Vacant 8.38-Acre Parcel In Largo Sells For $6 Million

The property is zoned for general commercial use, which includes single- and multi-family developments, commercial office and medical.

LARGO, FL — Lantower Largo HWY 19 Tampa LP, a Delaware limited partnership, has purchased an 8.38-acre plot of land on U.S. 19 just south of Whitney Road in Largo for $6 million.

The property is one of the few vacant lots on this stretch of U.S. 19, one of the most heavily traveled roads in Pinellas County, with more than 79,000 cars passing this property each day.

The buyer has not disclosed its plans for the property. However, the property is zoned for general commercial use, which can include single-family and multi-family developments, commercial office, medical, lodging, and arts and entertainment.

“The property is less than a mile from Tri-City Plaza, which is anchored by a Publix and L.A. Fitness, making it an ideal location for office, multifamily or hospitality development,” said John Gerlach, executive managing director of investment services at Colliers International Tampa Bay. “Retail is also thriving in this area, and the frontage on U.S. 19 would provide ideal visibility for a new retail center or big-box store.”

During the marketing process, the City of Largo proposed an increase in density for the area. The land sold for $800,000 over asking price after a competitive bidding process.

“We saw a great deal of activity on this property, with a number of interested parties actively pursuing the land,” said Gerlach. “The proposed increase in density made this land particularly attractive to developers. We’re interested to see what the buyers do with this highly coveted property on U.S. 19.”

SOURCE: patch.com