At a special commission meeting held, the Port Canaveral Board has taken the final step to authorize the sale transaction of approximately 271 acres of land located on State Road 524 near Interstate 95 in Cocoa to Wal-Mart Stores East, LP.
The site was purchased by the Port in December 2014 at a cost of $1.95 M with original plans to develop the area into a cargo distribution complex.
Initial discussions between the Canaveral Port Authority and Wal-Mart Stores began in 2016 regarding approximately 130 acres for development of an approximately 600,000 sq. ft. distribution center. At a February 2017 commission meeting, the Board unanimously approved the sale of the property and authorized entering into a Purchase and Sale agreement. Since then, Wal-Mart Stores East, LP has been conducting its due diligence, studying the site and pursuing the required project approvals, such as development orders and building permits from the City of Cocoa, the U.S. Army Corps of Engineers, and the Florida Department of Transportation, among others. This process was expected to last through mid-August, but the purchaser requested an earlier closing, which was the purpose for today's special commission meeting.
Canaveral Port Authority plans to use the proceeds from the sale to increase Port reserves, and continuing to address capital requirements and debt reduction.
In a statement made last year, Wal-Mart Stores East, LP announced plans to open a distribution center and refrigerated warehouse complex that would store cold produce, meat, dairy, and other perishable freezer items on the site and staff more than 230 employees on the onset. The parcel, which is ideally situated to become a distribution hub, has easy access to all major transportation Central Florida corridors including Interstate 95, US1, and State Road 528, as well as close proximity to rail connections in Cocoa and Titusville. Until now, though, it has sat undeveloped and unused.
