Ice On The Water
1.75 Ocean Front Land for Development – Indialantic FL
Presented by:
Richard Wood
305-742-8864
[email protected]
Ken Nagid
786-325-9981
[email protected]
Summary
Ice On The Water
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Asking Price - $3.2MM
Address - 1795 North Highway A1A, Indialantic, FL 32903,
General Description - A 1.75 acre oceanfront parcel of land with 165 feet of Atlantic Ocean beach
frontage (as measured at the 1981 Coastal Construction Control Line - see survey included
herewith); previously-approved for 22 condominium units and 51 parking spaces. This is one of the
last opportunities to purchase an undeveloped oceanfront parcel in the Melbourne Beach area at a
substantial discount
Zoning - The subject property is zoned RU-2-15, Medium Density Multiple Family Residential (15
units per acre). County zoning regulations limit maximum building height to 45 feet above grade; a
maximum of 26 units may be built on the site. County Development Code allows for a building with
five (5) floors, including first floor parking. There is sufficient ocean frontage to allow for at least 12
to 15 units with direct ocean views
Historic Sale Price - The land was previously sold in Feb 2006 for $4,600,000 to Ice Development.
Additional cost bared by Ice development for the Site Plan approval and payment of Impact fees
Area Description - The subject property is located on Highway AlA, the only north/south arterial
highway serving the barrier islands of Florida's east coast. The property is located midway between
the two (2) causeways leading from downtown Melbourne to the Atlantic Ocean (US Highway 192
a.k.a. the “Melbourne Causeway” and the Eau Gallie Causeway). These causeways are the main
access points to the Atlantic Beaches in the Melbourne area. The oceanfront land along Highway
AlA between the causeways is almost completely developed with very few vacant oceanfront
parcels remaining. Developers have purchased nearly all of the small oceanfront hotels/motels and
the remaining properties are condominiums, making redevelopment very unlikely. The very few
remaining vacant lots on Highway AlA represent the last oceanfront parcels in Brevard County with
medium or high-density zoning
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Summary
Ice On The Water – on The Development in 2006
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Location Summary
Brevard County
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10 minutes from Cape Canaveral’s Kennedy Space Center
10 minutes from Port of Cape Canaveral
20 Minutes from the Beach Side to Melbourne International Airport
45 minutes to Orlando International Airport,
45 minutes to Vero Beach
2 hours to Jacksonville
2.5 hours to Ft Lauderdale Airport
3 hours to Miami International Airport
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About Brevard County
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The home of America's rocketeers, Kennedy Space Center anchors the official High-Tech Corridor
stretching west to Orlando and Tampa, incorporating the world's epicenters for rocketry, optics &
lasers, and simulation
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Just 45 minutes due east of Orlando International Airport, with the country's lowest air fares.
stretches 70 miles along the Atlantic coast, with a population of 477,000 in 200,000 households.
Including the islands, - 230 miles of coastline
Way back in February 2003 Money Magazine named Brevard County the 6th hottest market in the
U.S.. Builders flocked to Brevard and their excess construction created a temporary oversupply and
discount pricing,.
Just for Fun - Orlando theme parks are just an hour away, but Brevard has world-class planetarium,
the Space Center Visitor Complex, and all the watersports, beaches and fishing. Orlando comes to
Brevard to get away. Brevard has many clubs for every interest, service clubs and lodges, music and
nightclubs, health clubs, professional organizations, military organizations, volunteer organizations
and more… Top-rated national entertainment, including musicians, comedians and Broadway
shows, can be seen at the 2,000-seat Center for the Performing Arts in Melbourne. The area enjoys
active community theater programs that rival Broadway, a semi-professional theater, another 500seat performing arts center, and almost weekly musical concerts performed by The Brevard
Symphony Orchestra.
Port Canaveral - This is the center of Brevard nightlife. fishing fleet and seafood stores, marinas,
Port Canaveral Fishing Charter Boats, parks, yacht club, cargo operations, and submarine base. For
the sixth consecutive year, polls named Port Canaveral the premier port in Florida. More recreational
opportunities are available at Port Canaveral than all of Florida’s other 13 deep-water ports
combined. Visioning workshops are now underway for developing an intensive tourist destination
inside the port. just finished a $22million terminal for 2 new Disney super-cruisers, and Royal
Caribbean recently added Freedom of the Seas.
