Charleston, South Carolina-based multifamily developer Middle Street Partners is transforming a cement plant into a luxury apartments in South Daytona, Florida.
In September 2022, Middle Street Partners purchased a 23-acre cement plant that will be redeveloped into a multifamily project with 389 residential units. This acquisition was recognized as the Sale/Acquisition of the Year in Deltona/Daytona, Florida, as part of the 2023 CoStar Impact Awards. The awards were judged by real estate professionals familiar with the market.
The redevelopment will enhance the Ridgewood Avenue corridor by replacing the cement plant with apartments, which will be far more compatible with the surrounding uses than the existing cement plant, and the project will provide much-needed residential housing stock to the Volusia County market, which has seen the population increase by nearly 20% in the last decade.
Planned amenities include an expansive clubhouse, resort-style pool and a fitness center.
About the Project: The site is located at 2900 S. Ridgewood Ave. within a Qualified Opportunity Zone. The new multifamily project will feature buildings up to five stories tall to maximize intercoastal and beachside views. The project is situated along South Ridgewood Avenue and is accessible to the Halifax River.
What the Judges Said: "This deal converted a very challenging industrial site into an apartment complex. Very challenging to create a vision for buyer, city leaders and owners to all buy into the deal," said Steve Costa, managing director at NAI Realvest.
They Made It Happen: Justin Basquill, first vice president, investments, Institutional Property Advisors/Marcus & Millichap; Sean Williams, senior vice president, investments, Institutional Property Advisors/Marcus & Millichap; Luke Wickham, senior managing director, investments, Institutional Property Advisors/Marcus & Millichap; and Matt Sand, director, development, Middle Street Partners.
