Merritt Island’s Development Boom Expands with New $51 Million Luxury Apartment Project on Fortenberry Road

State Road 520 corridor now includes new hospital, entertainment venue, housing and retail projects

BREVARD COUNTY • MERRITT ISLAND, FLORIDA — A new 296-unit luxury apartment complex is coming to Merritt Island, marking another significant step in the ongoing development boom in the State Road 520 corridor of Merritt Island.

The location sits across the street from the 82-acre Merritt Square mall, and just minutes from the River Fly-In condominiums, the almost completed Merritt Island Amphitheater, and the future new Health First Cape Canaveral Hospital campus, which will replace the existing Cape Canaveral Hospital—placing the new apartments squarely within one of Brevard County’s fastest-growing corridors.

The Merritt Island Redevelopment Agency recently sponsored a study to redesign the mall as a mixed-use venue that would include not only shopping, dining, and entertainment components in an outdoor setting, but also residential units.

South Carolina-based Woodfield Developments has secured more than $51 million in construction financing for the luxury apartment complex project, which will rise on Fortenberry Road near State Road 520.

Construction is already underway, and officials said completion is expected in early 2027.

Plans for the 15.1-acre site at 555 Fortenberry Road call for a series of four-story residential buildings offering modern amenities, including a resort-style swimming pool, a 24-hour fitness center, and outdoor summer kitchens with grills.

Woodfield Developments, known for its upscale multifamily communities across the Southeast, is also developing a 318-unit apartment project in Palm Bay. The company’s portfolio emphasizes luxury design and lifestyle amenities tailored for Florida’s growing professional and retiree populations.

The Merritt Island project joins several major real estate investments reshaping the region.

In September, Strada Development LLC, based in Sanford, purchased more than 130 acres near Courtenay Parkway and Crisafulli Road for $3 million. The company has applied to rezone the property to suburban residential, signaling additional large-scale housing growth on the island.

With a new hospital, entertainment venue, housing, and retail projects rising across Merritt Island, the area is one of the Space Coast’s most active real estate markets heading into the latter half of the decade.

Similar Stories