SHOVEL-READY 33-UNIT APARTMENT COMPLEX OR CONDOS IN DOWNTOWN ST. PETERSBURG!

Highlights

• SHOVEL-READY 33-UNIT DEVELOPMENT OPPORTUNITY IN DOWNTOWN ST. PETERSBURG ON HISTORIC 4TH AVE S.
• STEPS FROM THE WATERFRONT AND FAMOUS EDGE DISTRICT!
• BREATHTAKING WATERFRONT VIEWS OVERLOOKING DOWNTOWN ST. PETERSBURG!
• 33-UNIT, CLASS A APARTMENT COMPLEX WITH FULL SITE PLANS, 98% PERMITTING APPROVALS, AND A BUDGET ALREADY IN PLACE!
• CURRENT PLANS FOR (10) 2-BEDROOMS, (22) 1-BEDROOMS, AND ONE EXTRAVAGANT PENTHOUSE OVERLOOKING DOWNTOWN. PROJECTED TO PRODUCE OVER $1,230,000 IN RENT PER YEAR, ONCE FULLY OCCUPIED! ON-SITE MANAGEMENT OFFICE ON THE FIRST FLOOR ALONG WITH THE PARKING GARAGE. FULL FITNESS CENTER ON-SITE FOR RESIDENTS TO USE!
• AMPLE STREET PARKING AVAILABLE DIRECTLY IN FRONT OF THE BUILDING FOR GUESTS AND TENANTS USE!

Description

THIS UNIQUE DEVELOPMENT OPPORTUNITY IS LOCATED IN THE HEART OF DOWNTOWN ST. PETERSBURG, FL ON 4TH AVE S! THIS AMAZING SITE SITS IN THE WATERFRONT AND ARTS DISTRICT ON BUSY 4TH AVE S. JUST STEPS FROM THE WATERFRONT, AND FAMOUS EDGE DISTRICT WITH HUNDREDS OF SHOPS, RESTURANTS, AND BUSINESSES WITHIN WALKING DISTANCE.

THIS 7-STORY APARTMENT BUILDING WILL PRODUCE BREATHTAKING VIEWS OVERLOOKING THE WATERFRONT AND THE ENTIRE DOWNTOWN CORRIDOR! THERE ARE OVER 20,000 RESIDENTS WITHIN A 1 MILE RADIUS OF THE PROPERTY! WITH THE MASSIVE GROWTH AND DEVELOPMENT ST. PETERSBURG, FL HAS SEEN OVER THE PAST 10 YEARS, THE DEMAND FOR RENTAL UNITS IS OFF THE CHARTS. THE PROPERTY SITS .1 MILES FROM I-275, CREATING AN EASY COMMUTE FOR TENANTS WHO WORK ACROSS THE BAY IN TAMPA OR ANY OF THE SURROUNDING AREAS!

THIS INCREDIBLE INVESTMENT OPPORTUNITY COMES SHOVEL-READY WITH PLANS TO BUILD AN IMMACULATE 7-STORY, 33-UNIT, APARMENT BUILDING IN ONE OF THE MOST DESIRABLE LOCATIONS IN ALL OF FLORIDA! THIS CLASS-A BUILDING WILL HAVE VEIWS OVERLOOKING THE WATERFRONT, WITH TOP-OF-THE-LINE FINISHES IN EACH UNIT. THE FIRST FLOOR COMPRIMES OF AN ON-SITE MANAGEMENT OFFICE, A FITNESS CENTER, AND A PARKING GARAGE FOR RESIDENTS. FLOORS 2-6 WILL CONSIST OF 32 UNITS WITH THE EXTRAVAGANT PENTHOUSE ON THE 7TH FLOOR!

THE BUYER CAN BREAK GROUND IMMEDIATELY WITH FULL PLANS AND PERMITS ALREADY SUBMITTED AND APPROVED WITH A FEW ITEMS TO FINALIZE. THIS SHOULD ALLOW THE BUYER TO BREAK GROUND WITHIN 90 DAYS OR LESS OF CLOSING! ALREADY IN PLACE APPROVALS INCLUDE: ARCHITECTURAL AND ENGINEERING PLANS HAVE RECEIVED APPROXIMATELY 98% APPROVAL FROM CITY AGENCIES, INCLUDING APPROVALS FROM THE CRA. THE LOCAL ELECTRIC COMPANY HAS ALSO INSTALLED A 3-PHASE TRANSFORMER ON THE PROPERTY AS THE OVERHEAD POWER LINES ARE CURRENTLY BEING UPGRADED TO UNDERGROUND. FIRE AND ELECTRICAL PERMITTING IN NEARLY COMPETLED AS PLANS FOR THIS PORTION HAVE BEEN APPROVED.

THIS SHOVEL-READY DEVELOPMENT OPPORTUNITY COMES WITH SIGNIFICANT POTENTIAL, GIVEN ITS PRIME LOCATION AND ADVANCED APPROVALS. THE PLANS WERE CREATED BY THE REPUTABLE ARCHITECTURE FIRM BEHAR PETERANCZ ARCHITECTURE, WITH A LONG HISTORY OF SUCCESSFUL DEVELOPMENTS IN FLORIDA! ONCE COMPLETED, THE PROPERTY IS PROJECTED TO PRODUCE OVER $1,230,000 ANNUALLY IN RENT, AND WITH ITS AMAZING LOCATION AND THE DEMAND IN THAT AREA, THE RENTS WILL ONLY INCREASE OVER TIME. THE WATERFRONT DISTRICT IN DOWNTOWN ST. PETERSBURG HAS AN OCCUPANCY RATE OF OVER 97% FOR 1 AND 2-BEDROOM UNITS, AND RENTAL RATES HAVE INCREASED YEAR OVER YEAR FOR THE PAST 11 YEARS!

THE APPROVED SET OF PLANS ARE FOR A CLASS-A BUILDING CONSISTING OF 10 (2-BEDROOM UNITS), 22 (1-BEDROOM UNITS), AND ONE PENTHOUSE OVERLOOKING DOWNTOWN. THERE WILL BE A MANAGEMENT OFFICE ON THE FIRST FLOOR ALONG WITH THE PARKING GARAGE AND A GYM! A TOP-OF-THE-LINE FITNESS CENTER AND AMPLE PARING DIRECTLY IN FRONT OF THE ENTRANCE WAY ON 4TH AVE S FOR GUESTS!

LOCATED IN THE DOWNTOWN CORRIDOR!

Documents