Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present the opportunity to acquire Malabar West (the “Property” or “Site”), a ±26.6-acre, shovel-ready build-to rent development site located in Palm Bay, FL, (Space Coast) - ranked a Top 10 Best City for STEM Jobs (Forbes), where average household income exceed +$92,000 and unemployment rate is 2.7%. Ownership has secured approvals for a 266-unit build-to-rent community (the “Development” or “Project”), which will consist of 118 one bedroom, 100 two-bedroom, and 48 three-bedroom single-story cottages, all with private backyards.
The Space Coast is experiencing transformational population and economic growth, driven primarily by the region’s strategic proximity to an abundance of some of the country’s largest tech and aerospace employers and exceptional education systems, as well as significant investment across multiple industries including healthcare, logistics, tourism, and construction. Notable major employers and schools include L3Harris Technologies, Embraer, Raytheon Technologies, Northrop Grumman, Collins Aerospace, Aerion Supersonic, Florida Institute of Technology (ranked #2 private school in Florida), and the Eastern Florida State College.
The Property is located just 10 minutes from a wide array of big box retailers including Publix, Target, Walmart, Lowe’s, and Home Depot. Further adding to the location’s appeal is a renowned education district comprised of nine top-rated schools (two A-rated and seven B-rated), and 12 million SF of retail within a 10-mile radius. Moreover, Stiles is developing a 50,000 SF Publix supermarket directly across the street from the Property.
Malabar West benefits from fantastic visibility along Malabar Road (16,700 VPD) which provides immediate linkage to I-95 (62,500 VPD), connectivity to Orlando (1-hour drive) and to the beautiful Melbourne Beach (20-min drive). Additionally, the City of Palm Bay, Brevard County, and the Florida Department of Transportation (FDOT) are proposing expanding the St. Johns Heritage Parkway to connect with I-95 at the intersection of St. Johns Heritage Parkway SE, which would significantly increase traffic count at Malabar Road by the Property.
Effective February 28, 2023, the Palm Bay City Council approved a six-month moratorium on new residential future land use amendments and rezoning requests. Malabar West is grandfathered in and exempt from the moratorium.
With the combination of high-income STEM employers, population growth, and strong residential fundamentals, Malabar West is strategically positioned as a one-of-a-kind BTR development opportunity in the thriving Space Coast!
· Extremely Rare, Shovel-Ready Build-to-Rent Project in Florida’s Space Coast
· Located Within a Highly-Amenitized Neighborhood
· Booming Engineering & Aerospace Employment Hubs within Driving Distance
· Rapid Connectivity to an International Airport & World-Renowned Space Coast Corridor
· Strong Multi-Housing Market Fundamentals
· Palm Bay Moratorium on Residential Entitlements | Malabar West Grandfathered In