ORLANDO, FL - JLL Capital Markets announced today that it has closed the $5.45 million sale of The Vues, an approximately 2.35-acre, in-fill multi-housing development site located on the Indian River in Downtown Melbourne, Florida.
JLL marketed the property on behalf of the seller, a joint venture between a local property owner and Zilber Limited. Real Estate Inverlad, an Orlando-based developer with experience in multi-housing, condominium and mixed-use projects, acquired the site, with plans to construct a multi-housing rental community of approximately 235 units taking advantage of the views of the Indian River.
This site is zoned Commercial Business District (C-3) and has a Downtown Melbourne Activity Center (DMAC) designation, which allows a density of up to 100 units per acre and a height of up to eight stories or 96 feet overall.
The Vues site is located just east of U.S. Highway 1, south of Strawbridge Avenue, north of New Haven and West of the Indian River. The Vues site offers frontage along the Indian River and convenient access to downtown Melbourne, the Melbourne-Orlando International Airport, professional employment and the beach.
The JLL Capital Markets Investment Advisory team representing the seller was led by Managing Directors Jay Ballard and Ken Delvillar.