Multi Parcel Sale 2 Properties Offered at $4,699,000 in Madeira Beach, FL

Tedcorp Inc. is pleased to present this multi-parcel offering (50 153rd Ave + 15350 1st St E) within the prestigious Madeira Beach community. This property presents an exceptional opportunity for a high-rise redevelopment project, situated just one block from the shoreline and encompassing a total of 0.71 acres.
Recent appraisal has determined "Based on C-3 zoning “Transition District”, the Highest and Best Use of the property would be for 3-4 story 42-unit condo/hotel (23,100 SF) with 13,900 SF of lobby, restaurant, retail and support – 37,000 SF total (Land size 30,836 SF - .71 acres - * 1.2 FAR). Today’s value (as if built) is estimated at $18,900,000-$20,790,000 in two years (estimated time to build).”
**FULL APPRAISAL REPORT AVAILABLE UPON REQUEST**
Excerpt from Pinellas County Zoning: The C-3 Retail Commercial district is the City’s primary retail zoning district. It allows a full range of urban services and promotes a high degree of accessibility. Among the primary retail and personal service uses permitted are business offices and financial services, multi-family dwellings, temporary lodging units, and restaurants. Retail uses must be on lots of at least 4,000 square feet, and commercial structures are limited to no more than two stories (above parking). Residential units in C-3 zones may be built to three stories (above parking) in height. Developments seeking greater height must be submitted under the Planned Development (PD) zoning process, which allows for greater flexibility in the layout of the project site in exchange for more extensive review and the obligation to contribute to public capital improvement projects. The use of the PD process, while providing for flexibility in site design, does not allow a project to exceed the standards set by the Countywide Plan rules of the PPC. While the PD zoning district is available, no properties within the Town Center have this zoning designation at the present time.
Boasting picturesque ocean views to the west and canal views to the east, this property offers an ideal location with stunning water views that future residents will undoubtedly appreciate. The neighborhood features key retailers such as Aldi and Publix and is conveniently located near John's Pass Village.
Notable developments:
Madeira Beach Town Center: This is a large mixed-use project that includes two new condominium buildings (90 units total), a new hotel with 148 rooms, and another hotel with 168 rooms plus 10 penthouse units. The master plan was completed in 2017, and it includes redeveloping Madeira Way into a pedestrian-friendly street with shops and cafes.
The Beachmaker: This is a Marriott Autograph Collection condo hotel planned for 15000 Madeira Way, featuring 161 residences and 10 penthouse units. It is slated to have extensive amenities, including restaurants, pools, and banquet facilities.
Waterfront Parcel Acquisition: The city recently voted to purchase a 4.6-acre waterfront parcel for $18 million. This is intended to help ease crowding at the city marina and will provide a new site for the public works facility.
Other projects: Other projects in various stages include a new 87-room hotel at John's Pass Village, a 56-room boutique hotel at Schooner Resort, a 47-room boutique hotel at Sandalwood Resort, and 12 townhomes at Azul Townhomes.
The C-3, retail commercial district correlates with the commercial general (CG) category and the residential office retail (R/O/R) category of the City of Madeira Beach Comprehensive Plan.