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 Approves $95 Million Luxury Apartment Complex Development

The Cocoa City Council has officially given the green light for a grand development project that aims to transform downtown Cocoa Village with a new luxury apartment complex. The ambitious project, spearheaded by the Tampa-based Framework Group, is set to cost an estimated $95 million and will rise seven stories high, located at 430 Brevard Ave., the former site of a Bank of America branch.

Project Details and Features

The proposed complex will occupy a significant area of 1.95 acres on the northeast corner of Brevard Avenue and Church Street. Plans include the construction of between 220 to 241 upscale apartment units, designed to cater to various living arrangements with studio, one-bedroom, two-bedroom, and three-bedroom options available.

In addition to residential units, the project will feature a six-level parking garage, a clubhouse, a co-working space, a swimming pool, and a sun deck. Retail activities will also be incorporated, with approximately 2,800 square feet designated for ground-floor retail spaces, galleries, a leasing office, and gym/spa facilities that will be accessible to the public through paid memberships.

Economic Impact and Community Support

The development is projected to bring between 350 to 400 new residents to downtown Cocoa Village, which is expected to enhance local retail offerings significantly. It is estimated that the new residents could contribute around $4 million to $6 million annually in local spending, stimulating further economic growth in the area.

Cocoa’s Mayor has expressed optimism about the project, highlighting its potential to positively impact the community. Local business owners and residents have also shown favorable reactions to the idea, voicing their support ahead of the council vote. However, some concerns have been raised regarding potential disruptions from construction traffic along Brevard Avenue. Generally, city officials acknowledge the anticipated economic benefits of the development.

Developer’s Request for Financial Incentives

Framework Group has indicated the need for financial incentives due to various challenges, including rising construction costs, financing hurdles, and labor shortages. The developers are seeking up to $9.5 million in tax increment financing incentives from the city over a ten-year period. Additionally, they are requesting credits on water and sewer impact fees.

Job Creation and Construction Timeline

The construction of the luxury apartment complex is expected to generate approximately 1,030 temporary construction jobs, providing a boost to the local workforce. The City Council’s approved construction timeline suggests that ground-breaking could begin within three years; however, the developers are hopeful for an earlier start, projecting a two-year build time.

Architectural Vision and Historical Integration

Framework Group is keen on designing the complex in a manner that harmoniously blends with Cocoa Village’s historic character. The architectural elements will include the use of brick, masonry, columns, awnings, and urban-style stoops, creating a visual appeal that resonates with the local aesthetic. The project will also feature a mural wall for public art, enriching the cultural ambiance of the area.

The company has been eyeing the Cocoa Village development site since 2021 and has a proven track record of successful developments in the region, including its recent $70 million apartment project, Cirrus, which is currently 60% occupied. Although rent prices for the new complex have yet to be determined, the project is set to dramatically reshape downtown Cocoa Village into a thriving hub of residential and commercial activity.

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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