Capstone Offering: ±285-Unit Infill Development Opportunity

The Lake Maggiore development site presents an excellent opportunity to develop Class A product in one of the fastest growing and most underserved suburban markets in the Tampa Bay MSA. Lake Maggiore offers a terrific location with street frontage on two of the main thoroughfares, 6th Street and 9th Street, providing easy access to bustling Downtown St. Petersburg. In addition to its high visibility location, the Lake Maggiore development site is directly accessible to critical supporting infrastructure including 275. Therefore, it is a short commute to all of the major employment centers and lifestyle amenities outside of the Downtown Corridor, such as the Carillon Business Park, Gateway Business District, surrounding cities within the Tampa Bay MSA, and world renowned beaches.

The Lake Maggiore development site is ideal for a medium density, wood frame surface parking community (3 or 4 stories). Moreover, the site offers the ability to acquire one of the last remaining large infill parcels slated for 250+ unit multi-family development within close proximity to Downtown St. Petersburg. The current zoning (NSM-1 and CCT-1) allows for apartment development with a density allotment up to 21 units per acre with workforce housing bonuses, subject to site plan approval. Due to the dual zoning on this site, there is a development agreement in place by current ownership which allows for 13.59+/- acres for multi-family use and 1.28+/- acres of general commercial use along the easterly boundary of the site. This commercially zoned acreage is driven to provide up to 20,000 SF of multi-tenant retail street frontage to complement the addition of multi-family dwellings on the remainder of the parcel.

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