Palm Bay’s Building Boom Continues: Development Projects Analysis - June 2024

Palm Bay Shows Steady Growth in Housing, Apartments, and Commercial Space 🚧🏡

Palm Bay, FL - Palm Bay is experiencing a surge in development, with positive growth numbers across all tracked segments. This analysis provides an in-depth look at the latest data from April to June 2024, illustrating the city’s ongoing expansion in housing, apartment units, and commercial space.

Housing Units (Excluding Apartments)

The total number of housing units has increased from 3,498 in April to 3,966 in June, marking a growth of 468 units. Here’s a closer look at the different housing types:

• Single-Family Homes: Increased from 3,085 in April to 3,521 in June, an addition of 436 homes.

• Townhomes: Increased from 327 in April to 419 in June, an addition of 92 units.

• Duplexes: Increased from 86 in April to 126 in June, an addition of 40 units.

Key Development Projects (June) 🏗️

• Timbers at Everlands: 840 single-family homes

• Cypress Bay West Phase 3: 544 single-family homes

• Cypress Bay West Phase 2: 446 single-family homes, 124 townhomes

• Malabar Springs Phase 1: 317 single-family homes

• Chaparral Phase 3: 165 single-family homes

• Palm Vista Everland Phase 1: 162 single-family homes

• Gardens at Waterstone Phase 3: 171 single-family homes

• Gardens at Waterstone Phase 2: 174 single-family homes

• Gardens at Waterstone Phase 1: 154 single-family homes

• Country Club Lakes Estates Phase 5: 150 single-family homes, 46 duplexes

• Richmond Cove: 86 single-family homes

• Bayside Landings: 123 single-family homes

• St. Johns Preserve Townhomes: 120 single-family homes

• Whybrew Subdivision: 34 single-family homes

• Lipscomb Townhomes: 202 townhomes

• Bramblewood Bay: 92 townhomes

• Advantis on the Harbor: 171 single-family homes

• Country Club Lakes Estates Phase 4: 68 single-family homes

• Emerald Lakes West Phase II: 233 single-family homes

Apartment Units

The total number of apartment units has risen from 2,665 in April to 3,085 in June, reflecting a growth of 420 units.

Under Construction 🚧

• East Shore Apartments: 656 units

• Port Malabar Apartments: 305 units

• Palm Breeze Apartments: 264 units

• Crown Square: 252 units

• Nathi Reserves Apartments: 72 units

• Adelon Multi Family Apartments: 270 units

• Forest Lakes Apartments: 51 units

• Space Coast Commons: 31 units

• Mercury Cove Apartments Phase 5: 32 units

• Coconut Palms: 32 units

• Gardenia Fountains Apartments: 30 units

• Palm Bay Apartments: 24 units

• Bellz Apartments: 8 units

• Opus Apartments: 14 units

• Agora Village: 34 units

• Palm Bay Haven Apartments: 20 units

Under Review 🔍

• Harbor Pointe Apartments: 352 units

• Stellar Casitas: 266 units

• Londale Apartments: 261 units

• Rivers Edge Apartments: 150 units

• AIS Bay Apartments: 80 units

• Bilda Multi Family: 120 units

• The Palms Apartments: 48 units

Commercial Space (Excluding Apartment Complexes)

The total commercial space has expanded from 774,694 square feet in April to 1,023,386 square feet in June, an increase of 248,692 square feet.

Breakdown by Category

• Storage Units: Approximately 594,000 sq ft

• Retail: Approximately 189,000 sq ft

• Industrial/Warehouse: Approximately 79,000 sq ft

• Office Buildings: Approximately 35,000 sq ft

• Religious Buildings: Approximately 10,000 sq ft

• Automotive: Approximately 15,000 sq ft

• Educational Facilities: Approximately 33,000 sq ft

• Gas Stations/Convenience Stores: Approximately 15,000 sq ft

• Restaurants: Approximately 10,000 sq ft

• Miscellaneous: Approximately 2,000 sq ft

Projects by Category 🏢

Storage Units

• Malabar Storage: 86,903 sq ft

• Cube Smart Self Storage: 67,630 sq ft

• Malabar Mini Storage: 64,000 sq ft

• Palm Coast Mini Storage: 115,000 sq ft

• Conlan Bay Storage: 96,174 sq ft

• StorSafe Storage of Palm Bay: Approximately 101,000 sq ft

• First Choice Storage: 35,000 sq ft

• Cogan Plaza at Bayside Lakes: 36,000 sq ft

• Guyah Storage Yard: 11,070 sq ft

• Mr. Stor-It: 65 units (estimated square footage)

