EDGE DISTRICT HOTEL OPPORTUNITY

936 1st Avenue N Saint Petersburg, FL 33705

936 1st Avenue N, Saint Petersburg, FL, 33705
936 1st Avenue N, Saint Petersburg, FL, 33705
FOR SALE
Property Type:
Motel
Amount:
Please Call Broker for Price

Last Verified:
Sep 24, 2018

Highlights

  • Excellent location in heart of Edge District
  • Located in a newly designated Opportunity Zone
  • Attractive architecture
  • Super-adequate off-street parking
  • Zoned DC-1 with FAR up to 7.0

Description

This is an amazing opportunity to develop a boutique hotel in the heart of St. Pete's booming Edge District. The property is surrounded by multiple new luxury apartment developments as well as the city's most sought after pedestrian friendly retail offerings. IMPORTANTLY, this property is located in the newly designated OPPORTUNITY ZONE (designated by the Governor) and is eligible for capital gains deferment and possible elimination under the new JOBS and TAX act, signed by the President in December 2017. Below are two links (to copy and paste) that direct you to the Florida Department of Economic Opportunity as well as the map showing the property in the zone.
Florida Department of Economic Development Link: http://www.floridajobs.org/business-growth-and-partnerships/for-businesses-and-entrepreneurs/business-resource/opportunity-zones
Opportunity Zone Link: https://esrimedia.maps.arcgis.com/apps/View/index.html?appid=77f3cad12b6c4bffb816332544f04542

The 4-story hotel is located between Baum Avenue and 1st Avenue N in the heart of the budding Edge District in Downtown St. Petersburg. It is located 2 tax lots north of the new 218 unit apartment complex being developed by Bainbridge Companies as well as 2 tax lots west of the 377 unit luxury apartment complex being developed by Related Group of Miami. It is also located in the newly designated OPPORTUNITY ZONE.


Year Built: 1924
Building Size: 14580.0sq ft
Lot Size: 0.26 acres

Map of 936 1st Avenue N, Saint Petersburg, FL, 33705

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What are Real Estate Incentives?

Real Estate incentives range widely and have been overlooked by the Commercial Multiple Listing Services (MLS) for decades. Real estate incentives is a generic term used to group any number of programs, such as tax incentives, that are designated by an agency for a geographic area."

Why are Real Estate Incentives Important and to Whom?

"Incentives" are vital today and in the future because:

  • U.S. Public: Many incentives focus on job creation and Affordable Housing
  • Investors and Commercial Developers use incentives to reduce financial risk, obtain gap financing, etc. Investors and developers look for property listings with incentives available.
  • Commercial Real Estate Brokers, in mass, unfortunately do not know about incentives tied to their listings
  • Entire Supply Chain of Real Estate Development such as small and large companies who will provide goods and services to new and revitalized properties.