THE PROJECT:
SEPARATION OF FIVE (5) PARCELS WITHIN THE SITE:
Through the site plan check, we have asked the City to allow us to do a lot split, therefore creating five (parcels), under five (5) entities with legal descriptions and declaration of CC&R, where each entity is required to cover the maintenance costs and expenses.
Phase #1 – Parcel #1: 240 Apartments on 5.803 Acre; Phase #2 – Parcel #2: 100 Senior living on 2.185 Acres
Phase #1 – Parcel #3: Outparcel (two restaurants) on 1.356 Acre; Phase #2: 155 room Hospitality on 2.806 Acres
Phase #5 – Parcel #5: Commercial “Medical, offices & Retails” on 9.634 Acres
The project is located in the City of Titusville Florida (on US 1 facing Cape Canaveral housing NASA, Space ex, Blue Origin and Boeing and many others as you will see in the later part of this document). City of Titusville is the 2nd fastest growing City in the entire United States.
The site has 22 Acres with 280,000 Sq. ft of operating mall (50% vacant and has been demoed) that has gone through an entitlement / rezoning process. The master plan calls for five (5) parcels (Medical – Retail plaza, Multiunit, Senior living, restaurants and hospitality).
Please visit the web site TitusvilleResortAndDestination.Com
MULTI UNITS - RESIDENTIAL (1st phase):
The Property on the First Phase will have 240 apartments and 100 Independent Senior living units with an approximate gross square foot of 544,000,000. Building G (Apartments) will be built as six (6) stories & Building F (Senior living) will be built as a four (4) stories. Building F (Senior living ILF) on the first floor will have 20,000 Sq. ft of retail and 5,000 Sq ft of amenities. On the first floor of Building G, we will have administration and amenities such as on site management, Gym and maintenance room plus a meeting community room. Independent senior living units would be on the 2nd to 6th floor. The club house, courtyard, and pool will be a part of the project in addition to two sit down and drive in restaurants. The entire project will be facing US 1, Cape Canaveral, NASA, Blue Origin, and Space X.
DETAILS OF APARTMENTS “BUILDING G” (U Shape building – Gross Sq ft of 387,000)
114 one bedrooms, 84 two bedrooms and 42 three bedrooms (including penthouses)
First floor will have 56,000 Sq ft , Second floor will have 57,000 Sq ft and third to seventh floor, each will have 55,000 Sq ft
Penthouses: 15 x 1 bedrooms; 14 x 2 bedrooms & 7 x 3 bedrooms
? 114 x 1 bedrooms with 840 Sq ft plus balcony
? 84 x 2 bedrooms with 1,316 Sq ft plus balcony
? 42 x 3 bedrooms with 1,540 Sq ft plus balcony
Ground floor will have 24 one bedrooms with patio, 15,000 SQ ft community room for residents and seniors, maintenance room of 3,000 Sq ft, Management office of 3,000 Sq ft, Gym of 4,000 Sq ft plus the lobby area and four (4) elevators.
A clubhouse (1,800 Sq ft) will be built in the courtyard area with a Zero entry pool of 2,500 Sq ft.
DETAILS OF SENIOR LIVING “BUILDING F” (L Shape building – Gross Sq ft of 156,000)
100 Assisted SENIOR LIVING
156,000 Sq. ft (30,000 Sq ft Ground floor including 15,000 Sq ft Retail and lobby and amenities), 30,000 Sq ft on the second floor and 24,000 Sq ft per each floor (3rd to 6th floors)
20 Studios, 60 One bedrooms and 20 two bedrooms
Penthouses: 4 x Studios, 12 x 1 bedrooms, 4 x 2 bedrooms
? 20 Studios with 669 Sq ft plus balcony
? 60 one bedrooms with 905 Sq ft plus balcony
? 20 two bedrooms with 1,301 Sq ft plus balcony
? Penthouses: 4 studios, 12 one bedrooms, 4 two bedrooms
A 8,000 Sq ft of lobby covering an area for two elevators, management office and other amenities such as management office, community room and movie night room with screen and projector.
FURNISHINGS FOR BUILDINGS F AND G:
All units will have washer, dryer and dishwasher in the kitchen in addition to work space and either balcony or patio.
OUTPARCEL:
The 5,000 Sq. ft of sit down restaurant will have it’s own parking facing US 1.
The 3,000 Sq ft of drive through restaurant will be the closest location facing US 1
Three phases & five parcels:
Apartments will be on phase #1 parcel #1; senior living along with retail will be in phase #1 parcel #2; Restaurant outparcel will be in phase #1 parcel # 3; Hotel will be in phase #2 parcel #4; Commercial will be in phase #3 parcel #5
COMMERCIAL (3rd phase):
Once phase #1 (apartments and senior living) is completed, certain selected number of existing tenants will be relocated to the 20,000 Sq ft of retail so the rest of the mall can be demoed.
Total size of the phase #2 is approximately 110,000 Sq ft covering buildings A (20,000 Sq ft) and B (10,000 Sq ft ), both retail and Buildings C,D and E will make up a two story buildings with an approximate size of 80,000 Sq ft for offices, retail and medical.
Building A (20,000 Sq ft) could be occupied by our existing tenant “Beall’s outlet” or our existing business “Antique mall” and or Antique mall can take Building B (10,400 Sq ft).
Parish Medical hospital is interested in 10,000 Sq ft of buildings C,D & E (on the first floor) since they like to be near Senior living building F. We are in negotiation of the LOI
Based on the above, we already have 27% occupancy in the commercial section.
Not knowing what the market will look like by the time that this re development is completed, we have negotiated with the City of Titusville that we can lease 75% of the spaces to Medical tenants.
During the construction of the 3rd phase (Westerly portion), the entire mall has already been demoed.
FLOW OF TRAFFIC (eight entrances), PEDESTRIAN AND BICYCLE CIRCULATION:
East side: The project will have one main entrance from US 1.
Tire Kingdom, Cumberland Farm and car wash are not a part of the project.
North side: The project will have three entrances and exits from Country Club and an access from the adjacent property on the North West Corner.
West side: The project will have one entrance and exit from S. Hopkins Avenue which brings the traffic into the parking lot in between the medical and retail area
South side: The project will have three entrances and exits from Narvaez Drive with one main road that divides the phases #1 (residential) and #2 (commercial)
There will be pedestrian and bicycle lanes in the entire property.
STATE AND CITY APPROVAL:
This project has already been approved by the State of Florida and has been presented in community meetings, planning & zoning commission, and has passed unanimously through the City Council on May 10th 2022.
Prior to the fourth quarter of 2022, the team of Planners, Architects, Civil engineers, Geo tech and Traffic engineers will work with the City on the final site plan review.
Fifty percent (50%) of the mall businesses will continue to operate during the entitlement and through the construction to generate income and eventually will be demoed after relocation of selected existing tenants and that is why the existing leases are short terms and will not be exte
Jesse Wright
California Retail Properties Corp