High Density Upscale Development Site in Downtown St. Petersburg

This Downtown parcel 7 blocks from waterfront Beach Drive and 4 blocks from thriving Central Avenue is ready now for a town-home development - all designs, submittals, plat plan, and ready with the City of St. Pete for permit pickup for a townhome development of 12 units zoned DC-3 in a non-flood area X. The HOA and sales contract are in place with projection of sales between $520,000- $575,000 per unit. Property also zoned for condos starting at a 3.0 F.A.R. with 1.0 bonus for enclosed garages, with an additional 3.0 F.A.R. using available city guidelines. The easiest to obtain 4.5 F.A.R. in total = 67,000 sqft building, with lot size approximately 14,000 sqft allows for 67,000 sqft minus 20% common area/green space gives an approximate 53,000 sqft building. The height allowed exceeds 100 feet if necessary. Final height allowance to be determined by the City of St. Pete, an 80 ft height with a 15 ft parking garage on ground level allows parking for 38 vehicles on one floor and the use of car lifts for 30 spaces, the total units with 2 parking spaces is 34 units. Taking a scenario of 34 units to 36 units at an average sqft of 1,170 sq. feet for a two-bedroom, two bath, two parking spaces total building size of 1,170 x 34 = 40,000 sqft plus 20% common area and green space = 48,000 sqft building. Compare the market @ $300 a sqft with 2 parking spaces for 1,170 sq. feet = average unit sale is between $360,000 and $400,000 - project sale price @ $375,000 which is $12,750,000 with land cost being approximately 12.5% of the sales price.