Cocoa City Council Approves $95 Million Luxury Apartment Complex

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 Greenlights $95 Million Luxury Apartment Complex in Cocoa Village

The Cocoa City Council has recently approved an ambitious development project that will transform downtown Cocoa Village with a new seven-story luxury apartment complex. The project, led by the Tampa-based Framework Group, comes with an estimated price tag of $95 million and will rise at the site of the former Bank of America branch, located at 430 Brevard Ave.

Details of the Development

The new complex will span 1.95 acres at the northeast corner of Brevard Avenue and Church Street. It aims to provide a mix of upscale apartment units, totaling between 220 and 241. In addition to residences, the development will feature a six-level parking garage, a clubhouse, co-working spaces, a swimming pool, and a sun deck.

On the ground floor, about 2,800 square feet will be dedicated to retail opportunities, including galleries, a leasing office, and gym/spa facilities. These amenities will be accessible to the general public through paid memberships, enhancing the services available in downtown Cocoa Village.

Economic Impact and Community Response

City officials believe that the development will attract 350 to 400 new residents to the area, which is expected to stimulate local retail offerings. The project is projected to create approximately 1,030 temporary construction jobs and generate between $4 million to $6 million in annual local spending from new residents.

Although the development has garnered positive feedback from Cocoa Village business owners and residents, there are notable concerns regarding potential disruption from construction traffic along Brevard Avenue. Nonetheless, city officials have acknowledged the economic benefits that the project promises to bring.

Incentives and Financing

Framework Group has expressed the need for financial incentives from the city due to current challenges facing the construction industry, such as rising costs, financing difficulties, and labor shortages. The developer is requesting up to $9.5 million in tax increment financing incentives over a decade, along with credits on water and sewer impact fees.

Construction Timeline

The approved construction timeline indicates that groundwork could commence in three years; however, the developers are optimistic about starting sooner, estimating the entire project will take about two years to complete.

Design Features and Historical Context

In response to local aesthetic concerns, Framework Group plans to incorporate architectural designs that blend seamlessly with the historic character of Cocoa Village. This includes the use of brick, masonry, and columns, along with awnings and urban-style stoops. A mural wall featuring public art is also part of the design plan, which aims to enhance the area’s visual appeal.

Future Prospects

Following the announcement of this newly approved project, there has been heightened interest in Cocoa Village. Framework Group has previously completed a successful $70 million apartment project called Cirrus, which is currently 60% occupied. The developers have been eyeing the Cocoa Village site since 2021, marking it as a strategic location for their next venture.

As planning continues, the exact pricing for the new apartment units remains undetermined, but the overall anticipation surrounding the development suggests that it has the potential to reshape the downtown landscape 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