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Lower Matecumbe 1BR 2BA, Land Use Attorney has for Sale

Detailed Information

  • Type: Private

  • Price: $2,950,000

  • Location: 76800 Overseas Highway, Islamorada, FL

  • Bedrooms: 1

  • Bathrooms: 2

  • Condition: Used

  • For sale by: Agent/Broker

  • Agent: Nancy Hershoff

Land Use Attorney has stated: Islamorada Tennis Club 76800 Overseas Hwy, Lower Matecumbe Key, Islamorada, FL 33036 Parcel#:00396950-000200The Property is approximately 3.2 Acres.

1 Acre is classified as environmentally sensitive. The Property is categorized within the Future Land Use Map (FLUM) as Mixed Use (MU) and is within the Village Center

(VC) Zoning District.1. What is the maximum buildable square footage left on this property based off previous development orders? VC allows a floor area ratio (FAR) of 0.35. According to a 2017 pre-application letter prepared by the Village of Islamorada 33,492 sf is recognized as buildable.

33,492 x 0.35=11,722 sf max FAR, 11,722-8,130=3,592 sf of FAR remaining. Code allows up to a 10,000 sf building. Storage must be in a standalone building if the existing building is to be re-purposed.2. Can this property be converted to affordable housing with commercial? Yes. The optimal layout would be first floor commercial with deed restricted affordable housing as a second, and possible third

floor use.3. How many affordable housing units can be placed on the property? Depends on the layout. A minimum of 25 units (LDC Sec.30-692(b)(3)). Also look to the newly adopted 'Live Local Act' for additional entitlements in Florida Statutes.

The seller says there might be a possibility of up to 45 units but the buyer must confirm with the Village of Islamorada.

Storage, Tennis

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