Hunter's Ridge development on bulk sale for $30 million

Ormond Beach Observer
Business

The Hunter’s Ridge development is now on sale for $30 million, including about 1,000 finished homes and a $5 million town center.

Developer Allan Feker of U.S. Capital Alliance is selling the development, which is located three miles west of I-95 on Granada Boulevard. The developer deeded 1,978 acres for a regional park in neighboring Flagler County this year, intending for the park to be a “buffer” for the future residents of Hunter’s Ridge. Half of the property is in Ormond Beach, and the other half is in unincorporated Flagler County — though the main entrance into the development is on Granada Boulevard.

Most of the properties already built, an estimated 1,000 homes, are in the Ormond Beach portion. Property representative John Kurtz, who is a commercial investment specialist for Premier Sotheby's International Realty, said their hope is that residents already living in the development will benefit from the land purchase if Feker decides to sell.

“Ultimately, it should be a good deal for any residents," Kurtz said. "We’re looking to sell it to somebody that has quality development experience and will be able to help keep the nice image and the nice landscape, and the nice amenities that Hunter’s Ridge has and expand them.”

The remaining 1,450 acres of the development has been approved for the construction of over 1,800 homes and 600,000 square feet of retail space. It also includes a Community Development District in case the future owners of the development wish to sell bonds for infrastructure development.

Hunter’s Ridge is located across the planned site for the future Latitude Margaritaville community in Ormond Beach.

While Feker has put the entire development for sale, there is still a chance he'll end up developing it himself, Kurtz said. Feker will only sell the land to a buyer with the experience required to develop land of that size.

“Right now, I think [Feker] feels like there’s so much interest in the property as a whole that I think he wants to see if there’s somebody willing to just take the entire property over," Kurtz said. "If there’s a good match there with a good developer, he’d be willing to sell."