Future Projects
St petersburg urban infill
We purchased this property just North of the highly-sought-after St. Petersburg Arts District and we promptly demolished the older home that was on the site. Our architects and general contractors got right to work at submitting plans to the City for a new, two-story home on the site. Those plans were approved in Mid-April of 2023. Construction is expected to begin by June 1, 2023 with completion expected six-months later.
Purchase price: $187,000
Purchase price: $187,000
Construction Budget: $385,000
Expected Sales Price: $1,000,000
St Petersburg Townhome Project
Purchase Price: $437,000
Construction Cost: $2,488,892
Est Sales Price:
$5,626,000
In June of 2021, we purchased a 0.23 acre parcel with an old, distressed home on it right in the heart of St. Pete’s thriving warehouse and arts district. We’ve demolished the home and prepared the site for four 2921 sf townhomes within a short one-block walk to the shops and restaurants of St. Petersburg’s arts district. When we worked up the numbers for the purchase, similar properties were selling for $875,000 – $900,000. Current comparable sales, however, are selling for in excess of $1.3 million per unit. A recent comparative market analysis (CMA) lists several similar comparables from the immediate area ranging in price from $418/sf to $550/sf with the average being $473/sf. At that average, the market would suggest a value of approximately $1,381,633 per unit.
The old structure has been razed and the architect has completed the floor plans. The project is currently in permitting with an estimated groundbreaking of Q1 of 2024 and completion and sale of all units by early of 2025.
The floor plans are complete and are simply being tweaked, a general contractor is in place, and plans are quickly moving forward for an on-time start date.
Davis Islands New Construction
We jumped at the chance to purchase this 0.16 acre Davis Islands parcel that had an older home on it. We’ve since razed the structure and we worked with an architect to finalize plans to construct a two-story, high-end single-family home just a block-and-a-half’s walk to the restaurants and shops of Davis Islands. It’s all currently in permitting.
Property Purchase Price: $825,00
Estimated Build Out: $875,000
Total Project Cost: $1,700.000
Cash Already Injected: $919,000
Estimated Sales Price: $2,900,000
