72 Unit Approved Apartment Site Listing Details & Market Data

Banyan Bay is located within Martin County and is generally bound to the west by the St. Lucie River and to the east by Kanner Highway, with residential communities to both the north and south.Location: Banyan Bay is located within Martin County and is generally bound to the west by the St. Lucie River and to the east by Kanner Highway, with residential communities to both the north and south. Land Size: 11.92 acres. Overall, Banyan Bay is a 251-acre PUD. Development Program: The parcel currently has full site plan approval and full civil permitting for 72 apartment rental units. The current owner has commenced horizontal earthwork activities as permitted, worth approximately $2,300,000. Nearby Development: Within the Banyan Bay PUD, Ryan Homes has developed 180 single-family homes which are currently being offered between $800,000 to $849,990. DR Horton is developing Willow Pointe with 65 single-family homes across the street from Banyan Bay. K Hovnanian is developing 79 single-family homes and 88 townhomes just south on Kanner Highway, as well as Cove Royale off of Cove Road with 118 single-family homes. Adjacent to Cove Royale, DR Horton is developing The Preserve at Park Trace with 114 single-family homes. Pricing: $4,995,000 ($69,375/Unit). Included in the price is all horizontal permitting, architectural plans, and completed earthwork with a cost of approximately $2,300,000. This earthwork includes clearing, mass grading, storm water conveyance, sewer laterals and lift station, water lines, right-hand turn lane, and tabletopping of the building pads. This is truly shovel-ready. Planned Amenities: Beautiful landscaping with native plants and community sidewalks. Clubhouse with business center and gym with state-of-the-art exercise equipment. Pool behind clubhouse near community entrance.