Canaveral Port Authority Feasibility Assessment and Implementation Strategy
The Canaveral Port Authority retained C&S to provide real estate advisory services to address the opportunities and constraints associated with the development of commercial retail, restaurant, and entertainment space as part of its Cove redevelopment project. The Cove is a 70-acre waterfront site anchored by a new welcome center.
After the completion of a retail and restaurant market analysis for the site, C&S tested the feasibility of the project by conducting industry research and a series of interviews with the business models of national retail, restaurant and entertainment developers/operators. In addition, C&S also conducted research regarding public-private development agreements and ground lease structures to identify prevailing terms and conditions in the marketplace.
Based on the market research, case studies and findings, in-house work sessions, staff expertise and supporting conversations with representatives active in the local development and brokerage communities, C&S identified an implementation strategy for the port’s consideration involving a phasing approach for the development of the commercial uses over the planning horizon.
To complement the port’s new welcome center, the phasing strategy included the potential for developing a restaurant/entertainment district, family entertainment complex, and waterfront hotel and conference center at the site.