HomeMy WebLinkAboutRetail Rocks in BrevardRetail Rocks in Brevard
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Retail Rocks in Brevard
<https://gallery.mailchimp.com/8864c84eab9def85059845250/images/30e3e039
-2683-4f72-b462-e15091250d9e.png> If you drive almost any direction in
Brevard County in the major corridors you will notice a few things about
the most illustrious land in Commercial Real Estate. There is an
excavator at work, a survey stake in the ground, intersection
improvements, concrete block beginning to take shape, or even a new
retailer that many in Brevard are not familiar with. What land am I
referring to and why the descriptive of illustrious? Retail: it creates
the lights and glamour that make a city come to life. Of course it is
not the economic generator in any community, it is the spoils from an
economy that is beginning to come alive and recover.
The reason for the resurgence of these projects is not based on
speculation or wishful thinking it is birthed from the fundamentals of
sound economics; supply and demand. You do not have to read much to
realize that Brevard County is on its way out of the “black hole” of
space. Our unemployment rate is on par with the state and jobs are
being announced routinely. Our Economic Development Commission led by
Lynda Weatherman is WORLD CLASS and an integral part of shoring up many
of these jobs. Much can be said about the quality of these jobs, but
let’s focus on the one ingredient of these jobs that is fueling retail.
These jobs are basic jobs, they rely on external demand channels and
their product is sold outside of the local economy. Many of the dollars
however are brought back to the local marketplace creating demand for
goods and services.
As a Retail Real Estate expert I can go very few places that I am not
asked, “What is being built on ___________ Road in front of _________?”
So to add credence to the previous mini synopsis of employment and
economics let me report a few of the retail projects underway that you
may have noticed around town:
* Malabar Road and Emerson a new Cumberland Farms should break
ground soon.
* Minton Road just north of Malabar Road a small retail center
with Domino’s and another tenant should be breaking ground.
* Malabar and Minton at Palm Bay West a new Ross will backfill the
former Bealls space.
* Palm Bay Road and Hollywood (West Melbourne Interchange Center)
– RaceTrac and LA Fitness under construction with additional outparcels
and Big Box and Small Shop Retail.
* Palm Bay Road - Hammock Landing – Academy Sports +/- 70,000
square feet sporting goods store scheduled to open early March.
* New Haven (Melbourne Square Mall) – Outback Steakhouse and BJ’s
Restaurant, LA Fitness recently opened.
* New Haven (West Melbourne area) 4 new Cumberland Farms in for
permits. New WaWa located in front of Lowe’s Home Improvement
announced.
* W. New Haven – Bennigan’s restaurant under construction. Check
out their facebook page.
* US 1 Melbourne – Frog Bones Family Shooting Center under
construction adjoined by a new restaurant, Double Tapp Grille.
* Wickham Road – New Fresh Market at Pineda Landings with
outparcels and inline retail.
* Wickham Road New RaceTrac, WaWa rumored.
* Wickham Rd. (Suntree Area) - New Taco Bell
* Viera has also has had much recent development with projects
under construction. New TJ Maxx and Home Goods, Buffalo Wild Wings under
construction and additional national retailers.
* Merritt Island – New Michaels, new Cumberland Farms.
* Cocoa Beach – New Starbucks on the causeway
* Titusville –Titus Landing tenant line up so far includes Epic
Theatre’s, Bealls, Hobby Lobby, and Ulta with others in discussion.
* Port Canaveral – New Cumberland Farms
* The Port – The Cove a retail project to include restaurants and
retailers. The project was awarded to Sooner Development and there are
rumblings of future tenant announcements.
This is by no means an exhaustive list but an indicator that Retail is
alive and well in Brevard County. Our vacancy rate in established
centers continues to decrease and rental rates are seeing a modest
increase. I expect this trend to continue and forecast more new projects
up and down the space coast to be announced over the next 18 months.
Jeff Robison
Principal | Broker
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