News Summary
The Cocoa City Council has approved a $95 million luxury apartment complex in Cocoa Village. The seven-story building will feature up to 241 upscale units and extensive amenities. It aims to bolster local business and economy by attracting new residents. The project may face some challenges, including rising construction costs and labor shortages, but is expected to start within three years. The complex will honor the area’s history with its architectural design, enhancing Cocoa Village’s aesthetic while providing modern living spaces.
Cocoa City Council Approves $95 Million Luxury Apartment Complex Development in Downtown Cocoa Village
The Cocoa City Council has recently approved a significant development agreement for a new seven-story luxury apartment complex in the heart of Cocoa Village. Set to transform the area, the project is expected to cost approximately $95 million and will occupy the site at 430 Brevard Ave., which was formerly home to a Bank of America branch.
Details of the Project
The chosen location for this ambitious development spans 1.95 acres at the northeast corner of Brevard Avenue and Church Street. The planned apartment complex aims to provide between 220 and 241 upscale rental units, designed to accommodate a range of lifestyles with a variety of options, including studio, one-bedroom, two-bedroom, and three-bedroom layouts.
In addition to the residential units, the complex will also feature an extensive six-level parking garage, a clubhouse, co-working spaces, a swimming pool, and a sun deck. This comprehensive design will enhance the living experience for residents while also offering amenities available to the public. Approximately 2,800 square feet of the ground floor will be reserved for retail, galleries, leasing offices, and gym/spa facilities, which will be accessible through paid memberships.
Community Impact and Support
The project is poised to have a sizeable impact on the Cocoa Village community, with projections indicating that it could bring between 350 and 400 new residents to the area. This influx of new residents is expected to bolster local business operations and expand retail offerings, significantly contributing to the local economy.
Support for the development has been vocal from both Cocoa Mayor Michael Blake and members of the Cocoa business community. Though there have been some expressed concerns regarding possible construction traffic disruptions along Brevard Avenue, city officials largely agree that the economic benefits of the project outweigh these concerns.
Challenges and Financial Support
Despite the positive outlook, the developer, Framework Group, has indicated that certain challenges exist, including rising construction costs, financing hurdles, and labor shortages. To help navigate these issues, the developers are seeking up to $9.5 million in tax increment financing incentives over ten years from the city. They are also asking for credits on water and sewer impact fees to further alleviate financial pressures.
The development is expected to produce approximately 1,030 temporary construction jobs and generate between $4 million and $6 million annually in local spending from new residents, illustrating the potential for long-term benefits to the community.
Construction Timeline
As it stands, construction could commence within three years as per the City Council’s approved timelines. However, Framework Group aims for an earlier start, aspiring to complete the project within an estimated two-year build period.
Architectural Considerations
As the tallest building in Cocoa Village, the new apartment complex will incorporate architectural features that pay homage to the area’s rich history, including the use of brick, masonry, columns, awnings, and urban-style stoops. This approach is designed to enhance the aesthetic appeal of Cocoa Village while maintaining its historic character. Additionally, a mural wall will provide space for public art, emphasizing the community’s cultural richness.
Framework Group has a solid track record in the region, including a recent $70 million apartment project called Cirrus that is currently 60% occupied. The company has had its eye on the Cocoa Village site since 2021, showing a committed interest in bringing this project to fruition.
While the specific rent prices for the new apartment units have yet to be disclosed, community engagement and the projected economic benefits of the development are encouraging signs for the future of Cocoa Village.
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Additional Resources
- Florida Today: Cocoa City Council Approves $95 Million Luxury Apartment Complex Development
- Wikipedia: Apartment
- Yield Pro: Madison Grove
- Google Search: luxury apartment complex development
- Space Coast Daily: Cirrus Apartments in Cocoa Now Leasing
- Google Scholar: apartment development
- Florida Today: Robust Market Draws Apartment Developers to Brevard
- Encyclopedia Britannica: real estate development
- Space Coast Rocket: New Apartments Open in Cocoa
- Google News: real estate market Cocoa
Author: Construction FL News
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