203-Unit Multi-Family Development Site

Avonlea is located within the City of Stuart CRA and is generally bound to the west by Green River Parkway, the east by Savannah Road, the south by Dixie Highway, and the north by Baker Road.Location: Avonlea is located within the City of Stuart CRA and is generally bound to the west by Green River Parkway, the east by Savannah Road, the south by Dixie Highway, and the north by Baker Road. Land Size: 10.41 acres upland buildable. Avonlea is a 49-acre PUD with the subject sites having offsite upland, wetland, and stormwater provided through the PUD and plat. Development Program: The parcels will be delivered with PUD Approval for 203 apartment rental units. The PUD is expected to be approved Q1 2024, with full civil permitting shortly thereafter. The current owner has commenced clearing and filling activities as permitted by the master PUD approval and the existing SFWMD permit. Nearby Development: Within the Avonlea PUD, KHovnanian has developed 62 Fee Simple townhomes, which sold for an average sale price of approximately $459,500. New Urban Communities has completed their community of 69 rental villas within Avonlea. Adjacent to Avonlea is the River North apartments, a Grand Peaks project completed in fall 2023. Both projects have seen strong rental rates and absorption. Pricing: $8,500,000 ($41,871 per unit). Seller is delivering the site with PUD approval for the development of 203 rental units. Seller has also commenced clearing and filling of the wetland areas to be mitigated as part of the active SFWMD permit and existing City of Stuart PUD approval.