Salvation Army - Balough Redevelopment Area

These six parcels totaling approximately 1.7 acres, while zoned Local Industry (M1), have a Future Land Use of COMM -MU. This is perfect for a variety of future commercial uses. The six parcels are effectively contiguous, separated only by Bungalow Street. Existing use has been as a worship facility with offices and ancillary spaces including kitchen and residences. See attached images for more. The improvements include a chapel/sanctuary, gymnasium, 2-story residential structure, and various classrooms, offices and multi-purpose rooms. The original structures were built in 1970; it appears the four separate buildings were connected at some point, creating additional finished building area. The buildings are in fair to average condition. Surrounding properties include predominantly light industrial, office and service commercial uses. The subject is currently stable with stagnant population growth. However, Growth is anticipated with redevelopment projects taking place in and around the subject’s neighborhood.

Demand generators include the particular location, surrounding redevelopment, light industrial, and service commercial users. The area is influenced primarily by significant redevelopment and speculation. Significant redevelopment has begun and is planned to the south in Downtown Daytona Beach.

Adjacent to the Brown & Brown building, The Framework Group, a Tampa-based developer, is planning to build a 300 unit six-story mixed-use apartment complex with a parking garage on a 3.5-acre site. Closing on the land sale is pending and the city has approved a $7.5 million tax increment benefit for this project.

An Atlanta apartment developer has purchased the vacant six-acre site on the northeast corner of Ridgewood Ave. and International Speedway Blvd. with plans to build five multi-story luxury apartment buildings and a small commercial pad. Beyond these new developments, the city has widened Beach St. which becomes Ballough Rd. at Main St. and aims to continue redeveloping along the Intracoastal Waterway in the subject’s vicinity. The completion and occupancy of the Brown & Brown headquarters along with ongoing redevelopment plans backed by notable development groups are favorable signs that revitalization of the downtown district will move at a steady pace and make the subject’s location desirable. The subject is located along the west side of Ballough Rd., a light industrial and service commercial use area. Furthermore, this location is within the Downtown and Ballough Rd. Redevelopment Project Area. This area is defined by significant redevelopment and urban revitalization as the city aims to renew the CBD and attract more economic development and tourism. The most significant redevelopment project to date is the 11-story, 225,000 SF Brown & Brown Insurance headquarters located on the north side of the CBD along the west side of Beach St. completed in 2019.