The two-tower, 10-story Oceana Oceanfront Condominiums are sellilng briskly as construction continues after being delayed slightly by Hurricane Irma, according to developer Maurice Kodsi of Cocoa Beach, founder of Tricon Development.
Built on the former four-acre site of the 2004 hurricane-ravaged Ramada Inn resort, the 108 condominiums are all three-bedroom units with three floor plans ranging from 1,911 square feet, 2,339 square feet, and corner units with 2,472 square feet with wraparound balconies.
So far all but three units – one of each size – have been sold in the South Tower with about half the units sold in the North Tower, Kodsi said.
“We did have zero damage from Hurricane Irma but we got delayed because of it. Sales have gone better than expected. Satellite Beach is desirable,” he said.
The strong early sales at Oceana are part of a recent upswing in various types of housing developments in Satellite Beach, said community development director John Stone.
The South Oceana Tower is expected to be complete by June, with the North Tower and entire project to be finished by spring 2019.
Considered one of the last oceanfront lots in Brevard County big enough to support a condo complex of its size, Oceana units have been a relatively easy sell so far, Kodsi said.
“With the project our size, it’s a market of its own because it’s oceanfront. If you are going to retire, do you want to retire on a parking lot on U.S. 1? No. You want to retire on the oceanfront where you can go to the restaurants and the movies. If you don’t buy from me, where are you going to buy? It’s a captive market,” he said.
The other recent significant residential development activity in Satellite Beach involves 27 acres of former military housing across from Hightower Beach.
The property sold recently for about $16 million for up to 398 residential units with 10 percent commercial, Stone said.
Demolition of the remaining homes in the area formerly known as Satellite Shores should begin within 60 days. The city still has not seen a concept plan indicating what developers propose for the property.
Adjacent to that 27 acres, to the west is a planned unit development of 150 residential units on 10 acres that has been approved for 25 six-plex townhomes being developed by Vintage Homes.
