490 1st Ave S, St. Petersburg, FL, 33701, US

490 1st Ave S

Description

Jones Lang Lasalle, Inc (“JLL”) is pleased to present a premier ±1.25-acre land redevelopment site at 490 1st Ave S in downtown St. Petersburg's central business district. With DC-1 zoning and CBD future land use designation, the site is ideally positioned for high-rise residential development to capitalize on downtown's robust luxury residential market. The existing vacant office building will be demolished by the seller prior to closing, delivering a shovel-ready opportunity in one of Florida's fastest-growing urban markets.

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Attributes

Land area gross

0.51 ha

Parcel

19-31-17-90995-001-0020

Zoning

DC-1

Media

Investment highlights

Limited Inventory and High Demand: The Downtown area has limited available land for new developments, which has resulted in high demand and an opportunity to develop in a competitive real estate market. Only 287 units are currently under construction downtown when combining both market-rate multifamily and condo developments.

Strong Residential Market: With the growing popularity of urban living - specifically in St. Petersburg for its live-work-play amenities - the downtown rental and condo markets remain robust with fundamentals poised to outperform for the foreseeable future as the area keeps evolving and companies continue to expand within downtown.

Strategic and Convenient Location: The Site boasts exceptional walkability in downtown St. Petersburg’s lively atmosphere, featuring a mix of restaurants, breweries, parks, and locally owned shops. It is also just a 5-minute walk to Publix at University Village and less than 10 minutes to Tampa Bay, providing residents with an excellent quality of life.

Major Downtown Employers: Leading employers in the area include major healthcare institutions such as St. Anthony’s Hospital (393 beds), Bayfront Health (480 beds), and Johns Hopkins All Children’s Hospital (259 beds), along with the University of South Florida–St. Petersburg campus.