From Apollo “Moonshots” to the Dream Apartments of Today

From Apollo “Moonshots” to the Dream Apartments of Today

From Apollo “Moonshots” to the Dream Apartments of Today

From Apollo “Moonshots” to the Dream Apartments of Today

IT’S THE MID-1960S IN TITUSVILLE, FLORIDA, A BOOMTOWN OF AEROSPACE ENGINEERS AND ASTRONAUTS IMMERSED IN THE APOLLO SPACE PROGRAM.

A few years earlier, President Kennedy had declared it a priority to send Americans to the moon “before this decade is out.” At the Imperial Towers Apartments, situated directly across the bay from the Apollo launches, Neil Armstrong was said to have been among those visiting the cocktail lounge from where you could watch test launches. To get to work on the Apollo launches, apartment residents were ferried astronauts across the bay to Kennedy Space Center.

The journey to rebuild these historic towers, now called Dream Space Coast, was not without challenges. But, DLP Capital is beginning to reap the benefits of its multifamily investment in an astrotech market that seems to be going nowhere but up.

Imperial towers
Imperial Towers in the 1960s

DLP Capital’s Journey of Discovery

Space Coast Vintage Ad Low res
Vintage ad for the new apartments: our elegant 225-seat restaurant and intimate cocktail lounge are the ideal setting for finest gourmet cuisine, expertly-prepared cocktails and the most pleasant conversation,” read the vintage ad for Imperial Towers, which also boasted, “the latest in central air conditioning and heating.

DLP Capital first saw the upside potential of this multifamily community in late 2018, acquiring the two-tower 182-unit complex, though DLP Capital knew it would need to put complex development expertise to work as the tower structures had “stressors” in their utilities’ infrastructure, i.e. plumbing, electric, etc.; the standards for apartment buildings in the emerging coastal towns of Florida in the ‘60s were not the same discriminating standards DLP Capital applies to all of its portfolio assets in the 2000s. When the last of the existing tenant leases expired in late 2019, DLP Capital went to work.

Going the Extra Mile with Development Expertise

“We took the interior walls and ceilings off of every single unit in one tower,” says Jim Boyce, President of DLP Capital Development and Construction. “We went the extra mile.” The second tower needed less extensive rehabilitation, but still DLP Capital conducted a full overhaul of all of those apartments as well, in addition to conducting cosmetic upgrades throughout the multifamily complex.

Extensive though the interior rebuilding/renovations were, however, DLP Capital gave due respect to the admirable exterior structures—meant to withstand the test of time. “They’re solid, nearly impenetrable cinder blocks from top to bottom,” added Boyce. “They don’t make them like that anymore. . .  We knew that once we rebuilt the interiors, this would be a truly superior multifamily asset.”

National Register of Historic Places

"It is a pleasure to notify you that the National Park Service officially listed the above referenced property in the National Register of Historic Places on April 19, 2023. On behalf of [Florida’s] Secretary of State and our historic preservation staff, I congratulate you on achieving this formal recognition of the historic significance of this property. We appreciate your interest in preserving this important element of Florida’s cultural resources."

Dream Space Coast
Dream Space Coast revitalized today

Not only are the completed towers now beyond compare structurally, but the Dream Space Coast community is today arguably the finest multifamily complex in the entire astrotech market near Kennedy Space Center and the dozen or so major, commercial space employers in the area. Following DLP Capital’s $22-million redevelopment, the complex is now also officially listed on the National Register of Historic Places.

The six-story, rebuilt multifamily towers at Dream Space Coast offer studios to two-bedroom apartments, both furnished and unfurnished, most with unobstructed views of space launches. Rents are generally priced under 30% of the local astrotech market’s median income, the community’s targeted renting demographic.

Amenities that continue the property’s rich history going forward include riverfront bench seating for out-of-this-world viewing of launches from SpaceX, NASA, Blue Origin, Lockheed Martin, and more. Along with smart features, the community will offer a riverfront pool and tranquility garden; waterfront workout classes and poolside yoga; and a resident center with billiards, poker tables, eCafe and business center. In addition, there is a cardio fitness center and cycle and yoga/pilates studios; valet dry cleaning and Amazon package center; pet park; and a beachfront kayak launch is expected soon.

In addition to the Kennedy Space Center, across the bay is also the Canaveral National Seashore including Playalinda Beach, which is home to more than 1,000 plant species, endangered and protected sea turtles, and 310 bird species. The 24-mile-long beach is the longest undeveloped beach on the east coast of Florida.

For more on our investment funds that feature multifamily assets, click here.


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