The Port Authority Sets its Sights on the Sea and the Stars in a Huge Expansion Project
Located on Florida’s Space Coast, Port Canaveral is a thriving maritime gateway. As the world’s second-busiest cruise port, with 3,951,127 passengers passing through in 2016, the port also handles over 2,700,000 tons of cargo each year. The Canaveral Port Authority has just unveiled a 20-year master plan to make improvements that hope to build on the success of the cruise ship and cargo businesses. The port is also turning its attention to the stars: the plan outlines the creation of an all-new spaceport, to capitalize on the space industry’s rapid growth. 80% of Port Canaveral’s revenue is generated from the cruise business, making it essential to provide the state-of-the art facilities necessary to handle today’s largest and most sophisticated cruise ships. It was recently announced that Royal Caribbean’s Harmony of the Seas, a mega-ship that can serve 6,687 passengers, will sail from the port from May 2019. To support the expected increase in cruise passengers, the plan includes terminal renovations and the construction of three new cruise terminals, to be completed by 2030. Port officials have recognized the opportunities available from the growing $300 billion space industry. The plan details the construction of two spaceport berths, staging areas and building facilities that would be used by commercial space companies such as SpaceX and Blue Origin. SpaceX already has existing refurbishment facilities at the port, used for rocket recovery and reprocessing. It will be the first port in the world with its own spaceport program. The port also plans to reorganize its cargo areas, allowing additional space for future expansion. Other improvements include the creation of a new inlet with lakeside restaurants surrounding it, additional conference spaces, a new transportation center, and additional overflow parking from terminal parking areas. The plan also outlines the construction of a new park, with outdoor event space. The total cost of the capital improvements will be $2.54 billion over 30 years, including about $700 million for maintenance projects. Some projects will be funded by the port, and others will be paid for by private entities. These improvements look set to serve as a catalyst for large-scale private-sector growth. “This strategic plan has been in development for nearly two years. It’s an important blueprint for the port’s future that our community has helped guide with their input,” says Diane Luensmann, Port Canaveral’s Senior Director of Government and Strategic Communications. “The master plan, as required by Florida statute, is a ten-year look ahead for the port as we continue to grow our future while supporting the foundations of our success.” You can view the Port Canaveral master plan here.
Large-scale growth in the area will mean sustained economic growth, and it’s great news for multifamily investors. Construction and expansion in the Port Canaveral area will mean the creation of local jobs, and more demand for multifamily properties. As experts in the local multifamily real estate market, the team at 100Units.com to help you through the process of buying and selling every step of the way. Visit our portfolio now to see the available multifamily properties in the Central Florida area.