Something new on the Horizon? | Palatka Daily News, Palatka, Florida

Hotel, apartments, townhomes part of ambitious development plan

The old Florida Furniture building in Palatka will be among the areas transformed into a new business and residential development if local business officials have their way.
Business leaders released plans for redeveloped Palatka riverfront that will feature a hotel and amphitheater, among other amenities.
Positively Putnam FL

Putnam County businessmen plan to turn 80-acres of undeveloped Palatka riverfront and dilapidated areas into a sprawling housing and entertainment hub.

The $146 million project has been in the works for about two years, and the official rendering includes plans for a 3,000-seat amphitheater, 156 multi-family/apartment units, 78 townhome units, a hotel and 235 boat slips.

“Now, we’re in the permitting stage … and that is a long process,” said Colin Bingham, CEO of Community Development Coalition Corp.

Part of the plan includes turning the old Florida Furniture property on River Street into business offices and a community building for the multi-family area.

Bingham said he has been familiar with the county for more than seven years but decided to buy a riverfront home two years ago because he’s getting closer to retirement age.

The development, known as Cypress Cove, came from conversations with community members who said there is a need for affordable housing and more family-friendly activities.

Bingham is not taking on the project alone. He is working with Beck Automotive Group President Breck Sloan and the Rural Economic Development Initiative, which is part of the Florida Department of Economic Opportunity, to find grants and resources to bring Cypress Cove to life.

“It’s basically what Breck and I call the ‘Halo of Putnam County’ or could be,” Bingham said.

Plans also show a 56-spot site for luxury RVs, dry vessel storage big enough to hold 135 boats and a boardwalk with a restaurant along the St. Johns River.

The site is further down from the Millennium Clocktower and Riverfront Park. Bingham plans to develop the untouched areas in the vicinity of River, Morris and Kirby streets.

He is scheduled to present the concept to the Palatka City Commission during its 6 p.m. meeting Thursday.

“I think this project has worked really hard to fit what Palatka is and wants to be,” Sloan said. “So, we’re honoring the past. We’re trying to be authentic to our community, and we also have an exciting future. And that’s about as good as it gets.”

Bingham said he worked with local developer and entrepreneur Normand Jutras two years ago to acquire the property. Jutras passed away in March but was known in the community for seeing the potential in creating something new out of old properties.

“Norm really wanted something that would allow access to the river. And he felt like the river was a great natural resource that (had) really limited access to the public,” Sloan said. “So, he was trying to get something that would enhance, complement our community, but was real and authentic that fit Palatka.”

Bingham said he does not yet have a full timeframe because the permitting process is extensive.

But he and Sloan said the complex is going to be catered toward Putnam County, not big-city lifestyles. They have looked at surveys as well as talked to local leaders and predict the development will bring numerous jobs and money into the area.

“What makes Palatka attractive is its old historical charm and its access to nature,” Sloan said. “… It’s welcoming. It has a place to live, work, learn and play. So, it kind of fits all the boxes of what we want to be as a community.”