A commercial real estate investment company is seeking to convert a former Kmart in Titusville, Fla., to self storage. The unnamed firm plans to invest nearly $4 million in the project, which includes the land purchase as well as property renovation and expansion. Construction would begin next year, according to the source.
Vacant since 2009, the building at 810 Cheney Highway comprises 56,000 square feet of space. Upgrades to the site will include new electrical, HVAC and plumbing components as well as a new roof. Façade renovations, parking-lot improvements and fresh landscaping are also a part of the plan. Several outparcels could be developed as restaurants, retailers, banks or offices, the source reported.
The North Brevard Economic Development Zone (NBEDZ) has given preliminary approval for tax breaks, which will make the project financially viable, according to the developer. The company would receive a 10-year partial rebate on property taxes for the main building and a five-year partial tax rebate for the proposed outparcel structures.
Greg Weiner, senior director of business development for the Economic Development Commission of Florida's Space Coast, called it a “great project” when discussing the proposal with NBEDZ board members. "We're interested from a community redevelopment aspect,” he said, referring to the construction of the outparcels.
NBEDZ was formed in 2011 by the Brevard County Board of County Commissioners to facilitate job growth and economic development in North Brevard after NASA's Space Shuttle program ended that year.
The self storage developer has more than 100 assets in 20 states, including 13 in Florida, according to the source.