Yield PRO has started opening the first businesses at its 225-acre Space Coast Town Center in Melbourne, Florida. The development, located on the southeast edge of the city near State Road 520 and the Melbourne Regional Airport, includes retail, office, and hospitality spaces. The first phase features a 100,000-square-foot lifestyle center with tenants like Dave & Buster’s, a 12-screen AMC theater, and a 200-room hotel. Construction began in 2021 after the site was acquired from the Florida Highway Patrol in 2019. The project is expected to create 1,500 jobs once fully completed.
The town center’s first phase opened in late 2023, with more than 80% of the retail space already leased. David Smith, Yield PRO’s vice president of development, said the project aims to serve as a regional hub for Brevard County. The development includes 30 acres of open space and is designed to accommodate future growth.
The project has faced some delays due to permitting and infrastructure challenges. Local officials have expressed support for the development, citing its potential to boost economic activity in Melbourne. The town center is adjacent to the Melbourne Regional Airport, which handles over 2 million passengers annually.
Yield PRO plans to break ground on the second phase in 2025, which will add 500,000 square feet of office space and a new hotel. The company has not disclosed total investment figures for the project. The town center’s first tenants are expected to open this month, with a grand opening event scheduled for February 2024.