Jean Nunn - Coldwell Banker Tony Hubbard
966 6th Avenue S
ST PETERSBURG, FL 33705

$1,150,000

Description

"See photos of site proposals." Situated in an area that has experienced significant redevelopment in recent years, and continues to be redeveloped for upscale residential living. Access to the I-175/I-275 Interstate system plus one of the states top hospitals only a few hundred feet away, with Tropicana Field and Central Avenue in the downtown core within half a mile. The City of St. Petersburg has issued a Zoning Verification Letter for the property, identifying the applicable zoning as CRT-1 (Corridor Residential) with a maximum density of 25 units per acre and eligible for the height encroachment bonus of an additional 12 feet. Preliminary site and development research indicate that a building with a ground floor parking area with 2 dedicated spaces per unit, and 3 additional floors, including 4 penthouses for residential units likely presents the greatest development potential with an average of 1,200 square feet per unit, and using an average construction cost of $125 per sq. feet offers a profit margin of 44 percent or Medical facility approved 1 parking space per 300 sf gfa. Located in the downtown St. Petersburg, an area known for its vibrant downtown core and highest walkability scores in the nation cultivating an art culture with shopping, entertainment, a robust festival scene, and the Beach Drive waterfront that has made it one of the most sought-after destinations in Florida.

Details

MLS#U8022753
Sub-TypeResale
StatusActive
Days On Site17

Features

Acreage1.10

Market Activity 33705

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Area Information

StateFL
CityST PETERSBURG
Zip Code33705
Area33705 - St Pete
Listing VS Median (in 33705)
Price:
$1,150,000
low | high
Med:
$199,900
100% of Average
On Site:
17
low | high
Med:
57.5
29.565217391304% of Average
Listing Updated: 11/16/2018
MLS Number: U8022753
Listing Provided By:
Kelly Lee McFrederick  of  PREMIER SOTHEBYS INTL REALTY

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