300 COVE VILLA Road, Panama City Beach, FL 32407 (MLS# 633449)

25.64 acre Developer opportunity. Zoned Residential 3 (R3) Duplexes, Triplexes, Quadraplexes. The highest and best use is a 278 planned townhome unit development. Development order has expired and would need to be renewed by the new buyer. The site has 8.55 wetland acres and 17.09 upland acres. The current owner invested $1.589 million in water, sewer, and building permit fees; $230,439 in engineering, environmental, architectural design for development order, and $1.818 million for land improvements including building pads. The total cost of improvements is $3.638 million. The initial townhome development was designed for 278 townhomes that were 1,332 square feet each with one car garages (architectural renderings are available).

Supplements: The property is located approximately .1 of a mile north of Highway 98, on Wildwood Road. The subject currently fronts Wildwood Road which intersects Highway 98. Nearby uses include detached single family residential, high rise condominiums, significant commercial development at the intersection of Wildwood and Highway 98 including a Big Kmart and a CVS Pharmacy and vacant land. The subject property is in northeastern Panama City Beach, just west of Panama City, in Bay County, Florida. This area has experienced rapid and continuing growth over the past 5 years.