Cape Canaveral FL, once considered a sleepy beachside community, is about to go through a major growth surge. It’s a direct result of all the development taking place in Port Canaveral, one of the fastest growing ports in the country. Earlier this year, the port began work on deepening its channel to make room for cargo vessels and on widening it to accommodate ever-larger cruise ships. In addition, it’s building both a new cruise terminal, to open in November, and a new cargo facility, also opening next year. According to an article in the Orlando Sentinel, the projects are part of a five-year, $587 million capital campaign.
Wait, there’s more, Florida Today reported a six-story Homewood Suites by Hilton is coming to Cape Canaveral. The developer is taking advantage of changes in the city codes in 2012, that created an economic opportunity district along State Road A1A between the port and Columbia Drive, allowing the project to be built on property that previously would have been considered too small and was not zoned for a hotel. The new code no longer requires a hotel to be built on at least 5 acres, but the project still must have at least 150 units. The 153-room facility is scheduled to open late next year.
Are you wondering how this impacts real estate? More jobs bring more people to the area creating a higher demand for places to live. At the the time of this post there are 139 residential properties for sale, 88 rental properties and 9 investment properties in the MLS located in Cape Canaveral FL. Well, actually 10 investment properties if you include this property which is just a stone’s throw from Port Cananeral.
If you have been contemplating investment properties, now really is the time to buy investment real estate in Cape Canaveral, Florida. Of course, I am more than happy to keep you informed about properties for sale, just complete the information below to receive automated property updates.