Brevard's new construction hitting tax rolls totals $1.55 billion, up 21.8% from year ago
Commercial and residential construction growth have remained strong along the Space Coast, with $1.55 billion worth of new construction added to Brevard County's tax rolls this year, according to Brevard County Property Appraiser Dana Blickley.
The data reflects projects that were completed in 2022, and amounts to a 21.8% increase from the $1.27 billion worth of new construction a year earlier. It also is the third-highest new-construction total on record in Brevard, behind only 2007 ($1.84 billion) and 2006 ($1.69 billion), before the real estate downturn of 2008 to 2012.
The cities with the most new construction hitting the tax rolls this year were Palm Bay ($550.62 million), Melbourne ($140.69 million), Titusville ($83.54 million), West Melbourne ($76.56 million) and Cocoa ($71.50 million).
New construction helps Brevard County ― and its 16 cities and towns ― increase their property tax revenue, and helps them balance their budgets without cutting services to residents. For example, the county estimates that it will receive $7.03 million in property tax revenue for the 2023-24 budget year from new construction, or about 2.5% of its total expected property tax revenue of $286.83 million.
Brevard budget highlights: Proposed Brevard County budget for 2023-24 exceeds $2 billion, while tax rates decrease
Blickley says the data ― including a 13% increase in overall property values ― shows that "Brevard County continues to prove we are a competitive market. Even though we have experienced higher interest rates, an increase in the supply of inventory for single-family homes and a decrease in the number of closed sales, the median sales price of a home in Brevard County increased from 2022."
A dozen of the new-construction projects were valued at more than $5 million apiece, including four assisted-living facilities or retirement communities; three hotels; two apartment complexes; a college building; a car dealership; and an Amazon warehouse facility. Three of the projects are in Melbourne; three in Viera; two each in Titusville and West Melbourne; and one each in Cape Canaveral and Cocoa.
Here are details on those 12 projects, listed by appraised value:
Integra Station 2114
Address: 2114 Nebula Way, West Melbourne
Use: High-rise apartments
Appraised value: $39,578,430
Owner: Integra Station LLC
Parasol
Address: 4881 Dairy Road, Melbourne
Use: Assisted-living facility
Appraised value: $26,859,590
Owner: Parasol Melbourne Investment LLC
The Cocoa Grand
Address: 305 Laredo Drive, Cocoa
Use: Low-rise apartments
Appraised value: $22,730,100
Owner: The Cocoa Grand LLC
TownePlace Suites
Address: 605 W. Central Blvd., Cape Canaveral
Use: Hotel
Appraised value: $19,576,630
Owner: Reef Hotel Group LLC
Development outlook for Brevard: Housing, hotels, restaurants: Developments to watch for in Brevard County in 2023
Amazon warehouse complex
Address: 3700 Willet Road, Melbourne
Use: Warehousing, distribution and trucking terminal
Appraised value: $19,431,540
Owner: CF Monkey MLB LLC
Courtyard by Marriott
Address: 6245 Riverfront Center Blvd., Titusville
Use: Hotel
Appraised value: $19,281,310
Owner: DNC Parks & Resorts at 6225 Vectorspace LLC
The Blake
Address: 5700 Lake Andrew Drive, Viera
Use: Assisted-living facility
Appraised value: $14,350,380
Owner: TBAV LLC
Buena Vida Estates
Address: 2262 Cottage Circle, West Melbourne
Use: Continuing-care retirement community
Appraised value: $9,323,790
Owner: Buena Vida Estates Inc.
Jaguar/Land Rover/Lincoln
Address: 6897 Bromley Drive, Viera
Use: Auto dealership
Appraised value: $9,239,710
Owner: TT of Bromley LLC
Gordon L. Nelson Health Sciences Building
Address: 150 W. University Blvd., Melbourne
Use: College building
Appraised value: $7,415,600
Owner: Florida Institute of Technology
Canopy at Hickory Creek
Address: 2805 Cheney Highway, Titusville
Use: Assisted-living facility
Appraised value: $6,869,580
Owner: Hickory Creek Holdings LLC
Avid Hotel
Address: 125 Sheriff Drive, Viera
Use: Hotel
Appraised value: $6,264,700
Owner: Onyx Viera Hotel LLC
Other trends
Taxable values: The taxable value of property in Brevard County jumped by more than 13% during the last year, from $54 billion to just over $61 billion. Among Brevard's 16 cities and towns, the taxable values rose the most in Palm Bay (20.10%), Grant-Valkaria (16.58%) and Cocoa (16.48%). Increases in other municipalities ranged for 8% to 13%.
Home construction: The Property Appraiser's Office counted 4,079 new single-family homes and townhouses built in 2022, up from 3,093 built in 2021. Of the homes built in 2022, more than half were in Palm Bay (2,214), followed by 586 in Viera/Suntree, 368 in Micco and 214 in Cocoa.
What's ahead: Blickley said real estate market activity since January "has slowed somewhat, and the supply of inventory could affect demand and sale prices moving forward."
Dave Berman is business editor at FLORIDA TODAY. Contact Berman at dberman@floridatoday.com, on Twitter at @bydaveberman and on Facebook at www.facebook.com/dave.berman.54
This article originally appeared on Florida Today: 12 Brevard properties new to tax roll each exceed $5 million in value
