Property ID: 8260691 - Pinellas County Florida

Description: PROPERTY DESCRIPTION A rare, 1.08 acres site in the heart of St. Petersburg, FL. This site provides walkability to Tropicana Field, the Innovation District, the Edge Business District, Grand Central District, Downtown St. Petersburg, and countless other retail, business, and entertainment corridors. Johns Hopkins All Children's Hospital, Bayfront Health Hospital, and University of South Florida - St. Petersburg are all within a half mile. Condominiums, market rate apartments, or affordable housing would be ideal for this site. Please see below for possible incentives provided by the City. LOCATION DESCRIPTION Located in close proximity to the heart of Downtown St. Petersburg and a two-minute walk to Tropicana Field, this area has seen significant commercial and residential redevelopment in the past several years. Situated on Dr. M.L.K. Jr St. S and the end of 6th Ave. S in Saint Petersburg, FL. Located just at the end of the hospital corridor which houses some of the states top hospitals. The property is in close proximity to Downtown St. Pete, Tropicana Field, and has easy access to the I-175/I-275 Interstate system. CURRENT ZONING Corridor Residential Traditional (CRT-1) - Allows for up to 30 multifamily units per acre. It may be possible to rezone the property to Employment Center (same zoning as the adjacent properties to the north and east) which would allow for an FAR of up to 4.0. COMMUNITY REDEVELOPMENT AREA The property falls within the South St. Petersburg Community Redevelopment Area (CRA). The CRA was established to promote reinvestment in housing and neighborhoods, commercial corridors, business development, education and workforce development, and non-profit capacity building within the boundaries of the CRA. Through the CRA's Affordable Multifamily Housing Development Program, developers of affordable housing may qualify for an annual incentive up to $1,000 per unit per year for up to fifteen years. OPPORTUNITY ZONE The property also falls within a designated Opportunity Zone. An Opportunity Zone is a census tract that has been designated as eligible to receive private investment through Opportunity Funds. An Opportunity Fund is a private investment vehicle, certified by the Treasury, to aggregate and deploy capital in Opportunity zones. This has a variable rate commission.