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What’s coming: New York developer buys 17 acres in West Melbourne

What’s coming: New York developer buys 17 acres in West Melbourne

Residents of West Melbourne can expect major changes with the recent purchase of a 17-acre commercial property by New York-based Acquest Development. The property, strategically located near the I-95 and US Highway 192 interchange, sold for $4 million and is ready for major development.

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This acquisition is adjacent to Acquest’s existing 47-acre Heritage Parkway Commerce Center, which includes plans for six accessory lots, a 177,000-square-foot big box store and 300 multifamily units. Updated marketing materials indicate a departure from the original proposal of two large warehouses and 15,000 square feet of commercial space.

Site plan for Acquest’s existing 47-acre Heritage Parkway Commerce Center

The new site is zoned as CP (Commercial Parkway), allowing for a variety of uses designed to serve motorists and enhance the city’s image. Possible developments could include hotels, restaurants and retail outlets, providing a mix of services to the growing community. This zoning is in line with West Melbourne’s vision of creating a “friendly urban feel” and meeting the needs of both residents and visitors.

Newly acquired 17 hectare property

The purchase is in line with a general trend of commercial projects in West Melbourne, driven by population growth and the area’s attractiveness as a hub for the private space and technology sectors. Recent developments in West Melbourne include the opening of a Sprouts Farmers Market at the West Melbourne Interchange Centre and the multi-purpose Space Coast Town Centre, featuring retail, hospitality, luxury residential and office space.

West Melbourne has experienced a population boom, with a 41% increase between 2010 and 2020, and median household incomes have risen sharply, reflecting the region’s economic vitality. The city’s growth is also part of a larger migration trend moving north from South Florida and the Treasure Coast.

As Acquest Development’s plans unfold, the community eagerly awaits the potential transformation of this prime site into a vibrant commercial and residential hub, further cementing West Melbourne’s status as a central player in the dynamic Space Coast landscape.