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| Jay Jacobson |
MIAMI, FL and 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.
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| Jay Massirman |
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 Jacobson,
president of EDEN. “Everyone involved is bullish about the location of the
project site and upside of the Port Orange submarket.”
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| Leo Ghitis |
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.
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| Rendering of EDEN Crystal Lake Apartments, Port Orange, FL |
“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 Ghitis,
a 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.”
CONTACTS:
Eric Kalis or Hannah Colson
BoardroomPR
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