Port Canaveral Cruise Terminal 4: What $912M in Port Investment Means for Cape Canaveral CRE
Updated: 18 hours ago
Port Canaveral's next cruise terminal, Cruise Terminal 4, is targeted for completion in 2029 and will be reserved for large ships on a shared basis, port CEO Captain John Murray told Cruise Industry News in April 2026. Murray called it "a non denominational terminal" that will not be built for any one cruise line.
What Murray Said About Terminal 4
Murray said access to the new terminal will depend on how well a line is already using the space it has. He said the port operates at near-maximum capacity across six terminals. Cruise Terminal 5 is doubling from 90,000 to 170,000 square feet, and the port is replacing an existing parking structure with a $93 million, 3,700-car garage.
Murray named traffic on State Road 528 as the port's most pressing constraint and said: "We're not building anything (else) until we figure out the traffic first."
He said there are now eleven hotels near the port, with permits approved for three more, and estimated that each one brings "a quarter of a million dollars in tax revenue, property taxes, to the municipalities."
The $912 Million Capital Plan
In its November 6, 2025 State of the Port release, the port put its five-year Capital Improvement Plan at $912 million, up from just over $500 million less than two years earlier, with $255 million of capital projects scheduled in fiscal 2026. The projects include 4,500 additional parking spaces in new garages and surface lots and nearly doubling the size of Cruise Terminal 5 and Cruise Terminal 10. The port says the plan, branded Port Canaveral Advantage, includes a seventh new cruise terminal campus.
The same release said 27 percent of cruise passengers stay overnight in a local hotel, which the port equates to 2.3 million Brevard County room nights a year, and that new hotel construction in the City of Cape Canaveral rose 200 percent over the past decade.
Related: Port Canaveral Sets FY 2025 Cruise Record and Port Canaveral Ground Lease: Aquarium Site, 14 Acres, 31 Years.
For hospitality or retail property near Port Canaveral, call 321-514-0876 or use the contact page.
Sources
Cruise Industry News, April 2026: Cruise Terminal 4, the 2029 target, shared access, six terminals, Cruise Terminal 5, the garage, State Road 528, the hotel count and the per-hotel tax estimate.
Canaveral Port Authority, November 6, 2025: the $912 million five-year plan, $255 million in fiscal 2026, 4,500 parking spaces, the Cruise Terminal 5 and 10 expansions, and the hotel statistics.
Canaveral Port Authority, December 2, 2025: the Port Canaveral Advantage plan includes a seventh new cruise terminal campus.
Written by Cassandra Hartford, founder and CEO of Reach Commercial Real Estate. She has worked in Brevard County commercial real estate for 17 years, representing buyers, sellers, landlords, and tenants across Florida's Space Coast.
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