Investment Summary
Purchase Price $2,200,000 Seller may consider holding a first mortgage financing We would entertain a partnership arrangement (joint venture), where your investment would fund the completion of the project and we would complete the project and put the property “in service”. It may be possible to obtain federal tax credits for the re-hab of this property. We have had successful experience in this in the past and could assist you in “moving forward” with this. You could receive as much as 20% of the cost of re-hab off the bottom-line of your tax return (really could add value to this investment opportunity). Transferable Development Rights (TDRs) - The property is designated “historical” by the city of Saint Petersburg. It may be possible to obtain approximately 380,000 – 400,000 square feet of transferable “air rights”. This could mean that you could use or sell these air rights in the “core district” of Saint Petersburg to add density to a property or development.
End User:
1. Assisted Living Faculty (ALF): The current permit and plans are for a hotel. The standards for a hotel and ALF are very similar and the property would be very conducive to independent living or assisting living. 2. Wellness: We are very active in the wellness and alternative healing community. This use could be the “highest use” of this property. Medical tourism (wellness) is a huge market, bringing skilled labor (higher paying jobs), and attracting guest from all over the world with very little impact on the community (no cars, no traffic). We can assist you in this end user. This is an excellent opportunity for foreign investors wishing to invest in the United States. We can assist you in setting the protocol for any type wellness center. 3. Extended Stay: The rooms are conducive for “extended stay”. They are bigger than a regular hotel room. Cooking would not be permitted in the room per the city (no stove/ranges), but the common area could provide the services needed for extended stay.
Call Today To See The Property or To Discuss The Details! Mark Tong Ph. 727 455-2260
CRYSTAL BAY PROPERTIES, LLC – 11580 OAKHURST ROAD LARGO FL 33774
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