$5.45M sale of waterfront multi-housing development site in Florida closes

ORLANDO, June 2, 2022 – JLL Capital Markets announced today that it has closed the $5.45 million sale of The Vues, an approximately 2.35-acre, in-fill multi-housing development site located on the Indian River in Downtown Melbourne, Florida.

JLL marketed the property on behalf of the seller, a joint venture between a local property owner and Zilber Limited. Real Estate Inverlad, an Orlando-based developer with experience in multi-housing, condominium and mixed-use projects, acquired the site, with plans to construct a multi-housing rental community of approximately 235 units taking advantage of the views of the Indian River.

This site is zoned Commercial Business District (C-3) and has a Downtown Melbourne Activity Center (DMAC) designation, which allows a density of up to 100 units per acre and a height of up to eight stories or 96 feet overall.

The Vues site is located just east of U.S. Highway 1, south of Strawbridge Avenue, north of New Haven and West of the Indian River. The Vues site offers frontage along the Indian River and convenient access to downtown Melbourne, the Melbourne-Orlando International Airport, professional employment and the beach.

The JLL Capital Markets Investment Advisory team representing the seller was led by Managing Directors Jay Ballard and Ken Delvillar.

JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Zilber Ltd., headquartered in Milwaukee, Wisconsin, is a nationally acclaimed real estate and asset management company that is majority-owned by the Joseph and Vera Zilber Charitable Foundation, Inc., a private, not-for-profit grant-making institution that seeks to improve the well-being of individuals, families and neighborhoods.  Zilber Ltd. develops residential, commercial and light industrial properties in premier locations across the United States. Distinguished by over 70 years of innovative thinking and uncompromising quality, the Zilber philosophy remains the same today as it was in 1949: provide outstanding quality, value and customer care.

Real Estate Inverlad Development (REID) is an integrated firm that focuses on real estate development, real estate investment, land and debt acquisition, and property management. With a total development and investment portfolio of more than $888 million and nearly 3.5 million square feet of condominiums, apartments, offices, retail, and mixed-use developments, we are transforming neighborhoods in Orlando, New York, South Florida and Buenos Aires. Based in Orlando, Florida REID was founded in 2002 by Luis Donaldson and Chance Gordy.