The property, which was 100% occupied, closed on May 12 for $11 million.
A total of 43 phases were delivered as part of the overall project.
Olympus said it will build 175,000 square feet of medical office space to anchor the Olympus Health & Wellness campus
The unanimous approval from the Brevard County Planning and Zoning Board follows a similar unanimous vote on April 28 from the Merritt Island Redevelopment Agency.
Later this year, construction will be completed for the expansion of more than 300,000 square feet and four floors of added care.