OFFERING MEMORANDUM
Downtown Development Opportunity
Entire City Block - 2.27± Acres
St. Petersburg, Florida
Offered By:
J. Mark Stroud, MAI, CCIM
Licensed Real Estate Broker
(727) 259-3635 - [email protected]
DISCLAIMER AND NOTICE TO BUYER
This Offering Memorandum was prepared by The Stroud Corporation
(“Broker”) solely for the use of prospective purchasers of the real property
commonly known as 400 Block of Central Avenue (the “Property”). Neither the
Broker nor the owner of the Property (“Owner”) makes any representation or
warranty, expressed or implied, as to the completeness or the accuracy of the
material contained in the Offering Memorandum.
Prospective purchasers of the Property are advised (i) that changes may have
occurred in the physical and/or financial condition of the Property since the
time this Offering Memorandum was prepared and (ii) that the projections
contained herein were made by Broker and not by Owner and are based upon
assumptions of events beyond the control of Broker and Owner and, therefore,
may be subject to variation. Other than historical revenue and operating
expense figures for the Property, Owner has not, and will not, provide Broker
or any prospective purchaser with any income and expense figures, budgets or
projections regarding the Property. Prospective purchasers of the Property are
advised and encouraged to conduct their own comprehensive review and
analysis of the Property.
the Offering Memorandum or making an offer to purchase the Property unless
such offer for the Property is approved by Owner and is signed by a duly
authorized signatory of Owner.
This Offering Memorandum is confidential. By accepting the Offering
Memorandum, you agree (i) that you will hold and treat the Offering
Memorandum and its contents in the strictest confidence, (ii) that you will not
photocopy or duplicate any part of the Offering Memorandum, (iii) that you will
not disclose the Offering Memorandum or any of its content to any other
entity without the prior written authorization of the Owner, and (iv) that you
will not use the Offering Memorandum in any fashion or manner detrimental to
the interest of the Owner or Broker.
Property is being offered without and Asking Price. Buyer and Seller shall be
responsible for the payment of any Brokerage Commission due their respective
representatives. Initial interest is respectfully requested in the form of a “Letter
of Intent” outlining all key business terms including:

Property is being sold in “As-Is” / “Where-Is” condition. The Broker or Owner
makes no representation as to the condition of the Property or the
leasing/development probability of the property.
It will be the sole
responsibility of the prospective purchaser to determine the condition of the
property and the leasing/development probability of the Property.
The Offering Memorandum is a solicitation of interest only and is not an offer
to sell the Property. The Owner and Broker expressly reserve the right, at their
sole discretion, to reject any or all expressions of interest or offers to purchase
the Property and expressly reserve the right, at their sole discretion, to
terminate discussions with any entity at any time with or without notice. The
Owner shall have no legal commitment or obligations to any entity reviewing




Purchase price
Amount and timing of deposits
Allocation of closing costs between Buyer and Seller
Length of due diligence and closing periods
Statement of financial capabilities
Please address “Letter of Intent” to:
Clarence E. Pheil Bypass Trust
c/o J. Mark Stroud, MAI, CCIM
The Stroud Corporation
1110 Pinellas Bayway #113
Tierra Verde, FL 33715
EXECUTIVE SUMMARY
Site Description:
The opportunity is to acquire one of the last remaining large scale development sites in
Downtown St. Petersburg, Pinellas County, FL. The Property is an entire city block in the
heart of the Central Business District. The current site is improved with an 11, 6 and 3-story
office building and parking structure of various ages. The existing structures will be
demolished prior to sale. A Phase 2 Environmental Site Assessment is underway, and the
City alley is in the process of being vacated.
Site Location:
The Property is centrally located in Downtown St. Petersburg bordered on the north by
Central Avenue, the east by 4th Street, the south by 1st Avenue South, and the west by 5th
Street. Downtown St. Petersburg is in the midst of a prolonged renaissance evidenced by
the more than 1,500 new housing units delivered or under development since 2013; the
more than 400 new condominium/townhome units currently under development; the
revitalization of the 80,000 SF upscale shopping and dining complex the Sundial;
complementing the existing 2.0 million SF of professional office space, and over 100
restaurants to provide an unmatched live-work-play environment.
Site Size:
450’ x 220’ – 99,000 SF – 2.27 acres
Site Zoning:
The Property is zoned Downtown Center–Core (DC-C, the most intensive district in the
City's schedule of regulations. This district allows the highest densities, intensities and
building height. Base approval maximum intensity within this district allows for a 4.0 FAR,
with bonus streamline approval up to 8.0 FAR without a public hearing by incorporating
certain features in the project. Intensity greater than 8.0 FAR requires a public hearing.
Intensity calculation of units per acre does not apply, and certain uses are exempt from the
FAR calculation within this district. Base approval, where the Property is located, allows a
maximum building height of 300’, with streamline approval up to 450’ without a public
hearing. For building heights over 450’ a public hearing is required. A FAA exemption letter
may also be required.
