North Carolina-based Madison Capital Group has plans for a multi-family housing development on Florida’s Space Coast.
Madison Midtown will comprise 240 homes, with in-unit amenities including granite countertops, high-end flooring and cabinets, and stainless-steel appliances. Berkadia, which brokered $33.5 million of the $49 million in project funding, notes that floorplans will span one-bedroom to three-bedroom residences.
The venture will replace a now-closed Sears. Image from Google Earth
Communal amenities on the 14-acre site include a dog wash and park, resort-style swimming pool with cabanas, and other offerings. Multi-Housing News notes that the residents will also have access to “chef-inspired” kitchens.
Right now, the build site is currently home to a now-closed Sears. Google Earth’s most recent aerial renderings show that the defunct department store is still on the property. It could be demolished to make room for the new development.
At the time of publication, our sources did not share how much rent would cost at Madison Midtown. Yet, according to RentCafé, the average rent for a 907-square-foot apartment in Melbourne cost $1,560 a month. Being luxury units, rent at Madison Midtown could be higher.
The 240-unit complex could soon start construction at 1034 South Babcock Street, Melbourne, Florida, 32091, in Brevard County. It’ll lie east of I-95 and north of Palm Bay.
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That’s horrible news!! These roads can’t handle anymore people and vehicles!! Melbourne has lost its charm because of all of these developers coming and destroying it.