Office Investment or Re-Development Project

We are pleased to present this outstanding opportunity to obtain 1.29 acres with an existing 12,495 SF of a free-standing office building and ten storage units (2,457 SF on separate parcel) on the north-west corner of N. Courtenay Parkway and Butler Avenue in Merritt Island, Florida. These properties are less than ¾ of a mile south of the SR 528, just south of the Space Center and west of the Port of Cape Canaveral and Cruise Lines. The opportunities are in the heart of the Space Coast on the main Merritt Island Commercial thoroughfare connecting SR 520 to the Beachline Expressway. Merritt Island has long been a desirable residential and business location fifty miles from Orlando on a peninsula surrounded by the intra-coastal and located between the City of Cocoa on the mainland and Cocoa Beach on the Atlantic to the east. The island is desirable due to considerable nearby commercial momentum and advancement and due to the privatization of the space industry and the enlargement of the Port of Canaveral. These buildings are located minutes from Cape Canaveral, Kennedy Space Center, and NASA Shuttle Landing Facility. High Traffic Courtney Parkway is a primary commercial arterial thoroughfare. The most recent market area development of commercial properties is located immediately across Courtenay Parkway from the site. Traffic counts on Courtney Pkwy Road exceed 30,500 AADT. There are minimal newly constructed or “modernized” retail or office facilities among an older street scape with commercial and retail properties constructed primarily in the 1970s and 1980s. The immediate commercial street front is in need of new, modern retail and mixed-use developments. The Future Land Use is Community Commercial and is intended to allow an array of retail, personal, and professional uses. The 1.29-acre site allows room for significant commercial development. The FAR is 1.0. The maximum building height is 45 feet. There is an existing building on the front (larger parcel) and 10 storage warehouse on the back (smaller parcel). 
If not looking to re-develop, the current office building (12,495 HSF) on 0.97 acres of land, can be utilized by a corporate commercial or business tenant or a potential owner-operator or investor. The property can be accessed from three sides via curb cuts to Courtenay Parkway and also Butler and Mimosa Avenues to the south and west. This building is divided into four sections over two floors, each section of the building has its own entrance. The current building can be updated as a professional office facility providing modern office or medical office units on both floors or it can be reconstructed to allow for 7,413 SF of retail on the first floor with offices on the 5,082 SF 2nd Floor.  Ten storage units (2,457 SF) on a 0.32-acre parcel behind the main building, are also included in the sale. The ten storage units can be updated and utilized as-is or can be demolished to provide additional building, parking, or access area for a reconstruction project. This opportunity presents multiple options including:  1) The refurbishment of the existing building as a professional office or, 2) Reconstruction of the first floor as retail and the 2nd floor office or,  3) Demolishing the building and storage units to allow commercial redevelopment of the site including mixed-use or retail and/or a QSR. The buildings presently include office tenants on shorter leases which is helpful in providing financial value to the purchaser while undertaking the development and approval process for new construction. There is a significant development opportunity in an active re-development commercial nearby area in Merritt Island, FL resulting from the booming space industry and reemerging cruise industry! Prior to closing, the buyer is to verify all permits, approvals, regulations, allowed use, financials, market rent rates, CAM, expenses, zoning, leasable and gross building square footage, any redevelopment opportunities, and all other factors pertaining to using these parcel(s) and building(s) for the buyer's intended use.