- October 31, 2024
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The apartment market will get a boost in Palm Coast, as Tuscan Reserve plans to add six buildings and 107 units in the next year.
Tuscan Reserve currently has two buildings with 16 apartments, but the development stalled after the recession. The new owner, Stoneweg US, bought the property in May.
The property is adjacent to Madison Green Apartments off State Road 100 and is also a stone's throw from Reserve at Brookhaven Apartments, in Town Center.
A technical site plan for Tuscan Reserve was submitted to city of Palm Coast staff on Oct. 15 and has been returned to Stoneweg US with comments as of Oct. 24.
The new 107 apartments, which will bring the total to 123 at Tuscan Reserve, should break ground in the first quarter of 2020. Leases should be up for sale a year later. The intention is to rent the apartments at market rate, not adjusted for income, a spokeswoman said. According to stoneweg.us: "Stoneweg specializes in low- to medium-income multifamily real estate, primarily based in tertiary and secondary U.S. markets. The company invests in workforce housing."
Stoneweg US has about 10,000 multifamily units under management in 19 states but is new to development and new to Flagler County. The company is affiliated with Stoneweg SA, a Swiss-based real estate company with over $3 billion in assets under management.