• Palm Bay Shopping Center: Estimated square footage

Retail 🛍️

• Shoppes at Cypress Bay (Grocery Store & Retail): 69,787 sq ft

• Publix at Heritage Square: 67,287 sq ft

• Aqua Retail: 46,008 sq ft

• Crown Square (Retail & Grocery Store): 32,500 sq ft

• San Filippo Commercial Complex: 15,440 sq ft

• Bravo Supermarket: 22,500 sq ft

• Cogan Plaza at Bayside Lakes: 11,282 sq ft

Industrial/Warehouse 🏭

• I.O Kirby Warehouse: 16,800 sq ft

• Kirby Circle Warehouse: 26,200 sq ft

• Fruit Distribution: 16,500 sq ft

• Far Chemical Warehouse: 4,768 sq ft

• Transom Paddock: 10,500 sq ft

• Logan Marine Complex: 7,280 sq ft

• Transom Paddock: 10,500 sq ft

Office Buildings 🏢

• Epler Park (Medical Office Building): 20,125 sq ft

• Vakani Orthodontist: 5,888 sq ft

• Patrick Harrack Office Building: 2,633 sq ft

• Torres Office Building: 1,200 sq ft

• Malabar Commerical Mixed Use: 3,200 sq ft

Religious Buildings ⛪

• Grace Bible Church Addition: 6,060 sq ft

• Philadelphie Community Church: 2,400 sq ft

Automotive 🚗

• Mavis Discount Tires: 13,904 sq ft

• J & C Automotive: 5,640 sq ft

Educational Facilities 📚

• Odyssey Preparatory Academy: 32,654 sq ft

Gas Stations/Convenience Stores ⛽

• Circle K (Babcock Street): 4,625 sq ft

• Circle K (St. Johns Heritage Parkway): 5,200 sq ft

• Valkaria Convenience Store/Gas Station: 5,000 sq ft

Restaurants 🍽️

• Crown Square (Restaurants): 6,193 sq ft

• Tex Mex Restaurant: 2,493 sq ft

• Dairy Queen: 2,208 sq ft

Miscellaneous 🛠️

• Pure Life Pools: 1,440 sq ft

Trends and Observations 📈

• Continued Residential Growth: The increase in housing units highlights ongoing residential development.

• Shift Towards Townhomes: The rise in townhome construction points to a growing demand for this housing type.

• Continued Apartment Construction: The significant number of apartment units under construction and review indicates a persistent need for multi-family housing.

• Focus on Storage Units: The substantial growth in storage unit projects reflects a high demand for storage solutions.

• Commercial Diversification: The commercial sector shows diversification with projects ranging from retail to industrial/warehousing and office buildings.

• Emergence of Educational Facilities: Development of educational facilities such as Odyssey Preparatory Academy signals a commitment to expanding educational resources in Palm Bay.

Assumptions and Limitations ⚖️

• The analysis is based on the provided data and may not encompass all development projects in Palm Bay.

• Project timelines and details may be subject to change.

• Square footage calculations for some projects are estimates based on available descriptions.

Palm Bay Development Project Totals Comparison 📊

• Single-Family Homes: Increased from 3,085 in April to 3,521 in June, a growth of 436 homes.

• Townhomes: Increased from 327 in April to 419 in June, a growth of 92 units.

• Duplexes: Increased from 86 in April to 126 in June, a growth of 40 units.

• Apartment Units: Increased from 2,665 in April to 3,085 in June, a growth of 420 units.

• Commercial Space: Increased from 774,694 sq ft in April to 1,023,386 sq ft in June, a growth of 248,692 sq ft.

For further information and continuous updates, please visit The Palm Bayer and consider subscribing for regular updates on Palm Bay’s development projects.