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 Luxury Apartment Development
The Cocoa City Council has officially approved a significant development agreement for a seven-story luxury apartment complex in downtown Cocoa Village. This ambitious project, spearheaded by the Tampa-based Framework Group, comes with an estimated price tag of $95 million and will be situated at 430 Brevard Ave, the former home of a Bank of America branch.
The proposed complex will occupy a 1.95-acre site at the northeast corner of Brevard Avenue and Church Street, promising to introduce between 220 to 241 upscale apartment units to the area. This new development is designed to include a six-level parking garage, a community clubhouse, co-working spaces, a swimming pool, and a sun deck.
In addition to residential units, approximately 2,800 square feet of ground-floor space is planned for retail, galleries, a leasing office, and gym/spa facilities that will be available to the public through paid memberships. The apartments themselves will feature a variety of layouts, including studio, one-bedroom, two-bedroom, and three-bedroom options, catering to a range of residents.
Project Impact and Community Support
The mayor of Cocoa highlighted his optimism regarding the project, indicating that it will serve as a positive force for the community. Framework Group’s executive vice president noted that the new complex could attract an estimated 350 to 400 new residents to downtown Cocoa Village and enhance the local retail environment.
In light of challenges such as rising construction costs, financing issues, and labor shortages, Framework Group is requesting up to $9.5 million in tax increment financing incentives from the city over a decade. The developers are also looking for credits on water and sewer impact fees to help offset some of these expenses.
In terms of economic contribution, the project is predicted to create approximately 1,030 temporary construction jobs and generate an annual local spending boost of between $4 million to $6 million from new residents. According to the approved construction timeline, work could start in three years, though the developers hope to initiate the project sooner with a planned duration of two years for the build.
Public Reception and Concerns
Feedback from Cocoa Village’s business owners and residents has been largely favorable, with widespread public support expressed ahead of the City Council vote. Nonetheless, some concerns have been raised regarding potential traffic disruption along Brevard Avenue during the construction phase. City officials generally agree that the economic benefits outweigh these concerns.
A member of the Cocoa City Council acknowledged the project’s potential for stimulating the local economy, despite initial apprehensions surrounding the height of the building, which will become the tallest structure in Cocoa Village. Framework Group has committed to designing the development in a way that complements the historic character of Cocoa Village, incorporating architectural elements such as brick, masonry, columns, awnings, urban-style stoops, and a mural wall for public art, ensuring the new construction blends harmoniously with the surrounding area.
Framework Group’s Track Record
Framework Group has a proven history of successful developments in the region, including a recent $70 million apartment project named Cirrus, which is currently 60% occupied. The company has been looking at the Cocoa Village site since 2021, indicating a long-term interest in enhancing the community’s residential offerings.
As the project moves forward, rent prices for the new apartment complex have yet to be established, leaving future residents with much anticipation. Overall, this development represents a significant investment in downtown Cocoa Village, aimed at revitalizing the area and contributing to its growth.
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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
