Military Housing In Florida - A former development for Patrick Air Force Base personnel, it will be a luxury residential project with home prices starting at $1 million.
SATELLITE BEACH - The former family housing site at Patrick Air Force Base on State Highway A1A has been sold and new plans are underway to turn it into a luxury residential community with ocean views
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Coldwell Banker Commercial Paradise of Jaffe Commercial Group of Satellite Beach recently announced the $13.5 million sale of the 27.44-acre property, now a private rental community.
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"This redevelopment project will bring tens of millions of dollars in ad valorem taxes to the city, as well as millions of dollars in economic impact to coastal communities," said Mike Jaffe of Jaffe Commercial Group.
The Jaffe Group represents Satellite Beach Partners LLC of Meridien, Conn., the property's newest owner. Mark Fontaine of the Fontaine Group represented Woodshire-Brevard LLC, the buyer and developer of the property.
Jaffe said the developer plans to build "a very exclusive, high-end gated community priced in excess of $1 million."
Development plans include a two-story luxury penthouse of over 4,000 square feet with ocean views. Site plans for the project are expected to be submitted to the city of Satellite Beach later this year or early 2018.
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There are currently 105 homes on the property, so residents living there will have to find new places to live in the coming months. Coldwell Banker's Commercial Haven in Satellite Beach is helping with the relocation of people currently living in the development, Jaffe said.
"This is going to be one of the biggest developments we've had in a long time," said Satellite Beach City Manager Courtney Barker. "We're going to get tax benefits from it and it's definitely going to look better."
The development follows another luxury residential project underway just a few miles south of SR A1A in Satellite Beach. There, construction is underway on the first Oceana Oceanfront condominium.
When completed, Oceana Oceanfront Condominiums will feature two 96-foot tall Mediterranean-style buildings combined with a central recreation building, swimming pool and beach access.
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The first Oceana Tower will be completed in March 2018 and the second in late 2018. Condos are advertised for sale on the project's website for $534,900 to $819,900. Total sales could reach $69 million, said Maurice Kodsi, founder of Brevard's Tricon Development.
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