Site # 1 (Intracoastal Waterway)

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1 Presented by: David P. Grieco, CCIM Coldwell Banker Sun Vista Realty Gulf Blvd. Indian Shores, FL Cell: Office: About This Offering: Consists of two major sites totaling 4 acres in the beach community of Indian Shores, Florida. The Intracoastal Waterway and the adjacent Gulf front sites are being offered as a package for a total asking price of $3,800,000. Offers for the individual sites may be considered. These properties are bank owned. Listing: This is an exclusive listing of Coldwell Banker Sun Vista Realty and David P. Grieco, Broker. This prospectus is a brief overview of the Offering. Additional details are readily available upon request. The Community: The Town of Indian Shores is located on Florida s West Coast along the barrier islands of Pinellas County. The town is part of the Tampa St. Petersburg Clearwater metro area and is approximately 25 miles from Tampa. Indian Shores is about 4 miles long running north-south and 3 to 4 blocks in width. The population is approximately In 2000, Indian Shores had a medium family income of $61,641 and is one of the wealthiest towns in Florida. Main Road Frontage: Both sites are located on Gulf Boulevard, the main access road for Pinellas County s beach communities. Over the past four years, in the Town of Indian Shores, Gulf Boulevard has been going through a major transformation with a complete replacement of the infrastructure, resurfacing, burying of the overhead utilities and providing pedestrian friendly walkways. Site # 1 (Intracoastal Waterway) Intracoastal Waterway Site: Vacant land approximately 3.5+ acres located directly on the Intracoastal Waterway. Approximate dimensions (refer to the accompanying survey for specific dimensions) are 440 directly on the waterway, 405 on Gulf Blvd. and the side yards are approximately 380 each. History: This site was formerly the location of the Hungry Fisherman Restaurant which subsequently became Fathoms Restaurant. It was purchased in 2005 with the intent of being developed as a 63 unit luxury condominium project (Atlantis West Beach Club) with 17 boat slips and an adjacent Gulf front beach club (see Site #2). Demolition of all building structures occurred in 07 and 08. Address: Gulf Blvd., Indian Shores, Florida Zoning Classification: Residential / Office / Retail (ROR) Permitted Uses (ROR): Single-family, multiple- family, apartments, tourist lodging facility (hotel, motel, motor lodge, interval occupancy facility), residential condominium unit, efficiency apartments, offices, business or commercial facility, multi-purpose building (mix use of residential and commercial), cultural arts center. Special Uses: The following uses may be permitted in zoning district ROR only as special use exceptions by the town council at a public hearing: Adult congregate living facility, Recreational facilities, public utilities facilities, travel parks for recreational vehicles. 1

2 Maximum Density: 18.0 residential units per buildable acre. This site s maximum residential density calculation is 64 units. Building Height: The maximum allowable height is 5 stories / 50 feet in height from the top of piling. It may be possible to go 6 floors with incentives per code. Floor Area Ratio: For non-residential use the maximum Floor Area Ratio is 40 percent. Boat Slips: 17 deep water transient slips were approved with a dock area of 2950 sq. ft. The permit has since lapsed Taxable Value: $3,455, Real Estates Taxes: $ 59,500 Site # 2 (Gulf Front) Gulf Front Site: Vacant land approximately 1/2 acres located directly on the Gulf of Mexico. Approximate dimensions (refer to the accompanying survey for specific dimensions) are 90 of Gulf front, 90 on Gulf Blvd. and 240 side yards. History: The south 45 x 240 lot had a single family home and the north 45 x 240 lot had a multi-family rental unit when sold in 2005 for $4,500,000. In January of 2006 Atlantis West purchased both 45 lots for $7,000,000. The intended use of this site was for 4 luxury condominiums and a beach club which would serve as part of the amenities package for the whole development. The developer attempted to have an overpass (pedestrian walkway) approved by the municipality to connect both properties. The concept was not approved. Address: and Gulf Blvd., Indian Shores, Florida Zoning Classification: Resort / Facilities / Medium (RFM) Permitted Uses (RFM): One or a combination of the following uses: Single-family, multiplefamily, apartments, tourist lodging facility (hotel, motel, motor lodge, interval occupancy facility), residential condominium dwelling, efficiency apartments. Maximum Density: 18.0 residential units per buildable acre. This parcel s maximum residential density calculation is 9 units. Building Height: The maximum allowable height is 5 stories / 50 feet in height from the top of piling. It may be possible to go 6 floors with incentives per code. Floor Area Ratio: For non-residential use the maximum Floor Area Ratio is 30 percent Taxable Value: $2,524, Real Estates Taxes: $ 43,500 Rev

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5 Site Plan for the Atlantis West Beach Club project: Site #1: 63 condo units 17 boat slips Site #2: 4 units with a fitness/spa, club room and cabanas 5

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