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3550 Washington AveTitusville, FL 32780

22-Acre Mixed-Use Redevelopment Project

Overview

Added:
Dec 11, 2024
Days on market:
115
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.

Highlights

  • 22-acre redevelopment project in Titusville, Florida, at 3550 S Washington Ave.
  • Master site plan approved for mixed-use development (retail, multifamily, hospitality).
  • Phase 1 complete: demolition of 155,000 SF former Sears Town Mall, including three parcels with entitlements for a 153-key Cambria hotel, a 100-unit multifamily building, and two restaurants.
  • Phase 2 planned: redevelopment of 145,000 SF of mall into an 110,000 SF life center (retail, office, medical).
  • Project includes 280,000 SF, 340 units, 153 hotel keys, and 4 outparcels.

Property Details for 3550 Washington Ave

Property type
Lifestyle centers, Power centers
Square Feet
280,000 SF
Lot Size (sq. ft)
958,320 SF
Units
340

Location Insight

City
Titusville
County
Brevard
State
Florida
Latitude
28.5753153
Longitude
-80.8016146
3550 Washington Ave, Titusville, Florida

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3550 Washington Ave
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