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Miami Corp. has continued envisioned axis the land it owns in and a Edgewater into bags of new homes and millions of square anxiety of bartering space.

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Now the Chicago, Illinois-based aggregation has added added aing acreage in hopes of adorable developers to about-face its eyes for that allotment of southeast Volusia Canton into reality.

The aggregation bankrupt its latest acreage acquirement for $16 million on Aug. 27, abettor Glenn Storch confirmed. The Daytona Beach attorney represented Miami Corp. in the transaction.

“This represents an aberrant advance befalling in a allotment of the canton that is on the bend of above development,” said Chris Butera, an abettor with SVN Alliance Bartering Real Estate Advisors who was allotment of the team that represented the agent in the acreage auction to Miami Corp.

The agent was Colony Capital Inc., whose predecessor, Colony NorthStar, acquired the Edgewater development armpit accepted as Restoration in 2013.

[READ MORE: NorthStar acquires Restoration site]

The 6,281-acre Restoration armpit is west of I-95, anon arctic of the two large land accoutrements Miami Corp. already owns in the actual vicinity: the 59,000-acre Farmton and 900-acre Deering Park Center development sites.

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The Farmton acreage in unincorporated canton land, aloof south of Restoration, has entitlements from the canton to board up to 23,100 homes and 4.7 actor aboveboard anxiety of commercial, appointment and automated space.

The Deering Park Center acreage is within the burghal banned of Edgewater, comprising the southwest division of the I-95/SR 442 interchange. The site has entitlements from the burghal for up to 1,362 homes and 1.5 actor aboveboard anxiety of bartering space.

The Restoration armpit includes almost 5,187 acreage in Edgewater. The blow is in New Smyrna Beach.

The Edgewater allocation of the acreage is advantaged to board up to 8,500 homes, 1.9 actor aboveboard anxiety of appointment amplitude and aloof beneath 1.4 actor aboveboard anxiety of bartering development.

If absolutely congenital out, Miami Corp’s three development sites could potentially add about 33,000 homes and 9.5 actor aboveboard anxiety of bartering amplitude — added than eight times the admeasurement of Volusia Mall.

[Miami Corp activity moves advanced in south Volusia]

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CITY SUPPORTS GROWTH PLANS

“The Burghal of Edgewater is actual agog about these two projects (Deering Park Center and Restoration) as they are both acceptable developments that board abounding of the goals set alternating by the City,” said Samantha Bergeron, bread-and-er development coordinator for Edgewater.

Those goals, she said, board the conception of added jobs, the canning of attributes attention areas, and the development of light industrial, bartering and retail space, as able-bodied as single-family homes and apartments and/or condominiums.

“The citizens of Edgewater accept been actual adament that they appetite the advance and they appetite the retail and restaurants here,” Bergeron said.

[200-home activity gets Edgewater’s OK]

While Farmton is aloof alfresco its borders, Bergeron said the burghal would acceptable the befalling to addendum it, although she added she is not acquainted of any such affairs at this time.

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The Burghal Council “will absorb extending waiving the addition fees at their aing meeting,” she said.

Storch said his applicant jumped at the befalling to access the Restoration development armpit to be able to “control and bigger administer it,” forth with the Farmton and Deering Park Center sites.

Miami Corp has endemic the Farmton property, which extends south into Brevard County since 1926. It added the Deering Park Center property, ahead accepted as Reflections, a few years ago.

The company’s primary business historically has been growing and affairs copse for lumber.

In contempo years, Miami Corp has been attractive to alter by gluttonous to accomplice with developers to redevelop portions of its acreage to board new homes and bartering businesses.

“The forestry business is basically activity abroad in this area,” Storch said. “We’re not activity to put all our chips in forestry anymore.”

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Case in point: Miami Corp. in May appear affairs to partner with Adams Ranch to anatomy a new collective adventure alleged Adams Ranch-Farmton LLC to accession beasts on portions of the Farmton timberline acreage property.

‘TIMING IS EVERYTHING’

Any approaching redevelopent of the Farmton, Deering Park Center and Restoration properties to board homes and/or bartering uses best acceptable would be done in affiliation with developers and homebuilders, Storch said.

“This is a 50-year project,” he added. “We don’t accept to move too fast.”

Storch said he believes it’s aloof a amount of time afore the I-95/SR 442 altering starts alluring added absorption from developers and homebuilders.

The actuality that areas surrounding the I-95 interchanges elsewhere in the county are seeing a billow in residential and bartering development has not gone disregarded by Miami Corp officials, Storch acknowledged.

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Those new projects board the Holiday Inn Express and Florida Roadhouse restaurant planned a the I-95/State Alley 44 altering in New Smyrna Beach, aloof six afar arctic of Miami Corp’s backdrop aing to the I-95/SR 442 interchange.

‘You’re activity to accept a charge for a grocery store, retail and restaurants forth I-95 (in Edgewater),” Storch said. “But timing is everything. … All we’re accomplishing is allowance plan for the approaching of Edgewater.”

442 EXTENSION SET TO START

To adapt for the advancing development of its properties, Miami Corp. is proceeding with affairs to extend State Alley 442 a mile added to the west to the approaching access to its Deering Park Center community, Storch said.

That activity is accepted to get underway some time this month, he said.

The new breadth of SR 442 would be a artery alley and would board agriculture to accompaniment the absolute agriculture on the east ancillary of the I-95/SR 442 interchange, Bergeron said.

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Bergeron said the burghal would acceptable the new developments, which could abundantly access both Edgewater’s population, which currently numbers 22,399 residents, according to 2017 Census Bureau statistics, and cardinal of householders, which currently cardinal almost 8,500 homes.

The burghal currently has aloof over 3.5 actor aboveboard anxiety of developed bartering space.

WHAT IS MIAMI CORP?

Miami Corp is a family-run aggregation formed in 1917 by descendents of William Deering, architect of the farm accouterment maker now accepted as International Harvester. While based in Illinois, the company’s name was called because of the family’s adulation of the Miami, Florida, area. The aggregation owns forestry and pastureland in Florida, Illinois, Louisiana and Oregon.

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