Property Overview
Price/Rent PSF $ 525,000.00
Asset Type Office
Trade Type Sale
SQ. FT. Available 1,560
Date Available 04/02/2019
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Floors 2
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Description

Location
The MLK/Newton Avenue - "CRT-2 District Redevelopment Potential" Project is located at 9th Street/MLK South and Newton Avenue in Midtown St. Petersburg, just blocks from the desirable and booming Roser Park Historical District.

Sale
The proposed MLK/Newton offering is ready for redevelopment and provides an incredible opportunity to take advantage of the growing and shifting economy in this historic area. The subject is .61 acres with 138 feet of frontage and is located on the outskirts of downtown Saint Petersburg at 9th Street/MLK South and Newton Avenue just blocks from desirable Historic Roser Park.

Close to Tropicana redevelopment site and Johns Hopkins Hospital. Directly next door to ChenMed Dedicated Senior Medical Facility serving Medicare-only patients ( formerly a Walgreen site.) 250ft frontage along Dr. Martin Luther King Jr St S. commercially zoned, and 200ft in depth. Additional access from 20th Ave S or 21st Ave S. Part of the South St Petersburg CRA District.

Situated in an area that has experienced significant commercial and residential redevelopment. This land is in an activity center with state, county and city incentives, see attachments, this is situated in a fabulous redevelopment area at the end of 6th Ave South at the end of the hospital corridor and next to a luxury apartment development, near Tropicana Field with easy access to the I-175/I-275 Interstate system. This is one of the state’s top hospitals that is only a few hundred feet away, with Tropicana Field and Central Avenue in the downtown core within half a mile. The City of St. Petersburg has issued a Zoning Verification Letter for the property, identifying the applicable zoning as CRT-2 and now eligible for the height encroachment bonus of an additional 12 feet, till 2021 for approved developments, city verification letter attached. Preliminary site and development research indicate that a building with a ground floor parking area with 2 dedicated spaces per unit, and 3 additional floors, including 4 penthouses for residential units likely presents the greatest development potential with an average of 1,200 square feet per unit, and using an average construction cost of $125 per sq. feet offers a profit margin In an area known for its vibrant downtown core and highest walkability scores in the nation.

The property has previously undergone preliminary planning for the city's "Corridor Residential Traditional Districts" and is considered CRT2 which can be applied for mixed use, and is the perfect location for mixed-use, retail, restaurant, or professional offices. It is easily accessible to I-275 and sits at a 29 foot elevation placing it well above the flood plane.

This parcel is a gateway to Midtown, an area that has been a part of key re-investment efforts with a rich community fabric. Three major hospitals: John Hopkins Children’s Hospital, Bay Front, and Saint Anthony’s are less than a half mile away, and downtown Saint Petersburg is within 1.5 miles as is the Tropicana Dome, Mahaffey Theater, Dali Museum, University of South Florida, Vinoy Park, and the Marina.

The subject property falls under the "Corridor Residential Traditional Districts" (CRT) repurposing plans. The purpose of the CRT district is to encourage the development of townhomes, condominiums, apartment buildings and mixed-use buildings in the area while being appropriately scaled to the context of the surrounding architecture and to facilitate conversion of any remaining single-family homes into limited retail uses or offices.

Redevelopment of surrounding areas has already been underway for some time i.e. the Historic Roser Park area which is just blocks away. The local rehab and redevelopment has welcomed many professionals to the area as well. The John Hopkins health care centers and offices have entered into this market with a heavy presence.

Location