tierra verde resort site - loopnet€¦ · generational 1.71-acre waterfront development site on...

TIERRA VERDE RESORT SITEOFFERING SUMMARY

Generational 1.71-acre Waterfront Development Site on Tierra Verde, One of the Gulf Coast's Most Exclusive Destinations

TIERRA VERDE RESORT SITE

Gulf of Mexico ST. PETE BEACH7th Best Beach in America

Dents Channel

PASS-A-GRILLE BEACH

SUNSET POINTE AT COLLANY KEYNew condo project starting in the low $1,000,000's

PINELLAS BAYWAY

EXECUTIVE SUMMARY

| 2 | TIERRA VERDE RESORT

THE OPPORTUNIT YHolliday Fenoglio Fowler, L.P. (“HFF”) is pleased to present the Tierra Verde Resort Site (the “Property” or “Site”), an extremely rare +/- 1.71-acre waterfront development site on the exclusive island of Tierra Verde, a deed-restricted community boasting multi-million dollar homes, expansive views of the Gulf of Mexico, and direct access to Fort De Soto, twice ranked the top beach in the U.S. by TripAdvisor.

Extremely strong lodging fundamentals and several recent high-price transactions on nearby St. Pete Beach combined with condo prices at the adjacent Sunset Pointe at Collany Key starting in the low $1,000,000’s make the Site one of the premier opportunities on the West Coast of Florida to deliver a luxury hotel or condominium-hotel in an extremely sought-after, high-barriers-to-entry destination.

PROPERTY DETAILS

Location Pinellas Bayway (Unincorporated) & Collany Road (Unincorporated)

Tax Parcel # Pinellas County

County 20-32-16-90864-025-0101 & 30-32-16-00000-110-0100

Gross Acreage (approx.) +/- 1.71 Acres

Zoning C-2 (General Retail Commercial and Limited Services)

Future Land Use CG (Commercial General)

Approved Uses Hotel, condo-hotel, retail, office, restaurant, multi-family*

Max Height 75’ (45’ when located within 50’ of a residential zone)

Site Conditions Site to be delivered “as-is”

Utilities All utilities are fully available

Density Hospitality: 40 units per acre, or up to 60 units per acre if designated on the Zoning Atlas with the Transient Accommodation Use Overlay; Commercial: 0.55 FAR

*The property is located in a Coastal Storm Area, which prohibits multi-family development under the CG future land use. A change in the future land use would be required in order to develop a multi-family project.

EXECUTIVE SUMMARY

TIERRA VERDE RESORT | 3 |

PROPERTY HIGHLIGHTS

Extremely rare offering of a waterfront development site within the highly sought-after, extreme-barriers-to-entry community of Tierra Verde.

Ideal site for a luxury hotel or condominium hotel in one of the top-performing hospitality markets in the U.S. The Site would also be well-suited for a residential down-zoning to allow for the development of a high-end single-family home community.

Located nearly adjacent to Sunset Pointe at Collany Key, a newly developed condominium community boasting sales prices starting in the low $1,000,000’s to over $4,000,000 for the penthouse units.

Remarkable neighborhood demographics with an average household income of over $130,000 within a one-mile radius.

MARKET HIGHLIGHTS

Tampa/St. Petersburg ranked in the top 5 in RevPAR growth each year from 2015 to 2017 on the heels of record visitation, explosive population growth, and significant corporate expansion.

The Property is located minutes away from world-famous beaches, including Clearwater Beach (TripAdvisor’s #1 beach in the U.S. in 2018) and St. Pete Beach (TripAdvisor’s #7 beach in the U.S. in 2018). Tierra Verde also serves as the gateway to Fort De Soto Park which ranked as the #1 beach in 2008 and 2009 by TripAdvisor.

Nearby Downtown St. Petersburg, a flourishing international tourist destination, has 18 museums and galleries including the Salvador Dali Museum housing the artist’s largest collection outside of Europe.

EXECUTIVE SUMMARY


• St. Petersburg’s GDP grew by 4.2% over the past 5 years, which beats 90% of cities considered in the study (SmartAsset, 2017).

• Strong demographics – the average household income in a 3 mile radius surrounding the site is $128,989.

• According to Zillow, the median home value in Tierra Verde is $484,000, up 7.9% from a year ago and is projected to climb another 6.2% in 2019. Homes in the brand-new Sunset Pointe at Collany Key, located adjacent to the Property, are starting in the low $1,000,000’s and selling for over $4,000,000 for the penthouse units.

