See attached intent to approve- across the street construction for a 7-Story building with 126 dwelling units potentially increasing the F.A.R. significantly. This parcel 7 blocks from Downtown and 4 blocks from Central Property is zoned DC-2 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. Final height allowance to be determined by the City of St. Pete, 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 @ $400,000 with land cost being approximately 12% of the sales price. Also an IDEAL location for very high density paraprofessional (affordable) housing. Currently site is ready now for a townhome development - all designs, submittals, plat plan, ready with the City of St. Pete for permit pickup for 12 units in a non-flood area X. The HOA and sales contract are in place with projection of sales between $600- $650,000 per unit.
Listing courtesy of PREMIER SOTHEBYS INTL REALTY.
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