An existing hotel on Merritt Island planned as a new apartment community, shaped for a market where housing supply has not kept pace with demand.
Built in 1973 as a Holiday Inn, the property ran as a hotel for five decades. The flag came off in 2024. In April 2025 Brevard County rezoned the site for up to 190 residences.
The plan delivers 164. The 1973 concrete-block structure takes a third floor. A new building adds the family-sized homes the island lacks. A 200-foot landscaped drive off SR-520 leads in from one of the island’s two east-west thoroughfares, with Kennedy Space Center, Port Canaveral, and Cocoa Beach minutes away.
The asset as it stands: solid 1973 construction, mature grounds, parking for 240 cars.
Property recordProperty and plan facts for The Jade Space Coast: 1973-built former Holiday Inn, hotel flag removed 2024, 128 rooms converting to 164 residences, 6.93-acre SR-520 frontage site rezoned RU-2-30 in April 2025, entitled for up to 190 units.
The existing hotel, rebuilt as one-bedroom apartments with full kitchens and in-unit laundry. A third floor on the 1973 concrete-block structure adds 32 units to the footprint.
A new three-story building with elevator service, adding the two- and three-bedroom floor plans the island lacks.
Ten two-story townhomes at the residential edge of the site: three bedrooms and 2.5 baths across 1,702 square feet.
Loft residences on the pool-facing wing of the clubhouse: four one-bedroom and two two-bedroom homes opening onto the courtyard.
Unit mixProperty and plan facts for The Jade Space Coast: 1973-built former Holiday Inn, hotel flag removed 2024, 128 rooms converting to 164 residences, 6.93-acre SR-520 frontage site rezoned RU-2-30 in April 2025, entitled for up to 190 units.
| Plan | Type | Units | Unit SF |
|---|---|---|---|
| A1/A2 · Courtyard Residences | 1 bed / 1 bath | 96 | 606 |
| A3 · Courtyard Residences | 1 bed / 1.5 bath + den | 4 | 730 |
| D1 · Jade Lofts | 1 & 2 bed lofts | 6 | 675 |
| B1 · Jade Townhomes | 3 bed / 2.5 bath townhome | 10 | 1,702 |
| C1 · Harbor FlatsNew build | 2 bed / 2 bath | 42 | 960 |
| C2 · Harbor FlatsNew build | 3 bed / 2 bath | 6 | 1,207 |
| Total / average | 164 | 791 |
The oversized hospitality core is the conversion’s head start: thousands of square feet of clubhouse, rebuilt around work, fitness, and the pool courtyard.
What drives demandEmployment and infrastructure figures as compiled in the project offering memorandum from public sources: BLS; NASA economic impact reporting; FAA; Port Canaveral; CLIA; Brightline; public contract announcements 2023–2026. The Brightline Cocoa station is planned; timing and funding are not final. Source: Public sources via The Jade Space Coast OM.
109
Orbital launches, 2025
Kennedy Space Center and Cape Canaveral Space Force Station anchor operations for SpaceX, Boeing, Blue Origin, and Lockheed Martin. NASA alone supported roughly 35,685 Florida jobs and $8.2B in output in FY2024.
<0.4 mi
From the site
The $450M Cape Canaveral Hospital campus opens in early 2027 within walking distance of The Jade: 268,000 SF, 120 inpatient beds, and 550 to 600 around-the-clock jobs.
#1
Cruise port globally
8.6M annual cruise passengers, 6.1M tons of cargo handled in 2025, 42,700 jobs supported, and $6.1B in annual economic activity.
450+
Positions relocating through 2027
STARCOM, the U.S. Space Force training and readiness command, opened its headquarters at Patrick Space Force Base in March 2026.
10 min
To the planned station
Florida's high-speed rail is planned for Cocoa with a targeted 2029 opening, subject to pending federal funding, putting Orlando International Airport about 30 minutes from Merritt Island.
$3.5B
Northrop Grumman award, Jan 2025
Recent awards across the corridor span SpaceX, United Launch Alliance, Blue Origin, and L3Harris programs. The Melbourne airport campus alone supports 20,000 jobs.
