Mixed-Income Development Planned for Midtown Daytona Beach
Developer and Project Details
Tampa-based Framework Group has made a proposal to develop a mixed-income multifamily housing complex in midtown Daytona Beach. The project, which is tentatively named Valencia Square, aims to include 62 residential units. The developer has a versatile portfolio and is known for luxury apartment communities across the state, including Solstice near International Drive and The Lucent at Sunrise in Kissimmee.
Location and Land Details
The proposed development would occupy a 3.73-acre parcel located at 544 Orange Ave., an area currently vacant and owned by the city of Daytona Beach. According to county records, the land is valued at $341,603.
Affordable Housing Component
Of the 62 units planned for Valencia Square, 24 units would be designated as affordable housing. Although the article does not provide specific details, affordable typically refers to housing that is affordable to individuals earning 80% or less of the area median income. This initiative is part of a broader effort to address the housing affordability crisis in the city.
Approval Process
The project has already seen some progress in the approval process. On August 13, the city’s midtown redevelopment board unanimously recommended approval of the project. The planning board is scheduled to review the request on September 12, and the city council staff has already recommended approval.
Context and Need for Affordable Housing
Charles Woodyard, CEO of the Daytona Beach Housing Authority, emphasized the critical need for affordable rental units in Daytona Beach. The city faces a shortage of both rental units and homes for sale, which has resulted in increased costs. To address this, the city is also considering the creation of an affordable housing trust fund.
Market Context
Daytona Beach has witnessed significant growth in the multifamily housing sector. In 2024 alone, the city added 1,643 new multifamily units, which accounts for approximately 22% of the 7,359 units delivered since 2019. Additionally, there are currently 2,101 multifamily units under construction in the city. Despite this growth, the demand for affordable housing continues to exceed supply.
Developer Background
Framework Group is well-versed in the development of luxury apartment complexes across Florida. Their extensive portfolio includes communities like Solstice near International Drive and The Lucent at Sunrise in Kissimmee. With their expertise, Valencia Square is poised to be a substantial addition to the midtown Daytona Beach housing landscape, offering a mix of affordable and market-rate units to a diverse range of residents.
