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COLDWELL BANKER COMMERCIAL PARADISE CLOSES ON $13.5 MILLION SALE

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6/8/2017

One of the largest commercial development purchases on the East Coast of Florida, a $13.5 million redevelopment site closed in Satellite Beach, announced Coldwell Banker Commercial Paradise of Satellite Beach, Florida who represented the Seller.

 

The Jaffe Commercial Group, Bea Linda & Mike Jaffe represented the Seller. Mark Fontaine of the Fontaine Group represented the Buyer. The 27.44 acre site was one of the largest parcels remaining on the barrier island with ocean views, beach access, board walks and pavilions. The site was the former Patrick Air Force Base housing that was converted to a private rental community known as Satellite Shores. The site is the last tract of land consisting of Planned Unit Development zoning with a buildable height of 85 feet and density for 398 units. The property is located at the NW corner of A1A and Shearwater Parkway, opposite High Tower Beach, Satellite Beach, FL.

 

Coldwell Banker Commercial Paradise has been working closely with community redevelopment projects throughout the Treasure and Space Coast and is the exclusive real estate brokerage firm for the City of Satellite Beach and the City of Fort Pierce.

 

“We are honored to help the City of Satellite Beach facilitate this important transaction. This redevelopment project will bring tens of millions of dollars to the City in Ad Valorem Taxes as well as millions of dollars in economic impact to the beach side community,” stated Mike Jaffe.

 

The developer plans to build a very exclusive, high end gated community with price points of over $1 million. The development plan includes luxury two story penthouses of over 4000 square feet witht Atlantic Ocean views.

 

“The Jaffe Commercial Group made a real difference in pulling both sides together for over a year to bring this luxury project to Satellite Beach”, stated Co-owner and Broker of Coldwell Banker Paradise Steven Schlitt.

Coldwell Banker Paradise Residential has plans in place to assist the tenants in relocating. Groundbreaking is expected early next year.

 

Coldwell Banker Commercial Paradise an industry expert in commercial real estate sales and leasing for a wide range of commercial property types including retail, multi-family, industrial, investment, office and vacant land.  As a full-service commercial organization, CBC Paradise offers a full array of services including sales and leasing, property management and investment consulting. Founded in the 1950s, Coldwell Banker Commercial Paradise is the only full service Treasure and Space Coast commercial real estate company offering long-standing local experience combined with global reach.

 

For more information contact:

Mike Jaffe, Tel: 321-951-3300

Lisa Djahed, Tel: 321-368-8313

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