Merritt Island has the strongest demographics in the submarket and no modern apartment stock. Island rents grew 7.2% a year from 2020 to 2024, outpacing the metro’s 4.7% by roughly 250 basis points. Recent deliveries went to Rockledge and Cocoa, pulled there by tax incentives and redevelopment districts. Renters seeking quality moved off-island.
Two projects will finally fill the gap: The Jade Space Coast and 555 Fortenberry, now under construction toward a 2027 completion, against an estimated 2030 housing deficit of 2,972 units.
Cocoa · Rockledge · Merritt IslandSubmarket comparison: Niche, Zillow, CoStar, OnTheMap (U.S. Census Bureau), and Aterio, as compiled in the project offering memorandum. No ground-up multifamily has been delivered on Merritt Island since 1986. Source: Niche · Zillow · CoStar · OnTheMap · Aterio.
| Metric | Cocoa | Rockledge | Merritt Island |
|---|---|---|---|
| 2025 population | 38,024 | 41,955 | 48,388 |
| Avg. household income | $68,283 | $93,409 | $106,879 |
| Median home value | $278,289 | $371,559 | $438,289 |
| Bachelor's degree or higher | 21.8% | 34.8% | 41.8% |
| MF units delivered, last 5 yrs | 529 | 1,159 | 0 |
| Est. 2030 housing deficit | 154 | 1,918 | 2,972 |
| Units in pipeline | 592 | — | 460 |
The Jade targets the gap between aging Class B/C stock and new construction: modern homes, priced under the new builds across the river. Winter Haven ran the same play and leased through a wave of competing deliveries. The playbook works.
The Jade Space CoastComparable rents are market data for the named communities (CoStar and property sources, 2025). Rents shown for The Jade Space Coast are underwriting targets only and are not guaranteed; actual rents may differ materially. Any offer is made solely through the PPM, which describes the risk factors. Source: CoStar and property sources via The Jade Space Coast OM.
Target rentsOne bedroom
Two bedroom
The Jade rents are underwriting targets only and are not guaranteed; actual rents may differ materially. Comparable rents are market data.Comparable rents are market data for the named communities (CoStar and property sources, 2025). Rents shown for The Jade Space Coast are underwriting targets only and are not guaranteed; actual rents may differ materially. Any offer is made solely through the PPM, which describes the risk factors. Source: CoStar and property sources via The Jade Space Coast OM.
The Jade Winter HavenThe Jade Winter Haven rents reflect actual operating data; comparable rents are market data for the named Winter Haven communities. Past performance is not indicative of future results. Source: Sponsor operating data; CoStar via The Jade Space Coast OM.
Operating dataOne bedroom
Two bedroom
The Jade Winter Haven rents are actual operating data; comparable rents are market data. Past performance is not indicative of future results.The Jade Winter Haven rents reflect actual operating data; comparable rents are market data for the named Winter Haven communities. Past performance is not indicative of future results. Source: Sponsor operating data; CoStar via The Jade Space Coast OM.
Where it worked vs. where it goes nextDemographics and submarket performance: Esri Business Analyst (Demographics & Business Summary, 2025 vintage); FDOT Traffic Online (AADT, SR-520, 2024); CoStar Market Analytics (Multifamily, Merritt Island, 2020–2024); U.S. Census/ACS 5-Year (2019–2023); Esri Demographic Projections (2029). Source: Esri · FDOT · CoStar · U.S. Census/ACS.
| Metric | Winter Haven | Merritt Island |
|---|---|---|
| Avg. household income | $70,123 | $106,879 |
| Bachelor's degree or higher | 16% | 42% |
| Median home value | $275,445 | $438,289 |
Available to verified accredited investors only, pursuant to Rule 506(c). Any offer is made solely through the PPM. Projections, where shown, are targets only and are not guaranteed.
Purchase basis, underwriting, projections, and offering documents are available to verified accredited investors. The all-in basis sits well below replacement cost; the data room shows the math.
