Penzance B&K - UNDER CONTRACT

The 9.51-acre property located on the southeast corner of Penzance Blvd. and Blasingim Rd. presents a builder or developer the opportunity to bring new residential product to the market. The future land use for the property is designated as Central Urban, which allows up to 10 residential units per acre. Zoning is currently designated for agricultural purposes and the property has an agricultural exemption on property taxes, which helps reduce holding cost while seeking entitlements on the property. The property is cleared, fenced and can be accessed off Penzance Blvd. or Blasingim Rd. Adjacent parcels totaling 33± acres are also potentially available.

The housing market in the immediate area of the site is experiencing strong demand for all types of housing and there are few opportunities to develop nearby. Demand drivers include, but are not limited to, close walking distance to the Six Mile Cypress Slough Preserve Park, being only 1.4 miles from a new Whole Foods grocery store, and being a short drive to I-75, Southwest Florida International Airport, the Minnesota Twins spring training facility, the Boston Red Sox spring training facility, Bell Tower Shops, and the Lee Memorial Gulf Coast Hospital (currently undergoing a $306 million expansion).