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Residents of West Melbourne can expect significant changes with the recent purchase of a 17-acre commercial property by New York-based Acquest Development. The site, strategically located near the I-95 and U.S. Highway 192 interchange, sold for $4 million and is poised for extensive development.
This acquisition is adjacent to Acquest’s existing 47-acre Heritage Parkway Commerce Center, which includes plans for six outparcels, a 177,000-square-foot big-box retailer, and 300 multifamily residential units. The updated marketing materials indicate a shift from the initial proposal of two large warehouses and 15,000 square feet of commercial space.
The new property is zoned as C-P (Commercial Parkway), allowing for a variety of uses designed to serve motorists and enhance the city’s image. Potential developments could include hotels, restaurants, and retail establishments, providing a blend of services for the growing community. This zoning classification aligns with West Melbourne’s vision of creating an “amenable impression of the city” and catering to the needs of both residents and visitors.
The purchase aligns with a broader trend of commercial projects emerging in West Melbourne, driven by population growth and the area’s appeal as a hub for private space flight and technology sectors. Recent developments in West Melbourne include the opening of a Sprouts Farmers Market in the West Melbourne Interchange Center and the multifaceted Space Coast Town Centre, featuring retail, hospitality, luxury residences, and office spaces.
West Melbourne has experienced a population boom, with a 41% increase from 2010 to 2020, and median household incomes have surged, reflecting the area’s economic vitality. The city’s growth is also part of a larger migratory trend moving north from South Florida and the Treasure Coast.
As Acquest Development’s plans unfold, the community eagerly anticipates the potential transformation of this prime property into a vibrant commercial and residential hub, further cementing West Melbourne’s status as a key player in the Space Coast’s dynamic landscape.