It's no secret. In the game of real estate, it's location, location, location. This week what is arguably Eustis' most desirable location was put up for sale.
The property is expected to be a cornerstone redevelopment project for Eustis, a city established in 1883 that now has over 19,000 residents.
In close proximity to Ferran Park, the city's waterfront entertainment district, the three square blocks sit adjacent to Grove Street and border Magnolia and Clifford Avenues, placing it in the epicenter of downtown.
Developers’ interest may be piqued by the land's flexible and permissive mixed-use designation, its enticing impact fee credits, and customized incentive package. The city is willing to provide parking assistance depending on the needs and scope of the project.
Eustis' proactive approach to economic development appears to be yielding positive results. The city boasts a downtown core residential vacancy rate of zero percent and the retail and restaurant vacancy rate for the same area is five percent, according to Tom Carrino, the city's Economic Development Director. The impressive statistics make downtown ripe for redevelopment at the $2.5 million asking price.
The commercial rents in Eustis' downtown core range from eight to twelve dollars a square foot annually making it very attractive to business tenants. Due to the high occupancy rate, rents could creep slightly as a result of supply and demand, according to Carrino.
In addition to its commitment to economic development, the city is fulfilling its vision to expand its walkable downtown. Their efforts include significant improvements to the vast city-owned waterfront area and a streetscape that includes brick sidewalks and shade trees.
In the 1920's, the land was the site of the Fountain Inn and when businesses faltered during The Depression it was converted into Waterman Hospital. In 2003, the hospital moved to a new building on U.S. 441 and the old building was later demolished.
Two ownership groups, Eustis Partners and Lake Eustis Properties, are working together with the City of Eustis to market the property. Interested parties should contact the city's Economic Development director Tim Carrino at firstname.lastname@example.org.
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Above: The downtown map indicates the three block property with 1, 2 & 3.
BUSINESS & REAL ESTATE