MLS® ID: U8022753
922 S 6TH AVENUE
ST PETERSBURG, Florida, 33705 $1,150,000
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-1 (Corridor Residential) with a maximum density of 24 units per acre 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.