Prime 1.08 ac in an Opportunity Zone St. Pete

Vacant Land for Sale
Catylist Listing ID: 30628540
Property Subtypes: Multi-Family
Gross Land Area: 1.08 Acres
Sale Price: $995,000
Unit Price: $921,296 Per Acre
In Opportunity Zone? Yes
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 11/19/2021

Overview / Comments

PROPERTY DESCRIPTION A rare, 1.08± acres site in the heart of St. Petersburg, FL. This site provides walkability to Tropicana Field, the Innovation District, the Edge Business District, Grand Central District, Downtown St. Petersburg, and countless other retail, business, and entertainment corridors. Johns Hopkins All Children's Hospital, Bayfront Health Hospital, and University of South Florida - St. Petersburg are all within a half mile. Condominiums, market rate apartments, or affordable housing would be ideal for this site. Please see below for possible incentives provided by the City.

LOCATION DESCRIPTION Located in close proximity to the heart of Downtown St. Petersburg and a two-minute walk to Tropicana Field, this area has seen significant commercial and residential redevelopment in the past several years. Situated on Dr. M.L.K. Jr St. S and the end of 6th Ave. S in Saint Petersburg, FL. Located just at the end of the hospital corridor which houses some of the states top hospitals. The property is in close proximity to Downtown St. Pete, Tropicana Field, and has easy access to the I-175/I-275 Interstate system.

CURRENT ZONING Corridor Residential Traditional (CRT-1) - Allows for up to 30 multifamily units per acre. It may be possible to rezone the property to Employment Center (same zoning as the adjacent properties to the north and east) which would allow for an FAR of up to 4.0.

COMMUNITY REDEVELOPMENT AREA The property falls within the South St. Petersburg Community Redevelopment Area (CRA). The CRA was established to promote reinvestment in housing and neighborhoods, commercial corridors, business development, education and workforce development, and non-profit capacity building within the boundaries of the CRA. Through the CRA's Affordable Multifamily Housing Development Program, developers of affordable housing may qualify for an annual incentive up to $1,000 per unit per year for up to fifteen years. - For more information on the South St. Petersburg CRA, please visit: http://www.stpete.org/city_departments/southside_cra.php - For more information on the South St. Petersburg CRA's Affordable Multifamily Housing Development Program, please visit: http://www.stpete.org/city_departments/ housing-based_opportunities.php

OPPORTUNITY ZONE The property also falls within a designated Opportunity Zone. An Opportunity Zone is a census tract that has been designated as eligible to receive private investment through Opportunity Funds. An Opportunity Fund is a private investment vehicle, certified by the Treasury, to aggregate and deploy capital in Opportunity zones.

This has a variable rate commission.

Additional Details

Nearest MSA: Tampa-St. Petersburg-Clearwater
County: Pinellas
Tax ID/APN: 16 31 24 12258 000 0021

View FullscreenMap

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 16,541 108,447 242,720
Median Age: 39.73 40.5 42.43
Households: 7,336 47,144 106,073

Contact

Photograph of Listing Agent

William A. Eshenbaugh

Eshenbaugh Land Company CE-FL Member
© Copyright 2001-2020 Catylist. All Rights Reserved. The information presented herein is provided as is, without warranty of any kind. Neither Florida Gulfcoast Commercial Association of Realtors nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.