Winter Park developer Tom Cavanaugh has built the most elegant and upscale apartment project in Vero Beach. It took longer to complete than he expected – which almost always happens – and is leasing a little slower than he would like, but The Vivien on Indian River Boulevard lives up to the pre-construction hype.
The common areas have the vibe and texture of an upscale resort hotel, and the spacious apartments look and feel much more like new island condos than run-of-the-mill “luxury” apartments, with features like waterfall quartz islands and Samsung smart appliances with Bluetooth technology. There are vast glass showers and soaking tubs in some units.
“The lobby is dramatic,” says island broker Luke Webb, who attended a recent event at the community. “It is truly striking, reminiscent in the best possible way of a luxury property in South Florida. The units feel very high-end and the amenities are topnotch and well thought out.”
Amenities include a professional golf simulator with adjoining lounge, a fitness center as large and well equipped as most commercial gyms, with separate yoga and spin rooms, and a big, gleaming demonstration kitchen where guest chefs teach pasta-making and other skills to residents and prepare festive group meals.
There are walking trails, pickleball courts, sauna and steam rooms, a card room, a piano lounge, an expansive saltwater swimming pool with private cabanas overlooking a lake, and a well-equipped indoor pet grooming facility that can be used by residents or mobile professional groomers.
There is towel service at the pool and fitness center along with 24-hour emergency maintenance.
“These are true apartment homes,” says commercial real estate broker Keith Kite, who found the 23-acre project site, which is located at the southeast corner of the Indian River Boulevard/41st Street intersection, and acted as Cavanaugh’s broker when he bought the property in 2022. “The concierge service is great, and it offers a housing option that was missing in Vero Beach up until now.”
That option is stylish, resort-style living close to the island but without HOA fees, property taxes, soaring insurance costs or other expenses associated with maintaining a personal residence, according to property manager Michael Ellrich. The community is just 3 miles from Sexton Plaza in the heart of Central Beach, closer than John’s Island or The Moorings.
Ellrich says he has never seen anything like The Vivien in this decade-plus in the business. “The word luxury doesn’t do it justice,” he says, “You have to say ultraluxury.”
Within the resort framework, there are lots of options in the three-story elevator building with multiple wings and plush, carpeted interior corridors.
There are 12 floor plans ranging from single-level, 820-square-foot, 1-bedroom units up to 3-bedroom, 3-bath, 2,020-square-foot apartments. There are also a limited number of 2-bedroom, 2.5-bath townhouses with 2.5-car garages that have nearly 3,000 square feet of living space.
Prices for smaller units are not far out of the mainstream, despite all the upgrades, with 1-bedrooms for $2,199 per month and roomy, 1,250-square-foot 2/2 units offered for $2,700.
The largest apartments are priced at around $5,000, and the townhomes with garages lease for $5,900 a month.
Additional fees, such as renters’ insurance and utilities, add between $200 and $300 per month, depending on the size of the unit, according to Ellrich.
Covered parking is provided for all units and garages are available for lease for $250 per month. All units require a 12-month lease.
Some people have objected to the color and external design of the multi-toned project, part of which is painted vibrant turquoise.
“They need to get the color and landscaping right,” says Kite. “The turquoise is too South Florida for Vero Beach, and it needs a higher berm like other communities along Indian River Boulevard to give it more curb appeal on the outside and more privacy inside for residents.”
“I have heard a few derogatory comments about the color, but I wanted to stand out,” says Cavanaugh, adding that the design by Cormia Design Group in Maitland, Florida, is meant to embody “tropical elegance” and “island opulence.”
Cavanaugh closed on the property for $3.75 million in December 2022 after getting the tract annexed into the City of Vero Beach and securing a drainage easement from Indian River Land Trust. Proctor Construction started sitework in late summer 2023.
Due to multiple factors, including the need to secure approvals from Vero Beach, Indian River County, Florida Department of Environmental Protection, Florida Inland Navigation District and others, the project took a little longer than Cavanaugh first projected.
He originally expected the tenants to pick up their keys in early 2025, but the first tenant did not move in until Oct. 1.
Ellrich says leasing has gone “a little slower than the ownership group expected,” but Cavanaugh says he is satisfied with the pace of rentals.
“Would I like more – sure. But I ratcheted back my expectations a little bit because we are catering to a higher level clientele.”
Ellrich says that even people who have doubts about the turquoise are converted once they step inside the complex.
“Our capture rate is very high,” Cavanaugh adds.
The 189-unit complex is about 42 percent leased as of this week, but Ellrich says that number is set to rise in the next few weeks. Residents so far include new doctors at Cleveland Clinic, downsizing island residents, people looking for or building a new home and young professionals from South Florida who are relocating to get out of intense urban environments. “Twelve to 15 percent of our tenants are related to Cleveland Clinic,” Ellrich says.
“It is in a great location,” says Webb, “close to the island, the hospital and shopping areas. It seems like fills a good niche for people just moving to Vero who want to look around and decide if they want to buy or build here, and for people who work on the island but don’t live there, such as brokers assistants and others who are looking in The $2,000 to $3,000 range.”
“I think it is a good fit for young professionals and retired seniors on the island who are selling their home but don’t want assisted living,” says Kite. “The concierge-type service they offer is great.”
Cavanaugh says he has “had an infatuation with Vero Beach since my parents moved here when I was in college. We are always looking for that quaint little seaside town that is perfect for one of our projects.”
His company, PAC Land Development, has built more than 10,000 high-end apartments worth more than $1.5 billion.
“We are a high-end developer, and we look for those demographics. We’ve completed a couple of very successful projects in Naples, and we see Vero as similar. It is a small, charming, underserved market, especially as it relates to true luxury rental.”
Cavanaugh says he plans to keep the Vivien in his portfolio long-term, instead of leasing it up and then selling it. “It will be one of our main assets,” he says.
He hopes to have the Vivien fully leased – which means about 95 percent full – by the end of year.
In the meantime, as of Monday, there are about 110 units available, including 1-, 2- and 3-bedroom apartments and townhomes. Cavanaugh is offering rent holiday incentives for new leases.
Photos by Joshua Kodis
