BOARD AGENDA ITEM
SUBJECT:
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AR-2025-0178: Presentation by Economic Development Director reviewing Volusia County's Economic Report and the City of Edgewater's Economic Report.
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DEPARTMENT:
Economic Development
SUMMARY:
The City of Edgewater and Volusia County both publish quarterly reports indicating the economic health of each respective municipality. Based upon the 1st Quarter, the City issued 100 certificates of occupancy and issued 132 single family home permits compared to last year during the 1st Quarter the City issued 96 certificates of occupancy and issued 96 single family home building permits. The City of Edgewater has seen significant increase in commercial value over last year. At this point last year, the City had issued three commercial building permits estimated to have a value of $1,839,000. The City of Edgewater this year has issued 18 commercial building permits with a value of $29,586,240. Last year, the City of Edgewater only issued 9 commercial permits all year for a value of $5,542,000.
City staff are concerned that there is a lack of new residential communities coming online in the near immediate future. Elegant Manor, Riverfront Estates, Rivers Edge, and Oakleaf Preserve are nearly all complete. Future development that will start or could possibly star this year will include Smyrna Creek Preserve and Edgewater Preserve Phase 2. Smyrna Creek Preserve is comprised of 78 townhome units and Edgewater Preserve Phase 2 is comprised of 132 single family detached homes. We also a 196 multifamily apartment complex starting construction in June on Jones Fish Camp Road. The City of Edgewater will likely not see the benefit of the tax revenue from these developments until 2027. With the other subdivisions winding down, it is likely the City will not see a significant increase in tax revenue until 2027 which will strain the City's budget.
Fortunately, in April, the 1st building permit for the Parktowne Space Coast I...
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