Northshore Development's Eastshore Apartments in Palm Bay: A Luxury Multifamily Development Catering to the Growing Rental Market in Florida's Space Coast Region

Despite Creating Jobs, the Luxury Development May Not Address Affordable Housing Needs in the Region

Northshore Development, a mid-market mixed-use and apartment development firm based in Orlando, Florida, has announced the financing of its latest project, the Eastshore Apartments in Palm Bay, Florida. The 272-unit luxury multifamily development, located on an 18-acre site, is set to offer a range of one-, two-, and three-bedroom units with individual features such as stainless steel appliances, granite countertops, and walk-in closets, among others. The project is aimed at high-wage professionals in the defense and aerospace sectors, catering to the robust employment growth in the area and the city's major defense contractors, including Raytheon, Northrup Grumman, Intersil, L3Harris, and Lockheed Martin, among others.

Northshore’s first project in Palm Bay

Northshore Development's previous success in the Palm Bay area has led to sustained growth in its projects, including the recently leased-up Westshore Apartments with 248 units and its third mixed-use residential project in the region. The Eastshore Apartments project, scheduled to be completed in March 2025, will also include community amenities such as a state-of-the-art fitness center, resort-style swimming pool, business center, and outdoor grilling area, among others.

The economic impact of this project on the local area is significant. The $68.8 million development is expected to create jobs during the construction phase and permanent jobs once the project is completed. The proximity of the development to the city's largest employers and major defense contractors will likely draw high-wage professionals to the area, leading to increased demand for local goods and services, boosting the local economy.

However, it is important to note that the Eastshore Apartments are a luxury development and may not help fill the gap in affordable housing in the area. The development's unit prices and high-end features may be out of reach for many low- and middle-income families in the region. While Northshore Development has built over 20,000 units in its combined career and financed over $5 billion of real estate assets, it is important for developers to also address the need for affordable housing in the communities they serve.

In conclusion, the Eastshore Apartments project is a significant development for Palm Bay, Florida, aimed at high-wage professionals in the defense and aerospace sectors. The project's amenities and location are expected to attract professionals to the area, boosting the local economy. However, it is important for developers to also address the need for affordable housing in the region.