Woodfield Development, recognized as one of the nation’s top 20 developers of Class A multifamily communities, continues expanding its Florida footprint with two new developments along the state’s rocketing Space Coast in Palm Bay and Merritt Island.
As the firm’s footprint continues to expand into new high-growth geographic markets, Woodfield Development first established a presence in Florida in 2020 with the completion of Oversea at Flagler Banyan Square in West Palm Beach. With the addition of these two properties, the multifamily developer has commenced or completed construction on 2,400 units, totaling over $800 million in the state of Florida over the past 5 years.
“Consistently ranked among the best performing cities in the U.S. and recognized as Florida’s fastest-growing region, the Palm Bay-Melbourne area presents an ideal opportunity for expanding our footprint and growing our firm’s presence in Florida,” said Woodfield Development Partner Ross Abramson. “Given the Space Coast’s appeal to major employers such as NASA, L3 Harris, Northrop Grumman, Boeing and SpaceX, the region’s development landscape presents exceptional opportunities. Our investment underscores our confidence in the region’s promising future and its pivotal role in Woodfield Development’s expansion strategy.”
The firm announced it has commenced construction in Palm Bay with a $100 million mixed-use luxury residential and retail community. On the heels of its explosive growth, Palm Bay is now ranked the 15th largest city in the U.S.
Located at 4600 Dixie Hwy Northeast, the project will feature 318 luxury apartments in a five-story building, alongside 19,000 square feet of commercial space. The development will include studio, one-, two-, and three-bedroom units, with rents expected to range from $1,700 to $3,000 per month. Each unit will feature open-concept great rooms with expansive private balconies and walk-in closets. Finishes will include custom Italian kitchen cabinetry and spa-inspired baths with custom porcelain tile tubs and walk-in showers.
The project features a range of amenities, including a club lounge with living room and gaming areas, a state-of-the-art fitness center, and a two-story sky lounge with outdoor terraces ideal for viewing shuttle launches. Exterior offerings include a resort-style pool deck with an outdoor summer kitchen and grilling areas, and a serene courtyard with a central green, fire pit seating, and a dog park.
On the heels of Palm Bay’s groundbreaking, Woodfield Development recently closed on the acquisition of 15.1 acres in Merritt Island. Located at 555 Fortenberry Road in Merritt Island, the project will represent the first multifamily development to be built in Merritt Island since 1986. The development enjoys a prime waterfront location, adjacent to the Merritt Square Mall and the newly built Veterans Memorial Park. The community is also a short drive from Kennedy Space Center, Patrick Space Force Base, and Port Canaveral, and is just blocks to the new $410M Cape Canaveral Hospital by Health First, which started construction earlier this year.
