Cushman & Wakefield has negotiated the sale of a one-acre oceanside site on South Atlantic Avenue in New Smyrna Beach for $1.7 million. The seller, Orlando-based developer Real Estate Inverlad, sold the parcel to a private investor, Dean Alcott. The site consists of two adjacent parcels located at 203 and 207 South Atlantic Avenue. Alcott plans to construct a two-story ocean-facing structure that will house a restaurant, sports bar and dance floor on the first floor and an outdoor, covered bar with panoramic views of the ocean on the second. The adjacent lot, 207 South Atlantic Avenue, will serve as public parking during the day and restaurant parking in the evenings. The City of New Smyrna Beach formerly leased this parcel for public parking.
The site also offers future development potential, with Inverlad having designed and pushed through approval for Flagler Dunes, a mixed-use project comprising a 12-unit residential condominium above 8,000 square-feet of ground-floor retail. Cushman & Wakefield’s Senior Director David Calcanis represented the seller during the sale. “We chose the site because of its proximity to the ocean and because New Smyrna Beach is growing at a rapid pace,” said Dean 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.”
