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


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).

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Additional Details

Nearest MSA: North Port-Sarasota-Bradenton
County: Manatee
Tax ID/APN: 3117300008
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

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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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