Vero Beach, FL
112 Acres/267 units planned
Price: $2,999,000
Original Cost: $14,968,000
20% LTV
Site includes a total of 112 gross acres. The subject property is approved for 267 unites planned residential development, including 177 SFH's and 90 townhouses. Reflective density of 2.37 units per acre.  Project approved by city of Vero Beach and $2.5M impact fees have already been paid and are transferable. Vero Beach has agreed to renew all permits as needed. This project is selling for pennies on the dollar for just the land value today, not including the due diligence and permitting. Other sites in the area for sale are 75 acres for $4.5M and 135 acres for $8.4M with no permits or approvals.