Estate and Succession Planning
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If you’re a developer and you’re not paying attention to Brevard County and Florida’s Space Coast, you’re missing out.
Brevard County should be on every development company’s radar. The County boasts many traits, unique among Florida’s other coastal counties, which promise a safe and prosperous financial future.
Sure, Brevard County has over 70 miles of beachfront coastline, great weather, and remarkable natural areas – just like most other coastal communities. But, Brevard sets itself apart with its first tier business presence – fed by internationally recognized educational institutions – and an ever expanding quinti-modal infrastructure platform.
Many investors were burned during the recession when they discovered that little incentive existed, besides the availability of disposable income and the desire to retire in Florida, to keep an investor’s residential developments occupied and retail properties patronized. Brevard, unlike other locations, however, is not necessarily a retirement/tourism/real estate based economy. Many upper-echelon companies have headquartered or, at least, have a significant presence in the County. Namely among them are, Harris Corporation, Lockheed Martin, Embraer, Northrop Grumman, Boeing, SATCOM, Blue Origin, and Space X. Notably, also, where many thought that aerospace and defense market sectors were on the decline, Northrop Gumman, specifically, is making plans for significant expansion in Brevard County – given that it was just awarded a $100 Billion Dollar contract to build the next U.S. bomber.[1] Each of these companies provides great paying jobs which are a huge incentive to keep residents and retailers in a community – which, in turn, provides security for real estate investments.
Further, Brevard’s infrastructure outpaces that of other coastal regions. Port Canaveral, in north Brevard, not only serves hundreds of thousands of cruise ship passengers but is also expanding its existing capabilities related to port industry and cargo transport.[2] Brevard County, moreover, serves as one of the U.S.’s few space ports – fielding operations by the U.S. Airforce, Nasa, and commercial space travelers like Elon Musk and Jeff Bezos. Combine these with a soon to be expanding railway, roadway, and an ultra-convenient international airport, Brevard County has infrastructure like no other – which helps facilitate continued growth in the community.
Brevard County’s consistent job-market and exceptional infrastructure combined with a progressive political atmosphere make Brevard a great place to invest in residential, retail/commercial, and industrial real estate development. Certain developers, acknowledging that fact, have started to position themselves in advance of the tide. As recently as December 2015, Miami Corp. and Swallowtail, LLC, owners of over 11,000 acres in Brevard and 47,000 acres in Volusia County, acquired approval for a special taxing district which will support infrastructure development of almost 1000 acres of their property in northwest Brevard.[3] This is a significant step towards the realization of a large scale development project known as the Farmton-Brevard Community Development District – a progressive, 50 year, city-building project slated for more than 20,000 new homes and at least 4 million square feet of commercial space.[4] Likewise, All Aboard Florida – the company responsible for plans to build a high-speed rail connecting Miami to Orlando (eventually also Jacksonville and Tampa) and a self-proclaimed real estate developer – confirmed rumors of All Aboard’s future desire to locate a train stop in North Brevard County to be positioned somewhere along the westerly turn to Orlando from Cocoa.[5]
For all of these reasons, Brevard County and the rest of the Space Coast will make a great location for real estate investments for long into the future. If you haven’t started looking at the region, you should.
[1] Wayne T. Price, Northrop Grumman celebrates bomber contract award, Florida Today (November 5, 2015, 9:12 AM), http://www.floridatoday.com/story/money/2015/11/09/northrop-grumman-victory-lap/75309794/
[2] Urban Land Institute Presentation at Eastern Florida State College, March 10, 2016, by Honorable Wayne E. Justice, Commissioner, Canaveral Port Commission.
[3] Dave Berman, New Scottmoor-area Community Development District OK’d, Florida Today (December 1, 2015, 4:33 PM), http://www.floridatoday.com/story/news/local/2015/12/01/new-scottsmoor-area-community-development-district-sought/76383936/
[4] Ludmilla Lelis, Volusia Oks Farmton, city that someday may have 23,000 homes, Orlando Sentinel (April 7, 2011), http://articles.orlandosentinel.com/2011-04-07/news/os-farmton-development-approval-20110407_1_farmton-tree-farm-housing-market
[5] Urban Land Institute Presentation at Eastern Florida State College, March 10, 2016, by Russell Roberts, Vice President of Government Affairs, All Aboard Florida.
About the Author:
Brian M. Stephens is an associate in Dean Mead’s Viera/Melbourne office. He represents businesses and developers in various aspects of commercial and residential real estate, leasing, financing, land use, title claims and growth management. He may be reached at (321)259-8900 or by email at BStephens@www.deanmead.com.
