Mitchell at Terra Ceia - Land Sale

Jones Lang LaSalle (“JLL”) is pleased to exclusively offer the opportunity to acquire the fee simple interest in the Mitchell at Terra Ceia (the “Property” or “Site”), a 9.16-acre shovel-ready development site in Palmetto, FL.

Situated between the 1,898-acre Terra Ceia Preserve State Park and US-41 in a high-growth corridor of Tampa Bay, the Site is ideally positioned to benefit from the area’s surging population, job growth and the natural beauty of the region.

With approvals for a 183-unit garden-style multifamily development in place, the Mitchell at Terra Ceia represents the rare opportunity to acquire a development site with grandfathered entitlements that are no longer available. Entitled under the Livable Manatee affordable housing incentive program, 25% of units (46) are designated for renters at or below 120% of area AMI. Affordable units have no SF limitations and are allocated 100% to one-bedroom units in the approved plans. While not affecting the in-place approvals, future projects will now be required to restrict affordable units to 80% of AMI and pay substantially higher impact fees – a significant hurdle to feasibility.