3550 Washington Ave Titusville, FL 32780

This exceptional 22-acre redevelopment project in Titusville, Florida, presents a unique investment opportunity. Located at 3550 S Washington Ave, Brevard County, 32780, this prime site boasts a master site plan approved for a mixed-use development, including retail, multifamily, and hospitality components. Phase 1, encompassing the demolition of 155,000 square feet of the former Sears Town Mall, is complete. This phase includes three key parcels: a 3-acre site with entitlements for a 153-room Cambria hotel (appraised at $54M, construction cost $23M), a 2-acre parcel approved for a 100-unit multifamily building (appraised at $40M, construction cost $25M), and a 1.3-acre parcel for two restaurants (appraised at $2.4M). A fourth 6-acre parcel is planned for a 240-unit apartment complex (appraised at $90M, construction cost $65M), currently undergoing city review for minor plan adjustments. Phase 2 involves the redevelopment of the remaining 145,000 square feet of the mall into an approximately 110,000 square foot life center, encompassing retail, office, and medical spaces (appraised at $10M). Comprehensive reports, including NEPA, geotechnical studies, contractor bids, appraisals, and market studies, are available. Infrastructure costs for Phase 1 are estimated at $7.1M. The project offers significant potential for substantial returns. Architects and interior designers are finalizing building plans for completion prior to the third quarter of 2024. The property includes 280,000 square feet, 340 units, 153 keys, and 4 pads.