National real estate developer North American Properties (NAP) has acquired 21 acres of land within Titusville's Riverfront Center development at the southeast corner of U.S. 1 and NASA Causeway.
The parcel is located at the entrance to Kennedy Space Center, between aerospace giants Boeing and Lockheed Martin.
Preliminary phase one plans call for multiple buildings totaling 135,000 square feet of traditional office, office warehouse and manufacturing space, plus commercial outparcels to serve the growing area market. This move marks the Cincinnati-based company's first project on Florida's Space Coast, with more to come.
"We see tremendous growth potential in this region, and we're accelerating our plans to meet the demand for industrial space by the vendors and suppliers that serve the defense and revitalized space industries," said Shawn McIntyre, NAP Florida Managing Partner. "We intend to have the first phase of this project designed, permitted and ready to lease within the next 12 months."
Since 1954, NAP has developed more than $7 billion in investments, including 22 million square feet of commercial space and 19,000 residential units in 15 states. McIntyre is currently wrapping up the Cascades Project in Tallahassee, a $150 million mixed-use development spanning two city blocks and featuring mid-rise residential, retail, office and restaurant space, and a 154-room AC Hotel by Marriott. By taking the proper precautions amid the coronavirus pandemic, the project remains set to open later this year.
"Our company has experienced more than 65 years of success in real estate development in part because of the time we invest in researching communities and monitoring trends," said McIntyre. "It's no secret that Florida's Space Coast is growing at an incredible speed and being fueled by companies such as SpaceX, Blue Origin and United Launch Alliance (ULA). We have other properties in the area under contract, and we believe this Riverfront Center investment is only the beginning."