This project proposal summary highlights assessment for the highest and best use for two city blocks along the north side of West Bay Drive, Largo FL 33770. The site area includes twelve parcels of land totaling +/-2.76 acres bounded on the North by 1st Ave NW and on the South by West Bay Drive between 5th Street and Ridge Road. The site is located within the designated West Bay Drive Community Redevelopment District which provides a variety of financial incentives for redevelopment.
2. INTRODUCTION
This project proposal summary highlights assessment for
the highest and best use for two city blocks along the north
side of West Bay Drive, Largo FL 33770. The site area
includes twelve parcels of land totaling +/-2.76 acres
bounded on the North by 1st Ave NW and on the South by
West Bay Drive between 5th Street and Ridge Road. The
site is located within the designated West Bay Drive
Community Redevelopment District which provides a
variety of financial incentives for redevelopment. It is
zoned Mixed Use Development (MUD). After a
thorough market and financial feasibility analysis of
potential uses for the site, Square Peg Development LLC
has determined that a mixed-use development featuring
123 residential units, 61,500+/- gross square feet of
commercial space, and accompanying structured parking
would garner the least risk and greatest return from the
market.
Project Description:
Based on the Investment Strategy, the Manger
identified the target project as a mixed-use
development project located on two city blocks along the
north side of West Bay Drive, Largo FL 33770. The site
area includes twelve parcels of land totaling +/- 2.76
acres bounded on the North by 1st Ave NW and on the
South by West Bay Drive between 5th Street and Ridge
Road. See Figure 1, below. It has frontage of almost
600 feet on West Bay Drive and is located between
two major north/south arterial roadways that have
daily traffic counts in excess of 36,000 AADT.
February 2016
Cautionary Note Regarding Forward-
Looking Statements:
Information in this release that involves the
expectations, plans, intentions or strategies
of the Company regarding the future are
forward‐looking statements that are not
facts and involve a number of risks and
uncertainties. In this release, they are
identified by references to dates after the
date of this release and words such as
"will," "remains," "to be," "plans,"
"believes," "may," "expects," "intends," and
similar expressions. Factors that could
cause actual future results to differ
materially from those expressed in the
forward‐looking statements set forth in this
release include, but are not limited to, the
timing and successful completion of the
engagement. The forward‐ looking
statements in this release are based upon
information available to the Company as of
the date of this release, and the Company
assumes no obligation to update any such
forward‐looking statements. Forward‐looking
statements believed to be true when made
may ultimately prove to be incorrect. These
statements are not guarantees of future
performance and are subject to risks,
uncertainties and other factors, some of
which are beyond our control and may
cause actual results to differ materially from
our current expectations.
3. Unprecedented vitality in U.S. rental apartments
Rental apartments are still outperforming in
the U.S., with rental growth accelerating to
its highest pace this cycle and all major
markets registering positive absorption.
Institutional investment volumes continue to
grow in Europe, with Germany achieving a
record year for transaction volumes and the
UK market expected to gather speed through
2016. Sales activity has continued to decline
in Dubai, although falls in prices have been
modest. In Asia, an accommodative policy
stance, including a cut in interest rates, has
provided support for high-end sales volumes
in China.
Unprecedented vitality in U.S. rental
apartments
Rental growth for apartments in the United
States remained strong throughout tracked
markets in 2015. Nationally, rents have
accelerated to 4.3% growth year-on-year,
representing the fastest rate of increase this
cycle and the largest advance since the
second quarter of 2008. Thirteen markets
have seen rental growth in excess of 5%
year-on-year, with Western and Southeast
regional markets seeing the greatest uplifts in
rents. Yearly absorption on a national level
continues to be unchanged at 1.6%, with all
major markets demonstrating positive
absorption.
4.
5. Average Rental Rates in Largo, FL
In order to provide you with the
most relevant information during
your apartment search in Largo,
Florida, the following summary
offers up-to-date statistics regarding
average rental rates as of March.
These averages were generated using
804 applicable apartment listings
that were posted throughout this
month in Largo. The average price of
a studio apartment in Largo is
$1,258. A one bedroom apartment
has an average list price of $1,013. If
you’re interested in an apartment
with several rooms in Largo, then, on
average, a two bedroom rental will
cost you $1,095. Average rent for a
three bedroom apartment is $1,561.
6. Average Rents for Locations Near Largo, FL
In Largo, Fl, a two bedroom rental
will on average cost $1,095. Belleair
Beach, Fl, where the average price of
a two bedroom apartment costs
$2,783. Indian Rocks Beach, Fl is
another alternative. The average
price of a two bedroom rental in
Indian Rocks Beach, Fl is $2,267. In
Clearwater, Fl, the average price of a
two bedroom rental runs $1,430. The
neighboring community of Seminole,
Fl has an average rental price of
$1,425 for a two bedroom rental.
Also nearby is Indian Shores, Fl. The
average cost of a two bedroom rental
property in Indian Shores, Fl is
$2,137. Another potential option is
Redington Shores, Fl, where a two
bedroom rental has an average cost
of $1,900. Pinellas Park, Fl. The
average price of a two bedroom
apartment in Pinellas Park, Fl is
$1,130.
7. Largo, FL, Rental History and Trends
According to rental history data,
as of March, any changes to the
average rental rates for Largo,
Florida, from October to March
is reflected in the following
averages. These average rates
were generated using 2364
apartment listings that were
posted throughout the past six
months in Largo. The average
rental rate in October was
$1,096, as compared to one-
month later during November,
which was $1,092. In December,
the average rental rate was
$1,102 while in January the
average rental price was $1,120.
Most recently, in February and
March, the average rental prices
were $1,119 and $1,095,
respectively.
16. Jerry Lewless
Licensed Florida Real Estate Broker
407-353-8139
JLewless@SmithMcIntosh.com
www.SmithMcIntosh.com
1971 Lee Road, Suite B
Winter Park, FL 32789
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