Mississippi-based Cardinal Ventures just bought a five-acre site in Melbourne with plans to develop a new resort style, senior living community under its Blake brand.
Records show the development firm paid a little more than $1.9 million for the property at 5700 Lake Andrew Drive. The project, called The Blake at Viera, is planned to feature about 110 assisted living/memory care beds in a resort-style facility located at the new intersection of Stadium Parkway and Lake Andrew Drive.
The project is slated to open within the next 18 months in the growing Viera master-planned development, which stretches thousands of acres in and around Melbourne, between I-95 and coastal Brevard.
The Duda family purchased the property, on which Viera now sits, in the 1940′s and it was the family’s Cocoa Ranch for many years. The ranch is still in operation today and produces sod and cattle.
Viera Company spokesperson Eva Rey told GrowthSpotter the master-planned community broke ground in 1989.
“The Viera Development of Regional Impact is 20,646 acres,” she said. “We’re in our 31st year of development and have about another 30 years to go.”
Ultimately, Viera will have approximately 31,000 residences, all interconnected with recreational trails, and seven million square feet of commercial space.
In addition to its current neighborhoods and town center, the master-planned development includes the Viera Regional Park, the Brevard Zoo and the Ritch Grissom Memorial Wetlands at Viera. About half of the company’s portfolio of properties in Brevard County is dedicated conservation land.
“We recently ranked 13th in the nation on RCLCO’s national, mid-year rankings for master-planned communities,” Rey added.
The Viera Company’s real estate operations include Viera Builders, a residential home builder; as well as Duda Ranches, which manages agricultural operations including sod, sugarcane, citrus and cattle.
Foundry Commercial represented Cardinal Ventures in site selection. Foundry also helped the company land a spot in the fast-growing Horizon West neighborhood in western Orange County.
There Cardinal Ventures recently built a similar adult-living facility along Hamlin Groves Trail in Horizon West. The 85,789-square-foot development has about 100 beds in a two-story facility that feature courtyards recreational space and activity rooms.
A representative with Cardinal Ventures was not immediately available to comment.