Halifax Hospital Medical Center, a healthcare provider in Daytona Beach, Florida, had an excess of land on its hands, a surplus of 141 acres, to be exact. The plot's eventual sale, which happened in the fourth quarter of 2023, underscores the development potential of the Daytona Beach market.
Situated along Daytona Beach's LPGA Blvd., the vacant land sold to the real estate investment firm Hines in Houston. The firm has kicked off a number of Florida development projects over the years — including Fort Lauderdale's FAT Village — making the Daytona Beach land a promising project to watch.
This sale earned a 2024 CoStar Impact Award, as judged by real estate professionals familiar with the market.
About the Project: The Halifax land sold to Hines in October 2023 for $14.71 million, or just about $104,266 per acre.
What the Judges Said: "Mixed-use project in the heart of Daytona LPGA corridor had many hurdles to overcome," said Steven Costa, managing director at NAI Realvest | Charles Wayne. "Brokers guidance to Halifax hospital was invaluable helping navigate the complex issues with Hines."
They Made it Happen: Ted Lightman of NAI Realvest | Charles Wayne; Walter O’Shea of Hines.
CoStar Market Manager William Payne contributed.