SARASOTA, Fla. (January 7, 2019) – Advisors Tony Veldkamp, CCIM, and Matt Fenske of SVN Commercial Advisory Group market and coordinate the sale of a 3.4-acre property critical to a community redevelopment project in Palmetto, Fla. The city is asking $2.95 million for the acreage at 301 Eighth Ave. W. and three adjoining properties fronting Riverside Drive.
“This is one of the most coveted development sites in Manatee County,” said Fenske. “The beautiful views of the Manatee River, as well as the proximity to many tourist attractions make this site attractive for a dynamic mixed-use project that could incorporate anything from residential condominiums to multifamily to a hotel, in addition to retail.”
The city of Palmetto and its Community Redevelopment Agency (CRA) are seeking bids from potentials buyers who will enhance the ongoing development in the downtown core and bring more commerce and employment to the area. The city acquired the property about six years ago.
Jeff Burton, director of the Palmetto CRA, said that the city’s vision for this property is prime development – a set of improvements that will effectively make it “a gateway into Palmetto.” Neighboring properties are already poised to add value to the area, he said.
“The area that surrounds the property has gone through massive public and private redevelopment,” Burton said. “For example, one of Florida’s fastest-growing corporations purchased the adjoining property. Then they redeveloped it into their corporate headquarters.”
Among the redevelopment projects that Palmetto has undertaken – work totaling $20 million – is a boating facility at Riverside Park that adjoins the property. Improvements to the area will continue well after the sale. This will include $16 million in street improvements.
To obtain the listing, SVN recently presented a detailed marketing plan to the CRA. “SVN’s local presence, coupled with our national reach will allow us to market the property effectively to a nationwide network of brokers and developers,” Veldkamp said. “We’re confident we’ll find just the right buyer for this important piece of property.”
View the Property here: https://suncoastsvn.com/properties/?propertyId=384746-sale
Contacts
Tony Veldkamp, CCIM, senior advisor, SVN Commercial Advisory Group, 941-487-6990 / tony.veldkamp@svn.com
Ken Zeszutko, Z Corp. PR, 321-213-1818 / kenz@zcorppr.com