In the late 1970s, Dipak Jobalia owned an underground utility company which was head quartered in Daytona Beach, Florida. Mr. Jobalia’s company was primarily involved in installing the necessary utilities and road ways for single family subdivisions throughout Central Florida.
In the early 1980s, Mr. Jobalia continued with his underground utility company but also become a single family developer himself. With the recession of the late 70s bleeding into the early 80s: with interest rates in double digits: Mr. Jobalia saw an opportunity to take over many semi-completed subdivisions which developers left uncompleted. Mr. Jobalia developed relationships with numerous public home builders to regional builders. The main goal for Mr. Jobalia was to deliver finished lots to home builders. In the late 80’s Mr. Jobalia opened his own home building company (Far East Builders) and successfully built 500 homes in a 5 year period.
Since then, the Jobalia name has been associated with all aspects of real estate.
In 1984, as the single-family development business and underground utility business kept expanding, the Jobalia family entered the limited service hospitality business. The hospitality business offered the Jobalia family an incentive to enter a line of business which had high barriers to entry and limited credit facilities. Through the banking relationships formulated through the other businesses, banks were eager to partner with our group and thus began our journey into the hospitality sector.
In 1984, the first franchised hotel, Quality Inn and Suites, was brought to Ormond Beach. In the following years, the Jobalia’s would develop:
- Comfort Inn and Suites Daytona Beach Shores, FL
- Holiday Inn Express Orlando, FL
- Holiday Inn Express, Orlando, FL
- Hampton Inn and Suites Lake Buena Vista, FL
- Homewood Suites Lake Buena Vista, FL
- Portfolio of 8 Hampton Inn and Suites through North Carolina and southern Virginia
- Hilton Garden Inn University of Central Florida
- Marriott Fairfield Inn and Suites Orlando, FL
Though not active in the day to day management, the Jobalia’s were actively involved in the construction and financing of all the hotels.
In 2004, Mr. Jobalia’s son, Anand, joined the family business and since has been involved in numerous large scale developments including the development of a golf course community in New Smyrna Beach. The Jobalia’s endured the great recession and have once again embarked on developing single family communities.
In today’s market, the greatest challenge for home builders is finding available developed lots or land that has the proper entitlements. With decades of experience and know-how, the Jobalia’s have positioned themselves as one of the top off balance sheet developers for public companies such as DR Horton. Currently the Jobalia’s are developing a 480 lot subdivision for DR Horton in the Oakleaf Community in south west Jacksonville. Last year, the Jobalia’s completed a 150 lot subdivision for DR Horton in Yulee, Florida. With established banking relationships, strong builder deposits and guarantees they are able to bridge the needs for home builders. Most builders today are struggling due to the limited availability of developed lots and the lack of liquidity in the market place for developers. Most public home builders prefer finding off balance sheet developers to avoid having raw land on their balance sheet.
Our development experience includes:
- Venetian Bay – New Smyrna Beach (1,200 lots | $35,000,000)
- Promenade Parke – New Smyrna Beach (300 lots | $15,000,000)
- Hidden Lakes – Palm Coast, FL (380 lots | $15,000,000)
- Timberlakes – Yulee, FL (160 lots | $5,000,000)
- Fox Creek – Jacksonville, FL (480 lots | $13,500,000)
- Bella Oaks – Port Orange, FL (138 lots | $4,500,000)
- Glenbrooke – Edgewater, FL (200 lots | $7,300,000)
- Ortega Place – Jacksonville, FL (51 lots | $2,000,000)
- Reserve at Strickland – Daytona Beach, FL (168 lots | $7,125,000)
- The Trails – Palm Coast, FL (274 lots | $7,000,000)
- Whispering Creek – St. Augustine, FL (101 lots | $3,500,000)
- Champions Quarters – Daytona Beach, FL (91 lots | $7,350,000)
Outside of the public builders, the Jobalia’s have other developments scattered in Volusia and Flagler County markets for local/regional home builders. In these particular developments, the Jobalia’s partner with builders on the development side as they mitigate their risk by partnering with the end user.