Cocoa Beach Pension Board Approves Full Redemption from ASB

Overview: The Cocoa Beach Pension Board has unanimously approved a full redemption request from the real estate investment manager ASB during their latest meeting. This decision follows a detailed evaluation of ASB’s underperformance, particularly within the real estate sector, where approximately 47% of ASB’s properties are over 20 years old and facing tenancy challenges due to a preference for newer buildings. ASB had historically used less leverage compared to peers, but concerns were raised after their leverage increased late in the cycle. The redemption process is expected to unfold over multiple quarters due to the slow real estate market and the firm’s guidance is likely to evolve during this time.

Cocoa Beach Planning Board Tackles Vacation Rental Concerns

Overview: The Cocoa Beach Planning Board addressed issues regarding the management of vacation rentals, the need for affordable housing for First Responders, and the election of new leadership positions in its latest meeting. The board elected Lenny Arnold as chair and Lisa Colo as vice chair for the year 2024, both by unanimous decision. A discussion on the 2025 Comprehensive Plan update revealed the city’s adherence to state requirements and the board’s intent to enhance public participation in the planning process. The most matters included the regulation of home-based businesses, the oversight of vacation rentals, and the exploration of incentives for affordable housing development.

Brevard Commission Approves Key Zoning Changes

Overview: The Brevard County Commission meeting concluded with several key zoning changes approved, amid discussions on various community and development issues. The meeting, which focused heavily on land use and zoning requests, saw changes in zoning classification for multiple properties, with the goal of enabling development and addressing the needs of the community.