PALM BAY, Fla. – The future of a troubled neighborhood known as “The Compound” is back on the table as the city of Palm Bay is discussing a new proposal for the area.
During a Thursday meeting, council members will hear details about “The Compound Redevelopment Action Plan.”
According to the city, the five-phase project seeks to build a business and industrial park, generate private investment and create jobs.
The Compound is a 2,321-acre area in the southwestern part of Palm Bay.
It was planned for a large residential community but failed to generate meaningful growth after the original owner went bankrupt in 1991.
The area has long been an issue for the city as it has been associated with crime, including multiple murders.
In recent years, several ideas for the area have been brought to the city, including a proposal last November for a BMX racing complex.
Thursday’s discussion was prompted by a nomination to receive funding from the U.S. Environmental Protection Agency.
Included in the action plan is site redevelopment over the next five to eight years.
According to the city, when all five phases are completed, it could bring approximately 960,000 square feet in new construction of business, industrial, research and development and commercial retail and restaurant space.
The city also projects a total of 2,500 new jobs in Palm Bay and annual tax revenue of nearly $2 million.
Council members are expected to vote to accept the plan during their 6 p.m. meeting at City Hall.
