan 14, 2008
921
109
Seacrest
And I repeat...who would build a house where there is no convenient beach access in a beach community? Isn't that what sank Aquaterra project when they lost the lawsuit with Sandcliffs over easement rights? Maybe Horton plans low income housing for 30a.
 
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