Catylist ID:
#30814932
Prime Riverfront Mixed-Use Development Site
Vacant Land
for Sale
Sale Pending
| Catylist Listing ID: | 30814932 |
| Property Subtypes: | Hospitality, Multi-Family, Office, Retail |
| Status: | Pending |
| Gross Land Area: | 3.40 Acres |
| Sale Price: | $2,950,000 |
| Unit Price: | $867,647 Per Acre |
| Sale Terms: | Undisclosed |
| Call for Offers: | Yes |
| Cap Rate: | Undisclosed |
| Last Updated: | 6/6/2023 |
Overview / Comments
|
*CALL FOR OFFERS: FRIDAY 2/24/2023 AT 5 PM EST* This gorgeous mixed-use development site is situated in the heart of Palmetto, Florida, just steps from the Manatee River. It is minutes from pristine white-sand beaches, cultural destinations, entertainment and shopping. The property is located directly adjacent to ItWorks! corporate headquarters with over 200 employees and across the street from Regatta Pointe Marina, restaurants and shops. This 3.4+/- acre development site is prime for development that could include a boutique hotel, multifamily, office space or residential condominiums with ground floor or adjacent retail and restaurants, all with water views. Due to the site's proximity to the public boat ramp, the CRA is requiring that a developer design and construct boat trailer parking on a portion of the site to accommodate approximately 20-30 boat trailer spaces. The net developable area will end up being approximately 2 to 3 acres. Due to the current split zoning on the property, the Expectation is that a rezone to Planned Development Multi-Use (PD-MU) will be required. Residential density on the site can potentially be increased to 153 units through a Comprehensive Plan Amendment to change the Future Land Use (FLU) to Planned Community (PC). Existing Downtown Commercial Core (DCOMC) FLU permits up to 119 units. The City of Palmetto and the Palmetto Community Redevelopment Agency are encouraging development in the Downtown Core by incentivizing projects that bring more activity to the area and accentuate this tremendous waterfront location. Development Incentives may amount to 8-12% of the total development cost paid back to the Developer (City Commission has ultimate discretion on Incentives). |
Attachments & Media
Additional Details
| Nearest MSA: | North Port-Sarasota-Bradenton |
| County: | Manatee |
| Tax ID/APN: | 3117300008 |
| Zoning: | ZONING: COMMERCIAL CORE (CC) & MULTIFAMILY RESIDENTIAL (RM-6) |
| Property Visibility: | Excellent |
| Feet of Frontage: | 370 |
| Traffic/Vehicle Count: | 32,000 |
| Area Description: | This prime 3.4+/- acre development site on the corner of 8th Avenue West (Business US-41) and Riverside Drive in Palmetto, Florida is situated on the Manatee River, just minutes from shopping, beaches and countless recreation destinations! This property is surrounded by office, restaurants, a marina and retail. It is just across the river from Downtown Bradenton, which is undergoing a transformation into a hip, young destination with entertainment, shopping, bars and restaurants. The City of Palmetto and the Palmetto CRA are determined to make this the hub of activity in the City by promoting, connectivity, walkability and amenities in the neighborhood. The site proves to be one of the most coveted development sites in all of Manatee County. ItWorks! global headquarters, with over 200 employees, is situated west of the site and a marina with 350 boat slips and multiple restaurants are located across the street. Just a short walk up 10th Avenue are boutique shops and restaurants on a historic main street. Also within walking distance is Sutton Park, which has hosted a number of national concert acts. PURCHASE REQUIREMENTS - PLEASE NOTE THAT THE PURCHASE OF THIS PROPERTY IS SUBJECT TO THE FOLLOWING REQUIREMENTS AND STIPULATIONS: * Approval of the Development Concept by the Palmetto Redevelopment Agency and City Council prior to contract execution with requirements of Buyer to fulfill development obligations. * 1% Buyer's Premium to be paid at closing to SVN Commercial Advisory Group. * Brokers please be aware that there are some Buyer exclusions in regards to this property. Please register prospective Buyers. |
| Lot Frontage: | 370 |
Demographic Statistics
| Proximity: | 1 mile | 3 miles | 5 miles |
|---|---|---|---|
| Total Population: | 11,873 | 75,930 | 164,712 |
| Median Age: | 41.57 | 39.4 | 43.3 |
| Households: | 4,550 | 28,735 | 69,175 |
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