St. Augustine, Fla.–DLP Capital, a private real estate investment firm, announced that it has completed the redevelopment of an historic Space Coast multifamily complex, originally built in the mid-60s for Titusville’s boom town of aerospace professionals working on the Apollo space program. The two-tower,182-unit multifamily community sits directly across the Indian River bay from the Kennedy Space Center and used to ferry aerospace staff across to the center. Following DLP Capital’s purchase of the complex five years ago, and a $22-million redevelopment, the complex is now preparing to reopen as “Dream Space Coast” and has been officially listed on the National Register of Historic Places. DLP Capital conducted significant structural and cosmetic upgrades to the property while maintaining the historic exterior. Amenities that will continue the property’s rich history going forward now include riverfront bench seating for out-of-this-world viewing of launches from SpaceX, NASA, Blue Origin, Lockheed Martin, and more.
“DLP Capital’s goal with this iconic multifamily property was to retain the history and authenticity of its past—commemorating an unheralded era of space exploration—while updating the community to accommodate a new era of space professionals, among other residents,” said Don Wenner, Founder and CEO of DLP Capital. “This is by far one of the best multifamily locations on the Space Coast, directly across from launch sites, and we’re excited to contribute to the property’s history going forward.”
Dream Space Coast, located at 2825 S. Washington Ave. in Titusville, Florida, was originally built in 1964, a few years after President Kennedy set the goal of landing a man on the moon before the decade was out. Vintage ads from the heydays of the property—once called Imperial Towers Apartments—tout its new amenities such as “year-round electric air conditioning” and features such as mini-golf, and a cocktail lounge and dock where crowds would gather to watch Apollo “moon shots.” DLP Capital nearly gutted the interiors of the two towers to upgrade infrastructure and bring the apartments into the 21st century, with finishing touches put on the historic, exterior facade that serve to maintain its authenticity.
Now, in addition to 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.
The six-story, rebuilt multifamily towers at Dream Space Coast offer studios to two-bedroom apartments, both furnished and unfurnished, and most with unobstructed views of space launches. Rents are expected to be priced under 30% of the local astrotech market’s median income, the community’s targeted renting demographic.
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.
Late summer/fall 2023 launches that can be viewed by tower residents are expected to include: a SpaceX launch to the International Space Station; a launch for a NASA spacecraft that will travel to the asteroid Psyche; and a government/top secret launch with undisclosed payloads.