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About Brevard County
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Education - Key to Brevard's success, education at all levels is the best in Florida. Rocket scientists
expect a high level of math & science so kids will exceed their parents education, 24% of whom
have a college degree, and another 9% earned an associates degree. Just one hour
commute, University of Central Florida in Orlando, is the No. 4 “up-and-coming” school in the
country, according to U.S. News & World Report’s 2012 best colleges rankings, and America's
second largest university with 76 majors, 56,000 students, and $100 million in research grants.
Center for Research and Education in Optics and Lasers (CREOL) patents anchor what is destined to
become "Silicone Valley East". The thriving Central Florida Research Park incubator links technology
to the business sector, fulfilling UCF's commitment to become the greatest partnering university in
the world. Average incoming freshman GPA is 3.8 (1/3 have 4.0 or better), SAT 1237, ACT 26! The
undergraduate Business School offers an innovative curriculum now copied nationwide. Several
other programs also lead the nation: Modeling & Simulation, Hospitality, Film & Digital
Media, Solar Energy. Check out the Brevard campus. In 2009 the College of Medicine opened. See
Medical City and watch the video. Florida Institute of Technology (Florida Tech) Florida's second
largest private college appears in Peterson's guide under Top Colleges for Science. With campuses in
Melbourne Florida, Kennedy Space Center, and Patrick AFB, it offers 120 degree programs to 4100
students in schools of Engineering, Science & Liberal Arts (with specialty in Physics and Space
Sciences), Aeronautics, Management, Psychology, and Extended Graduate Studies. Private schools
and homeschooling associations offer the finest K-12 education, but Brevard's government-run
schools do quite well, ranking #5 of 67 counties on the Florida Comprehensive Assessment Test
(FCAT), behind some tiny counties near the Georgia border
Cultural - Maxwell King Center for the Performing Arts books Broadway touring productions, all
major contemporary artists, Gilbert & Sullivan troupes, jazz, classical and country music
performances. The Henegar Center in downtown Melbourne attracts touring symphonies, operas
and theatrical productions. Parrish Theater in Titusville, and especially historic Cocoa Village
Playhouse hosts productions with amazing actors, costumes, sets, and orchestra. In fact, Brevard
hosts five local theater groups and a number of museums and local musical groups to suit every
taste
Employment - Brevard has many early-retired military rocketeers, in second careers, who created a
hi-tech base of skills, making Brevard County the high technology capital of the Southeast U.S. Total
civilian labor force is growing faster than the Florida average. Brevard employs more than 179,000
workers, and increased 30% (53,000 new jobs) between 1995 and 2005. This long-term trend will
drive real estate prices upward. Brevard’s 3-year jobs growth is 7.1% versus the national average
2.4%
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About Brevard County
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Scripps Research Institute - industry leaders in biomedical research, expanded to Florida. That's
6,500 Scripps jobs, plus the ancillary effect of nearly 500 companies and 50,000 high paying jobs
over 15 years. Then-Governor Jeb Bush said it rivals Disney and NASA in economic significance
Orlando Medical City - Biotech on the bleeding edge of discovery -- new 600 acre site with
Burnham Institute, University of Central Florida’s new College of Medicine, M.D. Anderson Cancer
Center, Nemours Children’s Hospital, Orlando Veterans Affairs Medical Center, University of Florida
Academic and Research Center.More than $1.5 billion in biomedical-related construction is
complete, under way, or funded, just outside our western border. This is Brevard’s biggest
economic boost since Disney
Retirement - Brevard is unique among retirement destinations because Brevard’s job base also
brings younger people here. This two-pronged growth will increase over the next decade. Baby
boomers have dreamed of retiring to Florida for several decades. Now they are buying vacation and
investment homes in the first wave of early retirement. Many former rocketeers with 20 years in
the military return Brevard as the best place they were stationed. They bring high-tech skills and an
excellent work ethic. The VA Clinic in Viera is reputed to be the best around, well-run, excellent
care, and no waiting
Ecotourism - Merritt Island National Wildlife Refuge encompasses 140,000 acres with over 1000
plant and 500 animal species, including 14 endangered species. It is one of the world's premier
birding sites including pink spoonbills and bald eagles inside Kennedy Space Center. The adjacent
Canaveral National Seashore traverses 24 miles of undeveloped Atlantic beach. Titusville's
Enchanted Forest Sanctuary hosts interpretive walking tours on boardwalks descending 15 to 20
feet from the desert-like Scrub on the ancient Atlantic Coastal Ridge into the shadowy, moist Mesick
Hammock with its huge canopy. Sea Turtle Preservation Society in Melbourne Beach, supporting the
Archie Carr National Wildlife Refuge. The 20 mile section of coastline from Melbourne Beach to
Wabasso Beach is the most important nesting beach for loggerhead sea turtles in the western
hemisphere and the second most important in the world. Sebastian Inlet State Recreation Area,
Melbourne Beach. Three miles of beach considered one of the best fishing areas in the state of
Florida. Take ranger-led boat tours to Pelican Island, America's first wildlife refuge.
