This project is a conversion of a former 100,000 sf Sears, which is being converted to 645 climate-controlled storage units. The site totals 14 acres. With a lower parking requirement for storage, the remaining land is being positioned for multi-family development.
There is high job growth in the immediate area. Melbourne is often called a “big business community with a small-town feel,” and is home to numerous high-tech companies including L3 Harris, Northrop Grumman Corporation, LockheedMartin Space Systems, Leonardo DRS, as well as countless manufacturers
We received $5,178,320 by way of cash out refinance earlier in 2021, with sale of pads for multi-family development expected in 2022. At stabilization, we anticipate $3.8M being returned through an additional cash out refinance.
1050 S Babcock St., Melbourne FL 32901
The photos were taken on October 31,2021. Construction is currently on hold.
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