Caza Azul - 4038 South Babcock Street

Welcome to a prime investment opportunity at 4038 South Babcock Street, Melbourne, Florida, where 12.63+- acres of ready-to-build land await your development vision. This strategically located property is not only ready for immediate construction but also comes with full approval of the current site plan expected within the next 90 days. This is a rare chance to capitalize on a site that has been meticulously prepared for multifamily housing, ensuring a smooth transition from planning to execution. The property has secured Live Local approval for an impressive maximum of 1,525 units, with a height limit of 48 feet. This flexibility allows for a variety of design options that can cater to different market segments. Currently, the development plan includes 300 units, with 120 of those designated as moderate-income housing, addressing the growing demand for affordable living options in a rapidly expanding community. This thoughtful approach aligns with the city’s commitment to workforce housing, making it an attractive proposition for both investors and developers. Situated in a thriving economic hub, this property is in close proximity to major employers in the aerospace and technology sectors, including Harris, Northrop Grumman, and Lockheed Martin. These high-paying employers not only provide a stable job market but also contribute to the increasing demand for quality housing in the area. Additionally, the Florida Institute of Technology, located just one mile to the north, is home to over 10,000 undergraduate and graduate students focused on engineering and aerospace, further enhancing the potential tenant pool. The increasing need for high-quality multifamily housing in Melbourne is driven by a surge of young professionals aiming to advance their careers in this vibrant area. The establishment of prominent aerospace and tech firms like SpaceX and Blue Origin has played a significant role in the demographic changes occurring in the region. Its is zoned for C -1 mixed use and allows for Senior housing, hospitality, retail, medical office, and more Frontage: Highly visible location ideal for a strip center or multi-use commercial development

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