Exceptional 11.1 +/- acre waterfront development opportunity in Ellenton, Florida, a bedroom community to Tampa and St. Petersburg. Site consists of three contiguous parcels with over 600 feet of direct water frontage along the scenic Manatee River on the south side, plus with just under 700 feet of canal water frontage along the east side, and nearly 1,000 feet of frontage along the heavily-trafficked US Highway 301 on the north side. The site is one of the only remining sites in Manatee County with both arterial road frontage and navigable water access. Site also has an artesian well and fiber optic high-speed internet connectivity.
Located just east of the Interstate 75 interchange in the “North River” submarket of Manatee County, the property offers excellent regional connectivity, with immediate access to I-75 via a newly-constructed $145 million interchange that has greatly improved traffic flow and reduced congestion — providing seamless travel south to Bradenton and Sarasota or north to Tampa and St. Petersburg.
The site is ideally suited for a high density/intensity mixed-use development, which could include some combination of luxury apartments or condos, hotel with a rooftop restaurant, resort with a marina, a waterfront restaurant with a day dock and/or retail outparcels.
The property’s Future Land Use (FLU) designation is Retail/Office/Residential (ROR), which allows for up to 40 dwelling units per acre with a density bonus for affordable housing and/or a mixed-use project. This is one of Manatee County’s most favorable FLU classifications, which allows for very high intensity development with a maximum potential intensity of 1.0 Floor Area Ratio (FAR).
Alternatively, the property may qualify for Florida’s recently updated Live Local Act, which allows for high density multifamily developments to be approved administratively on commercial-zoned land, if a percentage of “affordable housing” is provided.
This is a rare opportunity to capitalize on a highly visible, waterfront development site in one of the region’s fastest-growing submarkets. The scarcity and unique features of this property will help increase its value over time, making it the perfect replacement property for a 1031 buyer.
Matt Fenske
SVN | Commercial Advisory Group
