Miami-based SH Communities is revising a master plan to develop 257 acres of wooded land in Melbourne.
An affiliate of SH bought the land for $13 million in 2005, and in 2006, the City of Melbourne approved the company’s proposal to develop 1,381 single-family homes, villas and townhouses spread across 14 mini-neighborhoods.
But that development, called Mayfair Isles, never advanced after the real estate market crashed in 2007.
City council members unanimously agreed in April to consider rezoning the land and terminating agreements with SH related to the Mayfair Isles project.
The 257-acre tract is east of Babcock Street, south of Florida Avenue, west of Lipscomb Street and north of Pirate Lane. The land, wedged between Palm Bay High School and Melbourne Central Catholic High School, is among the biggest remaining wooded tracts in Melbourne.
Phil Nohrr, a Melbourne attorney for the developer, told city council members that the revised SH master plan will be a catalyst for growth in southern Melbourne
Developed as a way to efficiently raise capital for real estate projects, RealtyShares has facilitated 20 deals across Massachusetts, Connecticut and Rhode Island totaling more than $15 million invested throughout the region. By leveraging technology and a network of 38,000 accredited investors, the company allows sponsors and developers to potentially raise money faster than traditional financing options.
“New England has a solid residential market and a concentration of metro areas that make for intriguing potential opportunities,” said Mark Masterson, Director of Investments at RealtyShares. “For our platform, we focus on projects that are centrally located, close to public transit or have access to employment centers.”
While also a strong market for commercial opportunities, RealtyShares has focused mostly on the single-family home market in the Northeast. Along with individual properties, the company has completed ten separate portfolio deals encompassing multiple properties per listing. The largest raised $2 million dollars from more than 90 investors from across the country.
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A unique collection of 43 waterfront town homes located on the southeast coast of Normandy Shore.
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Nestled amidst the premier location of Sunny Isles Beach, ATLANTIC 15 offers a luxury community of 15 private single-family homes to those who seek to break from the mundane architectural styles currently found within the City. The lavish privately gated two-story residences will display modern architecture with solid contours, floor-to-ceiling windows and organic textures. A simple composition of stone or veneer, along with modern architectural styling, will be offered as the different exterior facade options to appeal to each home owner’s personal taste, and a third option of plain white finishes will also be offered for a clean modern feel. Every home will be individually gated with 6-foot walls, and will provide residents with a private haven inclusive of a beautiful rooftop terrace, a summer kitchen and sparkling pool. ATLANTIC 15 will embody the luxury lifestyle in Sunny Isles Beach as a private enclave, and will fulfill each resident’s desire to the last detail.