Economic Yearbook 2006 - Space Coast
A Surge in Interest
Floida's Space Coast increasingly draws new residents from within the state.
Created in the 1970s, the community has seen an out-migration of retirees leaving single-family homes to enter assisted living facilities. Since those are scarce in Palm Coast, residents have had to move to other areas. The city is encouraging new development of elderly housing, says City Manager Richard Kelton. ... The city hit such a peak in permits for new single-family homes in 2004 that when sales fell back to normal levels last year, permits were down by about 30%, "which was not necessarily a bad thing from our standpoint," says Kelton. ... Commercial development is starting to catch up to the residential crunch, Kelton says. One project will put a retail-restaurant town center at Interstate 95 and the Palm Coast Parkway interchange. ... Palm Coast Resort is under redevelopment, with demolition of the old hotel completed and construction under way on the new buildings.