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About Brevard County
Economic Development
Fifteen years ago Brevard relied on tourism and launches (still launch Delta, Atlas, and submarine-based
rockets). The post-shuttle economy continues to grow and diversify. Northrop just announced another
900+ jobs moving from New Jersey. The Manned Aircraft Design Center of Excellence will be created as
part of the company's consolidation of its Aerospace Systems sector. Recently they hired 400 engineers
and high-tech people earning an average $70-80k a year to build a new KC-45 tanker aircraft.
Port Canaveral is the world's #1 passenger port, and home port for three Carnival ships, two Disney ships,
and two Royal Caribbean ships. Disney will add a third ship to its fleet in 2014. Canaveral is the world's
only gateway servicing road, rail, sea, air, and space.
As Brevard diversified into a busy commercial seaport, free trade zone, and a beneficiary of spacerelated spin-offs, people who had previously worked short-term on space missions returned
permanently, bringing skills that attracted more high-tech businesses.
Jeb Bush and the legislature funded creation of a high-tech corridor stretching from Melbourne and Palm
Bay, through the Space Center, and Titusville, and continuing on to the University of Central Florida
Research Park, Orlando, and Tampa. A UCF high-tech incubator helps researchers, engineers, and
businesses bring new ideas to market. With $100 million in research grants, patents developed at UCF
are revolutionizing optical switching and throughput and turning this region into "Silicone Valley East".
Florida’s Space Coast boasts 48 engineers per 1,000 workers; more than any other Florida metro, or
indeed any of the 25 most populated metros in the country. Brevard also have the most concentrated
high-tech economy in the state of Florida and the 16th most concentrated in the nation. Brevard’s hightech workforce fuels innovation, attracting 13 patents for every 10,000 workers – more than double the
national average of 6.4 patents per 10,000 workers.
SpaceCoast Economic Development Commission publishes information helpful to moving your business
here (like tax abatement incentives), and helpful to job seekers too. Their research includes demographic
statistics and business resources. Real estate investors will appreciate their economic trends report
showing why Brevard is in growth mode. Port Canaveral and Titusville Airport with its 8000' runway and
low landing fees are part of Foreign Trade Zone 136. The city, state, and county have incentives for
moving your business here.
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About Indialantic
Upscale homes and condos share this island community with beachside hotel/motels.
The boardwalk has an old time beach appeal, with restrooms, changing areas and showers located
periodically along A1A. Shopping. dining, commercial, professional, and multi-family areas cluster near
the major intersection on SR A1A at the eastern terminus of US 192, with single family residential homes
in the remaining areas. With just 5% vacant land, the town's approximately one square mile is almost
completely built out, and will likely retain its low density residential nature. Brevard Planning
Department estimates 538 peak seasonal residents, and a resident population of 3,035. Just 20 minutes
from Melbourne International Airport, this area is ideal for fly-in weekends at your Condo.