Subject Property
Location Map
Subject Property
Aerial Map
Subject Property
Aerial Map
ST. PETERSBURG – “THE SUNSHINE CITY”
St. Petersburg is the 5th largest city in Florida, home to over 250,000 residents and part of a 2.9 million person MSA. St. Petersburg combines the amenities and
variety that any large city has to offer, while providing a small-town neighborhood feel in an affordable setting. St. Petersburg has become one of the brightest spots
in the Southeast, not only as a headquarters for new businesses, but as a home for a growing, talented workforce. The city also has a superb transportation,
telecommunication, and utility infrastructure all designed to support business growth and workforce commutes.
2015 DEMOGRAPHICS
Population
Population Diversity
Cost of Living Index
Total City Population
252,372
White
68.7%
Total Households
105,040
Black
24.4%
Total MSA Population
Median Age
2,889,440
41.8
Segmentation
Female
52.3%
Male
47.7%
Married
38.9%
Unmarried
61.1%
Income
American Indian
0.2%
Asian
3.3%
Pacific Islander
0.1%
Hispanic
7.0%
Two or More Races
2.4%
Other Race Origin
0.9%
Population Age
0-14
15.8%
Average HH Income
$62,506
15-24
12.3%
Median HH Income
$45,044
25-34
13.2%
Per Capital Income
$27,972
35-44
12.9%
45-54
16.0%
Housing
Single Family Home
$169,000
55-64
13.9%
Condo/Townhouses
$120,000
65+
15.9%
Source: 2014 Bureau of Economic and Business Research; 2013 ACS 5-Year Estimates
Source: The Council for Community and Economic Research, 2014
Downtown Points
of Interest Map
Development Site
Developer:
Description:
Zoning:
Land Sale:
Land Size:
Sale Price:
Unit Price:
American Craftsman Museum
Description:
Zoning:
Land Sale:
Land Size:
Sale Price:
Unit Price:
90,000 SF Museum
DC-2
January 2014
95,900 SF – 2.20 Acres
$4,875,000
$50.83/SF
NJR Investments
20-unit Townhome Site
DC-2
August 2015
25,000 SF – .57 Acres
$3,000,000
$120.00/SF
Rowland Place (6-story)
Developer:
Description:
Zoning:
Land Sale:
Land Size:
Sale Price:
Unit Price:
JMC Communities
17 Condos
DC-3
March 2015
24,000 SF – .55 Acres
$2,140,000
$89/SF - $125,882/unit
Development Site
Developer:
Description:
Zoning:
Land Sale:
Land Size:
Sale Price:
Unit Price:
Modera 235 (8-story)
Developer:
Description:
Zoning:
Land Sale:
Land Size:
Sale Price:
Unit Price:
The Hermitage (8-story)
Developer:
Description:
Zoning:
Land Sale:
Land Size:
Sale Price:
Unit Price:
Allen Morris
348 Apartments; retail
DC-1
April 2014
88,000 SF – 2.02 Acres
$5,250,000
$59.66/SF - $15,086/unit
Development Site
Developer: The NRP Group
Description: 366 Unit Apartment Site
Zoning:
DC-1
Land Sale:
April 2015
Land Size:
98,561 SF – 2.26 Acres
Sale Price: $3,900,000*
Unit Price: $39.57/SF
*required to build parking for seller
Mill Creek Residential
309 Apartments
DC-2
November 2012
80,000 SF – 1.84 Acres
$4,000,000
$50.00/SF - $12,945/unit
SUBJECT
rd
330 3
David Mack/Greenfield
Vacant Site
DC-C
September 2015
50,000 SF – 1.15 Acres
$8,750,000
$175.00/SF
Bliss (19-story)
Developer:
Description:
Zoning:
Land Sale:
Land Size:
Sale Price:
Unit Price:
Taub Entities
29 Condos
DC-3
March 2015
20,000 SF – .46 Acres
$3,500,000
$175/SF - $120,690/unit
(19-story)
Developer:
Description:
Zoning:
Land Sale:
Land Size:
Sale Price:
Unit Price:
American Land Ventures
358 Apartments
DC-1
March 2014
125,977 SF – 2.89 Acres
$7,500,000
$59.53/SF - $20,950/unit
One St. Petersburg (41-story)
Developer: Kolter
Description: 253 Condos; 174-Key
Hotel; Retail & Parking
Zoning:
DC-C
Land Sale:
July 2014
Land Size:
88,000 SF – 2.02 Acres
Sale Price: $17,250,000
Unit Price: $196.02/SF
Beacon 430 (4-story)
Developer: The NRP Group
Description: 326 Apartments
Zoning:
DC-2
Land Sale:
December 2012
Land Size:
189,316 SF – 4.34 Acres
Sale Price: $6,000,000*
Unit Price: $31.69/SF - $18,462/unit
*required to build extra parking for seller
The Salvador (13-story)
Developer: DDA Development
Description: 74 Condos (Green
Certified)
Zoning:
DC-2
Land Sale:
January 2015
Land Size:
40,000 SF - .92 Acres
Sale Price: $3,900,000
Unit Price: $97.50/SF - $52,703/unit
Downtown Land
Sales Map