Mitchell at Terra Ceia - Land Sale

9025 U.S. 41, Palmetto, FL, 34221, US

Description

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.

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Attributes

Parcel

631800409

Land area gross

9.16 acres

Zoning

Planned Residential Development / Res-9

Media

Investment Highlights

Shovel-ready development site with approvals in-place for a 183-unit, surface parked multifamily development with controlled access, elevators, and air-conditioned corridors.
Exceptional area demographics with 9.6% projected rent growth by 2030, household incomes above $120,000, and major corporate investment in the region.
Approved under the 2025 impact fee schedule. Significant increases for 2026 have already been adopted with go-forward increases scheduled as well, all representing a significant barrier to entry for future projects.
Entitled under the Livable Manatee incentive program – 25% of units are subject to 120% of AMI rent limits which will not impact revenues. Future development will be capped at a more restrictive 80% of AMI.