DEMOGRAPHICS1 MILE 3 MILE 5 MILE

2019 Population 3,385 10,052 41,531

Historical Population Growth (2010-2019) 5.1% 5.7% 8.1%

Projected Population Growth (2019 - 2024) 4.4% 4.6% 5.4%

Average Household Income $132,253 $128,990 $94,585

Median Household Income $102,791 $95,124 $61,276

Median Age 58.1 61.2 55.9

% Some College or Higher 87.9% 86.0% 74.9%

% White Collar Employed 84.2% 85.4% 72.4%

TREMENDOUS JOB GROWTH IN TAMPA/ST. PETERSBURG MSA

#1IN FLORIDA FOR SCIENCE, TECH, ENGINEERING, &

MATH (STEM) JOB GROWTH

8.2%JOB GROWTH IN PROFESSIONAL AND BUSINESS SERVICES OVER LAST 3 YEARS

6FORTUNE 500 COMPANIES

2.0%JOB GROWTH

YOY (NOVEMBER 2018)

3.0%UNEMPLOYMENT

RATE (NOVEMBER

2018)

30,000NEW JOBS YOY

(NOVEMBER 2018)

EXECUTIVE SUMMARY

TIERRA VERDE RESORT | 5 |

275Interstate

60

ST. PETERSBURG

TAMPA

Gulf of Mexico

HillsboroughBay

Tampa Bay

HYATT REGENCY RESORT AND SPA

OPAL SANDS RESORT

THE DON CESAR

ST. PETERSBURG


MACDILL AIRFORCE BASENumber of Employees: 18,000

DOWNTOWN ST. PETE OFFICE MARKETOffice Space: 4.3mm SFVacancy Rate: 10.9%Number of Employees: 30,000

GATEWAY OFFICE MARKETOffice Space: 9.2mm SFVacancy Rate: 8.3%Number of Employees: 60,000

WESTSHORE OFFICE MARKETOffice Space: 12.75mm SFVacancy Rate: 11.0%Number of Employees: 97,000+

DOWNTOWN TAMPA OFFICE MARKETOffice Space: 10.5mmVacancy Rate: 7.9%Number of Employees: 66,580

MAJOR ECONOMIC DRIVERS

EXECUTIVE SUMMARY


THE DON CESAR4.5 Star Hotel

SHELL KEY PRESERVE

Dents Channel

ST. PETE BEACH7th Best Beach in America

PARDEE KEY

PARADISE KEYWaterfront Homes up to $2.85mm

PINE KEYWaterfront Homes up to $2.5mm

PASS-A-GRILLE

SUNSET POINTE AT COLLANY KEYBrand new condo community selling from the low $1,000,000's

PINELLAS BAYWAY - 4,600 VPD


HOLIDAY ISLAND VACATION RENTALS4 Star

WESTSHORE AT TIERRA VERDEWaterfront Homes up to $5.5mm

Gulf of Mexico

This Offering Memorandum has been prepared by HFF for use by a limited number of recipients. All information contained herein has been obtained from sources other than HFF, and neither Owner nor HFF, nor their respective equity holders, officers, employees and agents makes any representations or warranties, expressed or implied, as to the accuracy or completeness of the information contained herein. Further, the Offering Memorandum does not constitute a representation that no change in the business or affairs of the property or the Owner has occurred since the date of the preparation of the Offering Memorandum. All analysis and verification of the information contained in the Offering Memorandum is solely the responsibility of the recipient. HFF and Owner and their respective officers, directors, employees, equity holders and agents expressly disclaim any and all liability that may be based upon or relate to the use of the information contained in this Offering Memorandum.

Additional information and an opportunity to inspect the property will be made available upon written request to interested and qualified prospective investors.

Owner and HFF each expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers regarding the property and/or terminate discussions with any entity at any time with or without notice. Owner shall have no legal commitment or obligations to any recipient reviewing this Offering Memorandum or making an offer to purchase the property unless and until such offer is approved by Owner, a written agreement for the purchase

of the property has been fully executed, delivered and approved by Owner and its legal counsel, and any obligations set by Owner thereunder have been satisfied or waived.

The recipient (“Recipient”) agrees that (a) the Offering Memorandum and its contents are confidential information, except for such information contained in the Offering Memorandum, which is a matter of public record, or is provided from sources available to the public (b) the Recipient, the Recipient’s employees, agents and consultants (collectively, the “need to know parties”) will hold and treat it in the strictest of confidence, and the Recipient and the need to know parties will not, directly or indirectly, disclose or permit anyone else to disclose its contents to any other person, firm, or entity without the prior written authorization of HFF and the Owner, and (c) the Recipient and the need to know parties will not use or permit to be used this Offering Memorandum or its contents in any fashion or manner detrimental to the interest of the Owner or HFF or for any purpose other than use in considering whether to purchase the property. The Recipient and the need to know parties agree to keep this Offering Memorandum and all confidential information contained herein permanently confidential and further agree to use this Offering Memorandum for the purpose set forth above. If the Recipient has no interest in the property, or if in the future the Recipient or owner discontinue such negotiations, the Recipient will return this Offering Memorandum to HFF

©2019 Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.

MATT MITCHELLSenior Managing [email protected]

WYATT [email protected]

ZACH NOLANSenior [email protected]

DREW [email protected]

BRETT MOSSSenior [email protected]

DEBT PLACEMENTINVESTMENT ADVISORY

JARROD [email protected]

BRIAN [email protected]

PRESTON [email protected]

tierra verde resort site - loopnet€¦ · generational 1.71-acre waterfront development site on...

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