DAYTONA BEACH — Nine months ago, the downtown residence that had been the home of Initial Baptist Church for much more than 120 decades appeared headed toward becoming the site of 300 new apartments and a 500-space parking garage.

But irrespective of the metropolis approving the eagerly predicted venture and promising a $10.2 million residence tax split, a Tampa-based developer determined it couldn’t make a significant plenty of profit and walked away from the offer.

Now the virtually 6-acre site fronting the east aspect of Ridgewood Avenue has a new suitor — an out-of-condition developer interested in constructing 250 apartments on the vacant land owned by CTO Realty Progress.

“We have it less than deal,” said John Albright, President & CEO of CTO Realty Development, formerly known as Consolidated-Tomoka Land Co. “They’ve been to Daytona Beach front a handful of instances. From what I can tell it appears to be really good. They are looking at acquiring the full site from us.”

About 6 acres of property fronting the east side of Ridgewood Avenue just north of International Speedway Boulevard in downtown Daytona Beach is under contract for a developer to build about 250 apartments. The now-vacant site had been the home of First Baptist Church until that house of worship demolished its buildings last year and relocated.

If all goes well the land sale could shut by the stop of December, and construction could start off in about a calendar year, Albright stated.

“That’s excellent news,” mentioned Mayor Derrick Henry. “It seems like a task that would be profitable and certainly beneficial to our downtown. It would aid us reach our objective of obtaining extra density in the region.”