Purchase Information:
Price: $6,900,000
Offered by: Prime Dunedin LC
Contact: Bill Kimpton
William J. Kimpton, P.A.
605 Palm Blvd , Suite B
Dunedin , Florida 34698
Phone: 727-733-7500
Fax: 727-733-7511
Location: Located in charming small town, Dunedin Florida at 200 Main St. Property is on the ICW, overlooks city marina, walk to restaurants & shopping.
Features: 46 unit condo, plus 9,501 sf restaurant/retail
Approved project with vested site plan, submitted for building permit, sales office on site, recreation center completed, project ready to go.
Plan: Purchase land, rec building, & plans @ deep discount, wait for condo market or build all suites hotel
Property Addresses : 200 Main St, 226 Main St and 821 Victoria
Zoning : Downtown Core. Permitted uses include a mix residential, hotel, restaurant, commercial and office.
Site Features : The Marina project site is a prime 1.67 acre site with frontage on Main St, Victoria Dr and the water. Located where Edgewater Dr and Main Street meet the Intracoastal at the heart of Dunedin, Florida. Seen by 17,000 drivers daily. Property has water frontage and bottom land ownership. Water views in multiple directions.
Vested Site Plan : A local developer, Prime Dunedin LC, currently has the only approved waterfront condo/mixed use project in the area, and seems likely to remain so. After approving this Final Site Plan with 46 units, commercial uses, and 6-story height, the city effectively down-zoned the rest of the town with new regulations that reduced allowable heights. Recent Ordinance revision vests this plan until August 21, 2013. Complete site engineering completed by Gaylor Engineering.
Current Plan Description : The project and its amenities are designed for the empty-nester market as luxury primary residences or second homes. The units average 2,500 sf and feature spacious open plans, large balconies, gourmet kitchens, and all the features of a luxury single family home, such as great storage and a 2 car garage, without the maintenance. 40 of the 46 units have great water views and residents can walk to over 30 restaurants and 100 shops in the downtown area, including the project’s proposed waterview restaurant with terrace dining. Complete construction plans completed by Curts Gaines Hall Jones Architects. See www.marinadunedin.com for more details.
Alternative Plan Concept: The existing building envelope could be used to accommodate an all suites hotel of 85 to 100 rooms. This plan would entail a central atrium at the upper levels, with the lobby and commercial space on the first floor converted to hotel lobby and administration. The restaurant and parking would remain as planned. Because the current site plan exceeds the current allowable height, a proposal to the City of Dunedin to enter into a Development Agreement for a suites hotel use of the approved plan would be the recommended approach. Several city commissioners and downtown merchants have recently advocated additional hotel rooms as an economic stimulant to downtown.
Vacant Land : 200 Main St and 226 Main St are vacant land. These are the former sites of the Sunblest Apartments and Bay Palms Motel. Demolition occurred in 2006, after Phase 1 Environmental and Asbestos Reports were prepared, which reports are available upon request.
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Victoria Drive : The 1902 home on this site has been completely transformed into the recreation facility for the project. Downstairs, the plan includes a multi-use room, a library, a catering kitchen, public restrooms. Upstairs, the plan features two guest suites with private baths, as well as a card room. This charming home is now fully compliant with hurricane codes and is designed for assembly occupancy downstairs and residential upstairs. The building is fully sprinklered, has a commercial elevator and impact resistant doors and windows.
Neighborhood