Construction stopped on massive '500 Atlantic' condo project in Daytona Beach
DAYTONA BEACH, Fla. - Daytona Beach city officials have pulled the construction permit for the property at 500 Atlantic Avenue after months without progress in construction.
On the 500 Atlantic Condominium lot there is debris, rusted rebar, and concrete columns. Residents in the area said it has been that way for about two years now. The project is estimated to cost nearly $200 million upon completion.
Marian Marley in a home directly across the street from the idled construction. She said she is frustrated by the appearance. "It’s just an eyesore. It looks terrible," she said. Officials with the city agreed.
"It has been in the stalled process for years now," Glen Urquhart said. "We’re not going to keep letting it sit there year after year after year."
The next step is for the group to submit paperwork explaining how they plan to get the property from where it is, to a functional residential building.
Sheriff Guindy with Realty Pro, the company overseeing the sales process, said the delay has been blown out of proportion. He said the parties involved have been taking the necessary steps to have the building completed as quickly as possible. He's confident the building will come together as planned, with all the procedural and safety boxes checked.
"This project was never stalled. It was never intended to go vertical until we achieved the required sales threshold," Guindy said. He reports 82 of the 162 units have already been sold, totaling over $60M. The penthouse sold for roughly 8 million dollars alone.
Despite having the permit pulled, Guindy said there are no discussions about making significant adjustments to the project. "That’s not a part of the conversation," he said. The group was given a deadline of April 9 to make significant changes, and they did not.
Once completed, it will be connected to the Daytona Grande Oceanfront Resorts through a partnership. Residents of the condos will be allowed to use the amenities of the resort.
"It’s going to be a beautiful building. Something that’s never been seen before on our beach," Guindy added.
He said there is no official timeline as of now, though he did confirm the 2024 original 2024 deadline is out of reach.