Palm Bay's Building Boom Continues: Development Projects Analysis - July 2024

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

Palm Bay, FL - Palm Bay is maintaining its development momentum with steady growth across all tracked segments. This analysis provides an updated look at the data from June to July 2024, showcasing the city's continued expansion in housing, apartment units, and commercial space.

Housing Units (Excluding Apartments)

The total number of housing units remained unchanged at 3,966 from June to July, indicating a period of stabilization in this segment.

Breakdown by Housing Type

• Single-Family Homes: Stable at 3,521 units.

• Townhomes: Stable at 419 units.

• Duplexes: Stable at 126 units.

Key Development Projects (July) 🏗️

No new housing projects were added since the June report. The following key projects continue to shape the housing landscape in Palm Bay:

• 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 saw a modest increase from 3,085 in June to 3,105 in July, reflecting an addition of 20 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

• Essence- Multi-Family: 118 units

Commercial Space (Excluding Apartment Complexes)

The total commercial space increased slightly from approximately 1,023,386 square feet in June to approximately 1,032,386 square feet in July, reflecting an addition of 9,000 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 🏢

Only changes and additions since the June report are noted.

Industrial/Warehouse 🏭

• NEW: Premier Concrete Pumping - Building C - Lumber Shed: 9,000 sq ft

Trends and Observations 📈

• Stabilization in Housing Growth: The lack of change in the total number of single-family homes, townhomes, and duplexes suggests a potential stabilization in this sector.

• Steady Apartment Demand: The addition of a new apartment project under review indicates sustained demand for multi-family housing.

• Continued Commercial Development: The commercial sector demonstrates ongoing activity with a new industrial/warehouse project added.

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: Stable at 3,521 units.

• Townhomes: Stable at 419 units.

• Duplexes: Stable at 126 units.

• Apartment Units: Increased from 3,085 in June to 3,105 in July, a growth of 20 units.

• Commercial Space: Increased from approximately 1,023,386 sq ft in June to approximately 1,032,386 sq ft in July, a growth of 9,000 sq ft.

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