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Who will buy Ocean front Condo in Brevard
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People who works in Orlando, Brevard Considered at Orlando’s Seaside Suburb
Baby boomers have dreamed of retiring to Florida for several decades
any former rocketeers with 20 years in the military return here as the best place they were stationed
2nd & 3rd home buyers from all over the state that would like to enjoy the Florida’s weather and
cannot afford buying oceanfront condos in South Florida, or prefer Brevard rather than Miami
• 2nd & 3rd home buyers from Canada and Europe which prefer to buy in Brevard rather buying in
Miami, including consideration of Ocean Front condo pricing.
• 2nd home buyer from South Florida that can run away to their oceanfront condo just 3 hours away
• Current owners of Ocean front Condo demographics:
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25% – 2nd home owners who live in South East Florida
25% - European – majority from France and Great Britain
20% - NE of the US
10% - Canadians
20% - all other area of the US
• 90% - 2nd, 3rd & 4th home owners
• 80% over the age of 45
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Comparables Map
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Ice On The Water
1795 N. Highway A1A, Indialantic
Ice On the Waster, with approved site planned of 22 units (potentially can be increased to at least 26 units), with 8
different floor plans of mostly two and three bedrooms . All units are having ocean views. The design earned an
award for excellence in design from the Fort Lauderdale chapter of the American Institute of Architects
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Ocean Place
1125 N. Highway A1A, Indialantic
Ocean Place, a Condominium offers modern convenience, luxurious comforts and resort-style amenities in a
tranquil, oceanfront setting. Ocean Place, a Condominium consists of eight, three bedroom, three bath
condominiums with study and four three bedroom, two bath condominiums, boasting gourmet kitchens with stateof-the-art appliances, master suites with private, spacious balconies, open floor plans and spectacular panoramic
views. The project shall Break-ground in 2014, most units already sold as Pre-construction
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Cocoa Cabana
1915 S Atlantic Avenue, Cocoa Beach
Cocoa Cabana, features only eight (8) direct oceanfront residences, all featuring "corner" style floor plans with
fabulous panoramas of the Atlantic Ocean to the east and the Banana River lagoon to the west. Residents enjoy
complimentary membership in the exclusive Cocoa Beach Club & Marina – a luxurious riverfront resort located
within walking distance of the condominium. Only two floor plans available of 3 Bedroom and 3.5 bathrooms. The
units are currently on the market as pre-construction sales
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Saltaire Condo
3135 Highway A1A, Indialantic
Saltaire condo, features four story boutique building with only nine (9) oceanfront residences. Saltaire built in 2006
and consist of only 3 Bedrooms units. Open floor plan with impressive foyer, kitchen w/granite, solid maple
cabinetry, stainless GE Monogram appliances with wine cooler, marble floors, 5'''' crown molding, solid panel doors,
spacious master suite w/private balcony. High ceilings throughout.
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Michelina Condo
420 Harding Ave, Cocoa Beach
Michelina condo, offer a stunningly classic molding of a warm beachy feel and contemporary elegance. The building
consists of 39 distinctly customized units boasting a total of 8 different floor plans in eight story building. On-site
amenities include a beautifully landscaped pool and spa, a recreation area boasting a redwood sauna, a tiled steam
room, a micro-gym and access to miles of sandy beach. The units are all spacious–the smallest being a comfortable
2,088 square feet and the largest topping out at 3,400 square feet–and all offer three bedrooms, three bathrooms
and private patios. Built in 2006
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Ocean Cove
2375 S Atlantic Ave Cocoa Beach
The Ocean Cove residences feature sweeping panoramas of the Atlantic Ocean and the Banana River lagoon,
affording breathtaking sunrise views to the east, and unforgettable sunsets to the west. Encompassing only twelve
(12) ultra luxury residences, this extraordinary oceanfront address offers three (3) distinct floor plans, ranging from
2 bedroom, 2½ bath plans (1,800 sq. ft.) to 3 bedroom, 3½ bath models (2,850 sq. ft.). Saturnia marble flooring,
granite countertops, extensive architectural millwork and custom designed cabinetry are all standard appointments
Built in 2009.
