For anyone who has been wondering what is being built at the large construction project across from the Indian River Mall on State Road 60 – rumors have ranged from college dormitories to low-income housing – here is the answer: It is an upscale, 159-unit apartment complex that will open this summer.
The developer of The Reserve at Vero Beach apartments on the south side of SR-60, next to the new Chick-fil-A, thinks he has nailed a valuable niche in the Vero Beach rental market – something that is a big step up from low-income rentals while not as pricey as the rentals on the barrier island.
And the market has spoken. All 24 apartment units in the first building set to open in July have been rented. The 20-acre site is scheduled to host 159 apartments in all, ranging in monthly rent from $1,050 for a one-bedroom, one-bath to $1,250 for a two-bedroom, two-bath to $1,375 for a three-bedroom, two-bath.
Construction, which began in early 2015 after Indian River County commissioners approved a zone change in 2014, is scheduled to be complete in early 2017, said Beth Martincic, the property manager.
Martincic said she started working on March 8 and it took only a month to rent out the first building of 24 apartments.
“It’s been 15 years in the making. The market research for housing here saw great potential for a rental community [like this one],” Martincic said, adding there is limited rental inventory in Vero that competes with the Reserve.
“There’s nothing new. Nothing concrete block,” she said.
The early tenants are people coming from South Florida who want to live in a smaller town; snowbirds who would rather rent year-round instead of for only four months in a higher-priced rental on the barrier island; and young working professionals.
“It’s a definite mix,” Martincic said.
Location is a key factor in attracting tenants. The developer, SR 60 Vero LLC, is renting out pad space for the popular Chick-fil-A quick-service chain, which will open its restaurant on Thursday, May 26. The developer is also renting a pad to Outback Steakhouse, which is moving from its U.S. 1 location in Vero Beach to this new site near the mall. The restaurants will be just steps away for Reserve residents, who will also be close to Olive Garden, Chipotle and Red Robin, along with many other restaurants.
Tenants will be within walking distance of Indian River State College’s Mueller Campus, Indian River Charter High School, and more than 100 stores and other amenities at Century Town Center and the Indian River Mall, including four department stores and a 24-screen multiplex. Starbucks, Target and a Publix grocery store are all within a few blocks.
Indian River County Commissioner Tim Zorc, whose district includes the apartment complex and who has a construction background, liked the builder’s attention to detail when considering the project for approval. Zorc said he liked the units’ impact windows to guard against intense winds and the clubhouse that will offer a gathering place for social events.
He also liked the apartments’ rent levels, but did acknowledge that they were not geared for the entry-level worker. But then again, three entry-level workers could share a three-bedroom apartment and split the rent three ways, Zorc said.
The county commissioner also was pleased with the bus stop in front of the apartment complex.
The project needed a re-zoning from multi-family residential up to eight units per acre to a multi-use designation that would accommodate the commercial uses along State Road 60.
Louis Capano Jr. is the managing partner of SR 60 Vero LLC, while Steve Cohen is the director of operations. Capano has also broken ground on a new apartment complex in Coral Springs called The Reserve at Coral Springs and is a residential builder in the Delaware, Maryland and Philadelphia area.
The apartment site includes the Chick-fil-A restaurant, the first stand-alone restaurant for the chicken sandwich brand in Vero Beach. Store owner Michael Kelley was set to open the new restaurant Thursday at 6 a.m., with as many as 70 eventual workers. The first 100 customers, who were expected to camp overnight, will get a year’s worth of free Chick-fil-A meals.
