JV Breaks Ground on FL Mixed-Use Development
- Dec 21, 2018
A joint venture between Lincoln Property Co. and Northshore Development has broken ground on Aqua Apartments and Retail Shoppes, a development located in downtown Palm Bay, Fla. This comes two years after Northshore’s land purchase for the property.
Site construction began in June 2018 and lease-ups are scheduled to begin in summer 2019, with occupancy slated for September. Aqua Apartments will feature 320 studio, one-, two- and three-bedroom units. Residents will have access to amenities including a resort-style pool and lounge area, an open air Cross Training course, shaded areas, electric car charging stations, gated access, private cabanas, a yoga lawn, zero entry water features for a public/private access dog park, private garages and views spanning from the Indian River to Melbourne Beach.
The community, which is the first phase in a master-planned project, will provide access to nearby retail shops, restaurants and local grocers. The developer will seek to partner the additional phases with other operators and developers to create a live, work, play environment. Lincoln Property Co. will also manage the property.
“The best way for us to include the local residents is to align ourselves directly with them. We are committed long term to the city and believe this to be a true catalyst project for the region that will help to reinvigorate the RJ Conlan Boulevard Corridor,” said Franz Hanning, CEO of Northshore Development, in a prepared statement.
Back in May, a group of investors led by Lincoln Property Co. obtained $95.5 million in acquisition financing for Meridian at Carlyle, a 16-story, 403-unit apartment building in Alexandria, Va.
Rendering courtesy of Lincoln Property Co.