The City of Vero Beach is largely built out, so the addition of nearly 200 apartment homes located a two-minute commute away from the Cleveland Clinic Indian River Hospital campus would be a big win for the city tax base.
Schwerin Asset Advisors LLC, a Florida real estate holding company established in 2003 and run by long-time John’s Island resident Warren Schwerin, applied in July to voluntarily annex 23.65 acres of land it owns on the southeast corner of 41st Street and Indian River Boulevard into the city.
The triangular parcel is immediately south of the Regency Place assisted living community, and contiguous to the Vero city limits.
Vice Mayor Laura Moss asked whether the owner is pursuing annexation in search of looser zoning requirements but was told no, because the requested density meets city requirements. The existing county zoning would allow a density of eight multifamily units per acre. City Planning Director Jason Jeffries said the closest city zoning would allow 10 units per acre, but that the applicant, represented by real estate attorney Bruce Barkett, is only asking for a land-use designation of eight units per acre.
Based upon that density, a traffic study was completed showing that 189 apartment units would create approximately 1,000 trips per day into and out of the complex. Since Indian River Boulevard is considered a “major artery,” engineers determined the existing roads have capacity to handle the new community.
Moss also pointed out that the parcel is relatively close to the Indian River Lagoon – in fact it abuts a swath of conservation lands owned by the Indian River Land Trust that runs along the riverfront.
“As you can see, anything that can be developed will be,” Moss said. “I want to thank the Indian River Land Trust from saving us from ourselves.”
Coincidentally, Schwerin serves in an advisory capacity to the Land Trust and, with his wife Virginia, donated nearly 12 acres of land to be part of the organization’s 50-acre Toni Robinson Waterfront Trail.
A parcel can be annexed into the city when the owner applies to join the city if the land is contiguous to the city limits or if it is served by the Vero Beach water-sewer utility, and as long as it does not create an irregular or confusing municipal border. Schwerin’s land, when developed, falls within the Indian River County Utilities service territory, so the county would supply the development with water and sewer service, Jeffries said.
Vero would provide police protection, waste collection and other city services, and City Manager Monte Falls commented that in his opinion, the responsiveness of city staff and the professionalism of the Vero Beach Police Department are motivation enough to be annexed. Jeffries said the city staff determined the new development would not create an undue burden on city services.
The city waives application fees for voluntary annexations because it’s in the city’s financial interest to add more taxable land, Jeffries said.
The vacant property has an assessed value of $1,186,983, according to the Indian River County Property Appraiser. Based upon that value, the property nets $1,365 in Municipal Services Taxing Unit taxes to the county, which would be replaced by city taxes of approximately $2,967 while vacant – but that amount would go up exponentially once developed.
No details were given regarding the size or price point of the planned apartments, or whether the community would be designed for young professionals and families, or for retirees.
Various state agencies now have 30 days to review the proposed annexation and pose questions or information requests to the city and to the applicant. Then, if there are no objections, the city will consider a final vote on annexation in November.
