PORT ORANGE, FL – A joint venture between leading Miami-based developers EDEN Multifamily, founded by industry veterans Jay Massirman and Jay Jacobson, and Ghitis Property Company (GPC), led by former Trammel Crow Company Partner Leo Ghitis, have announced plans to build high-end apartment community EDEN Crystal Lake in Port Orange – a growing city near Daytona Beach. The development team recently received site plan approval for its intended use.
The venture intends to build 288 garden-style apartments with substantial amenities on 19.5 acres at the 1270 Reed Canal Road site. MSA Architects is the project’s architect.
Groundbreaking for EDEN Crystal Lake is expected in June 2019.
Planned community amenities include a clubhouse, resort-style swimming pool, outdoor lounge, state-of-the-art fitness center, frontage along a 38-acre lake, dog park with grooming stations and an extensive lakefront boardwalk.
The venture has secured all of the necessary capital for the development.
“It is exciting to embark on this project with Ghitis Property Company, a developer with an impeccable track record and industry reputation,” said Jay Jacobson, president of EDEN. “Everyone involved is bullish about the location of the project site and upside of the Port Orange submarket.”
The EDEN Crystal Lake site is located within four miles of Daytona Beach, the Daytona International Speedway, Daytona Beach International Airport and LPGA headquarters. It is also in close proximity to the I-95 and I-4 highways, major retail and dining, three post-secondary educational institutions and more than 72,000 healthcare industry employees.
“In researching Port Orange and the Daytona MSA, we saw an opportunity to accommodate the pent-up demand for brand-new, Class A apartment product,” said Jonathan Ghitis, principal at Ghitis Property Company. “We are thrilled to partner with Jay Massirman, Jay Jacobson and the team at EDEN Multifamily and look forward to a successful venture.”
About EDEN Multifamily: A joint venture formed by real estate industry veterans Jay Massirman and Jay Jacobson, EDEN Multifamily brings more than 70 years of experience and a rich history of identifying and developing successful residential projects. EDEN seeks out multifamily development opportunities in neighborhoods that are underserved and overlooked, specializing in boutique infill projects. For more information, visit www.edenmultifamily.com
About Ghitis Property Company: Miami-based development company Ghitis Property Company (GPC) has an enviable 20-year track record of outstanding returns in commercial real estate. Active across every major real estate asset class, GPC is committed to the highest standards of both performance as well as integrity. GPC is led by President Leo Ghitis, an accomplished real estate investor and business executive who previously headed Trammel Crow Company’s South Florida division.