Rare .33 ac Heart of St. Pete for Hotel/Condo

PROPERTY DESCRIPTION - A rare opportunity to develop approximately a third of an acre in booming Downtown St. Petersburg. Located adjacent to the recently finished Museum of the American Arts & Crafts Movement and within walking distance to downtown amenities and attractions such as the St. Pete Pier, Mirror Lake, Williams Park, and dozens of restaurants and bars.

The property currently serves as a dry pond for a neighboring development and can be built on using subsurface vaulted retention.

ST. PETERSBURG MARKET CONDITIONS - Simply put, the Downtown St. Petersburg market has been on fire for several years. Over 1,500 residential units are currently under construction within the core downtown market along with several hundred hotel rooms and tens of thousands of square feet of office and retail. Demand for well located development sites has reached unprecedented levels and quality development sites are becoming few and far between.

DEVELOPMENT OF THE SITE - Unorthodox development sites, such as the subject property that is currently used as a dry pond for the neighboring office building to the west, are becoming the last undeveloped parcels in a city that is quickly running out of vacant land. To maximize the developable area, a buyer will need to utilize subsurface vaulted retention to account for the stormwater run off of the subject property and neighboring office building.

ZONING - DC-2 zoning is intended for intense residential development that allows for a mixture of uses that enhance and support the downtown core and surrounding neighborhoods. Uses such as townhomes, condos, or hotel would all be permitted along with supporting retail and/or office. DC-2 allows for a floor area ratio (FAR) of 3.0 by right with the ability to go up to an FAR of 7.0 through a public hearing process.

PRICING - Subject to Offer - Contact Broker for Additional Details