10251 S Ocean Dr
Jensen Beach, FL 34957
Majestic Bay | Residences + Marina · Land For Sale · 11.12 AC

Compass Commercial proudly presents a fully approved 24-unit townhouse and marina development site on the prime southern portion of Hutchinson Island, Florida. The subject property is located at 10251 South Ocean Drive, Jensen Beach, Florida, along Hutchinson Island's premiere beachfront corridor. The parcel sits just 1.5 miles north of the Jensen Beach Causeway and is in immediate proximity to major retailers and the thriving downtown Jensen Beach submarket. The project was fully approved in May 2022, with permitting pending for commencement of onsite construction. The project is perfectly positioned to develop 24 three-story townhouses with an irreplaceable market opportunity for rental or for-sale residential development by any regional or corporate investor. Hutchinson Island's strong residential demand and a rapidly diminishing supply pipeline have yielded skyrocketing home prices by nearly 145% over the past three quarters. The improving market fundamentals place increasing demand on housing, with very few fully approved residential development projects currently available within the market - particularly projects inclusive of a private marina with more than 450± feet of frontage along the Intracoastal Waterway. Existing new townhouse projects are nearly sold out at prices well above $550 per square foot. The submarket's large geography includes high population growth areas with premiums placed on residential developments within the beachfront corridor of Hutchinson Island. The development site is less than 1 mile north of the Martin County line and siphons demand from the Stuart and Northern Palm Beach County markets. In particular, Southern Saint Lucie County offers a somewhat more attractive option to residents willing to commute from the North Palm Beach County submarket. Majestic Bay is fully approved and entitled 24-unit development site, delivered with all engineering, architectural, and environmental work needed to start construction within 90-120 days.