This Offering is a Bank Owned Property that is sold as a package for

Presented by:
Email: [email protected]
Cell: 727-458-5872
Office: 727-595-1604
David P. Grieco, CCIM
Coldwell Banker Sun Vista Realty
19139 Gulf Blvd.
Indian Shores, FL 33785
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 1700. 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: 19915 Gulf Blvd., Indian Shores, Florida 33785
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.
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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.
2009 Taxable Value: $3,455,455
2009 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: 19902 and 19904 Gulf Blvd., Indian Shores, Florida 33785
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.
2009 Taxable Value: $2,524,000
2009 Real Estates Taxes: $ 43,500
Rev. 12-6--2010
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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
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