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La Colonnade
1323 Highway A1a, Satellite Beach
The La Colonnade Condo is arguably the finest oceanfront condominium in Satellite Beach. Each luxury residence
sprawls form east to west with a huge wrap around balcony with 180 degree views. Amenities include heated pool,
hot tub and fitness room. The design of each residence truly brings the views in, featuring floor to ceiling impact
glass throughout 72% of the condo. With only 2 units per floor, there is a view from every room,. la Colonnade was
built in 2006 and includes two 6-story buildings with total of 20 units. Each unit is 3,500 sf of living area the
bedroom, 4 bathroom. Featuring 1200sf of wrap-around terrace overlooking the Atlantic Ocean and each unit has a
private 2 car garage.
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Indialantic One Condo
601 N Miramar Ave, Indialantic
Indialantic One Condo features three pools – a lap pool, a lounge pool, and a hot tub spa along with a clubhouse
and pool table. The 4-Story building was built in 2006 and consists of 38 units. All units are two and three Bedroom
2-3 Bathroom . All units include 9 ft. ceilings, granite counters, gas fireplace, huge walk in pantry, tile, 140 mph
rated glass doors.
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Magnolia Key
505 S Miramar Ave, Indialantic
Magnolia Key’s four-story, three-building condominiums are a mix of one-floor residences ranging from 1,880 to
3,680 square feet with terrace, all with three bedrooms and two or three bathrooms. Each unit has eight foot glass
doors for perfect ocean view. Key West style exterior, private terraces for lounging or entertaining and spacious
open floor plans. Built in 2006
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Sales Comp Analysis (Average)
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Pro-forma for Development & Sales
1795 N Highway A1A, Indialantic
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Pro-forma for Development & Sales
1795 N Highway A1A, Indialantic
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Pro-forma for Development & Sales
1795 N Highway A1A, Indialantic
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Land Sale Comparable Map
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no available ocean front land zoned multi-family in Brevard County
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Demographics – Brevard County
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Demographics – Brevard County
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Demographics – Brevard County
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Demographics – by Ice on The Water
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Commercial near by Ice on The Water
Ice On The
Water
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Commercial near by Ice on The Water
Many Other Shopping Centers
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Market Trends
Commercial Retail – Indialantic area
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Market Trends
Brevard County Inventory
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Market Trends
Brevard – Sales Price and Sales Volume Analysis
Condo prices already increased 60% from the low
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Market Trends
Building Permits
As you can see below still-slow building activity. Some builders seized an opportunity to get
their crews working and permits increased from a record low 35 per month in November
2010, to a 5-year high of 141 in July 2013.
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Market Trends
Brevard Investment Outlook
Brevard still launch rockets. Private manned launch preparations will also keep us busy, but with 1/10 the
labor force, making us more competitive. The long-anticipated shuttle layoffs are behind us and
diversification into other hi-tech ventures has helped recovery. Younger workers moved long ago, older ones
planned to retire here, others will run-out unemployment checks rather than move. Long-timers may stay
because their house is mortgage-free and job prospects here look better than elsewhere.
Dec 2011 - Harris Corporation began creating $100 Million Hi-Tech Engineering Center – 100 new
technical and support jobs and 300 construction jobs over three years.
A new power plant is rising in Port St John. Brevard completed a $22million terminal for 2 new Disney
super-cruisers, and Royal Caribbean's Freedom of the Seas (world's largest cruise ship) now calls Canaveral
home.
Companies in Melbourne are desperately looking for engineers. We are replacing NASA jobs with privatesector leadership in hi-tech industries.
Bertram Yachts has moved from Miami to Merritt Island. NASA was preparing new facilities for
Constellation, the next launch system after Shuttle.
Investor Opportunity Condo Prices (see graph above) have increased significantly since September 2010.
Last winter, sales over $500k were 5% of the market compared to 11% of the market 6 months prior, while
sales of units under 1,000 sqFt remained constant. That shows average price graphs are pushed down by
low-end foreclosures.
premium waterfront home sales on Indian River, Banana River and Newfound Harbor, 2010 volume beat
all prior years. Oceanfront is excluded here because prices overpower the data and skew the analysis
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Market Trends
Historical Prices
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Market Trends
Historical Prices
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