Putnam Estates Land

1.63 Acre MOL Land Offering l DeLand, FL

• Well-located near downtown Deland and walkable to retail shops, restaurants, entertainment and jobs, Putnam Estates offers developers a 1.63 acre development parcel on the old Putnam Estates hotel site with grandfathered density and parking for up to 100 – 120 units
• Incoming developers will benefit from a strong relationship between the Seller and the City of Deland who have been working collaboratively through therecent and unforeseen situation in which the 100-year old historic Putnam hotel became unsafe and needed to be demolished. Prior to that, current ownership had planned to rehab and reposition the Putnam Hotel into a boutique, luxury multifamily community with 72 units and a variety of amenities catering to the ‘Lifestyle’ renter by choice. At the time, the City of Deland was offering a 10-year real estate tax-abatement to incentivize incoming developers to preserve and restore the existing Historic Putnam Hotel building which was built in 1923
• New ownership is afforded a multifaceted approach. Follow the Seller’s plan to rebuild a replica Putnam Hotel type building as a luxury multifamily community targeting a mix of working professionals, empty nesters and potentially students or reposition the asset as an active-adult community targeting a 55+ Baby Boomer clientele or redevelop the property with a mix of both residential and commercial
• The subject property is in a Qualified Opportunity Zone which allows for incoming developers to gain significant tax advantages on previously earned capital gains