Senior Director David Calcanis Represented Real Estate Inverlad in its Disposition of a One-Acre Site on South Atlantic Avenue
Cushman & Wakefield announced today that it has negotiated the sale of a one-acre oceanside site on South Atlantic Avenue in New Smyrna Beach.
Senior DirectorDavid Calcanisrepresented Orlando-based developerReal Estate Inverladin the disposition. Orlando investor Dean Alcott acquired the land for $1.7 million.
The site consists of two adjacent parcels located at203 and 207 South Atlantic Avenue.
203 South Atlantic Avenue was formerly home toBarracuda’s Bar & Grille, which closed its doors in September. Alcott plans to develop a new restaurant concept on the site featuring American-style food with live music performances on Thursday, Friday andSaturday nights. Alcott has begun the application process with the City of New Smyrna Beach and hopes to open the yet-to-be named restaurant in the summer of 2017.
Alcott’s redevelopment plans include the construction of a new two-story ocean-facing structure that will house a restaurant, sports bar and dance floor on the first floor and a ±1,700-square-foot outdoor, covered bar with panoramic views of the ocean on the second floor. The existing building will be completely gutted and renovated with two new bar areas, an expanded kitchen, additional bathrooms, walk-in coolers and dry storage.
Alcott also will redevelop the parcel at 207 South Atlantic Avenue, where he intends to provide additional parking capacity as a pay-to-park public lot during the day and valet lot for the restaurant in the evenings. The City of New Smyrna Beach formerly leased this parcel for public parking.
“We chose the site because of its proximity to the ocean and because New Smyrna Beach is growing at a rapid pace,” said Alcott. “We feel that our concept will be a welcome addition to the area and look forward to joining the other businesses proudly serving tourists and the local New Smyrna Beach community.”
“This site is an ideal location for a restaurant,” said Calcanis. “It has exceptional exposure along South Atlantic Avenue, offers unparalleled beach access, provides stunning views of the Atlantic Ocean and is just a short walk to the Flagler Avenue retail and entertainment corridor.”
The site also offers future development potential. Under Inverlad’s ownership, the land had been designed and approved for Flagler Dunes, a mixed-use project comprising a 12-unit residential condominium above 8,000 square-feet of ground-floor retail.
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