January 12, 2023
Urban Story Ventures, a Southeast real estate development group, owns a portfolio of former Macy’s department stores and is announcing the sale of its Daytona Beach location to
Legacy Partners, a privately held national real estate firm, and joint venture partner
Griffin Capital Company, LLC, a leading private real estate investment manager.
Chattanooga-based Urban Story Ventures acquired the 10-acre Daytona Beach property at Volusia Mall as an investment in the spring of 2020.
“We saw great potential when we purchased the vacant department store and surrounding area back in 2020 — before we had any insight on what the pandemic would do to malls across the country,” said Jimmy White, general partner and president of Urban Story Ventures.
In the coming months, like many other malls and connected department stores, the property was eyed for multifamily redevelopment. Its prime location sits across the street from Daytona Beach International Airport and Daytona International Speedway.
“Legacy Partners is planning 350 multifamily units, and we’re excited for this area to be given new life and animated in such a positive way,” added White.
Multifamily real estate developer Legacy Partners had been looking for opportunities in Daytona Beach for more than a year. The California-based developer has apartment communities in Orlando and Tampa, Florida, as well as in California, Colorado, Oregon, Texas, Washington, and Wyoming.
“With Macy’s having left the site, this is an ideal property to redevelop for much needed and desired apartments,” said Jon Wood, senior managing director for Legacy Partners. “We expect Legacy Daytona to lease up quickly as there is a dense mix of desirable retail, entertainment, and dining in the surrounding area to support the residents – who will also enjoy an expansive onsite amenity package as well as the lifestyle offered by Daytona Beach. Our residents will be able to walk to the Volusia Mall and One Daytona.”
While the Daytona Beach location is being redeveloped by the new owner, Urban Story Ventures plans to be hands-on in the redevelopment of its former Macy’s property at Vero Beach, Florida.
Urban Story Ventures is known for purchasing value-add properties and developing them for their highest and best use. The commercial real estate firm manages almost 3 million combined square feet of space — including office and medical buildings, retail, and industrial. Urban Story Ventures executes projects ranging from redevelopments to speculative holds. One of its largest current projects is
the Bend, a 120+ acre mixed-use development on a former industrial site along the Tennessee River in Chattanooga, Tennessee. The Bend, master planned by Dover, Kohl & Partners, is projected to have 8,000,000 square feet and support 17,000 jobs.
About Urban Story Ventures
Urban Story Ventures is a Southeast commercial real estate development group based in Chattanooga, Tennessee. Led by Jimmy White, the company’s portfolio focuses on mixed-use, office, industrial, and retail sites, reimagined for their highest and best use. Projects from Tennessee to Florida include iconic and historical landmark buildings as well as 100+ acre redevelopments like the Bend. Full-service capabilities include property management, billing, leasing, security, landscaping, and maintenance. For more information, visit urbanstoryventures.com.
About Legacy Partners
Legacy Partners (Legacy), a privately held real estate firm founded in 1968 and headquartered in the San Francisco Bay Area, owns, develops, and manages multifamily communities throughout the United States. Legacy has regional offices in Northern and Southern California, Colorado, Florida, Texas, and Washington, and has developed or acquired more than 78,000 apartment homes primarily in Arizona, California, Colorado, Florida, Nevada, Oregon, Texas, and Washington. Since inception, Legacy has worked with some of the world’s largest financial institutions, life insurance companies, and real estate companies, consistently delivering exceptional results. Legacy provides management services for its own portfolio, as well as third-party clients. Combined, Legacy manages a portfolio of over 50 multifamily communities with more than 12,000 apartment homes, and with a gross value in excess of $3 billion. For further information, please visit www.legacypartners.com.
About Griffin Capital Company
Griffin Capital Company is a leading full-service real estate investment and management company that for nearly three decades has established a reputation for leadership and innovation led by a team of cycle-tested professionals with expertise in acquisitions, investment management, capital markets, financial reporting, legal, development, and construction management. Since 1995 the Firm has owned, managed, sponsored and/or co-sponsored approximately $23 billion in assets1 across a wide range of real estate sectors and investment structures. The Company’s senior executives and employees have co-invested over $300 million in various investment verticals, aligning Griffin Capital’s interest with those of its investors. To learn more, visit www.griffincapital.com.
- Includes estimated total project costs for assets under construction.
