May 9, 2016
BlueGate Sells Gateway Daytona
BlueGate Partners, LLC in conjunction with Phoenix Real Estate Group of Fort Lauderdale, FL has arranged the $9 million sale of Gateway Daytona, a 5.4-acre development site in Daytona Beach, FL, to Daytona Bluetide Group Limited Partnership. The project is currently approved for construction of a 300-room riverfront hotel, a 172-slip marina, 16 condo town houses, restaurants and shops at the gateway to the city’s beachside area.
“This was a unique opportunity to purchase and develop a signature project at the gateway to one of America’s premier beach destinations,” said BlueGate’s Senior Vice President Craig Callaway.
The Site has approximately 650 lineal feet of frontage along the Intracoastal Waterway to the west, and approximately 490 lf of frontage along International Speedway Drive to the south. The Site is adjacent to the Halifax River (Intracoastal Waterway), and is located approximately five miles east of I-95 (exit 261). The Property is approximately four miles east of Daytona International Speedway, home of the Daytona 500 and the Pepsi 400, which has a capacity for over 167,000 people and generates approximately $1.9 billion in economic impact annually. Daytona Beach is one of Florida’s top tourist markets attracting over 8.3 million visitors, and generating over $4.7 billion in economic impact through tourism annually. In addition, according to a redcent report by Mid-Florida Marketing and Research, Daytona Beach was listed as the #1 most visited beach from tourists within Florida and tourists east of the Mississippi.
BlueGate is a boutique real estate investment banking firm with offices in New York and Palm Beach, and offers services in the areas of investment sales, portfolio and property financing, and debt and equity capital raising for real estate projects.