Vacant Land Opportunity

VACANT LAND OPPORTUNITY IN GREAT LOCATION OFF WABASSO CAUSEWAY 4790 87th Street, Sebastian, Florida

Location! Location! Location!

These two parcels of land are a wonderful opportunity for mulit-family use and development.

Spectacular location close to Wabasso bridge, Indian River, Treasure Coast beaches, and only a short drive to Vero Beach fine dining and shopping. Approximately 23 acres zoned R-M6 multi-family use. Up to 142 units with approvals. 2 acres of riverfront land (ML#180676) available to east.

Earring Point Groves, Wabasso, Indian River County, Florida This site comprises two parcels (previously citrus groves) with a total area of 23.74 acres. The property is located on the north side of CR510 and 87th street, between US1 and the Indian River.

Parcel A: 15.38 acres purchased by New World Groves LLC in October 2004 for $810,000 Tax #31-39-27-00003-0020-00001/0 Parcel B: 8.36 acres purchased by Caledonia Groves LLC in October 2004 for $410,000 Tax #31-39-28-00000-0040-00002/0 Zoning and Land Use: Both parcels are zoned RM-6, being multi-family 6 units per acre - the future land is designated L-2, being medium density residential up to 6 units per acre - the site could be developed with a maximum number of 142 residential units.

Wetlands: The site has approximately 2.8 acres of wetlands along the easterly and northerly boundaries (as surveyed and evaluated by an environmental consultant in 2004).

Utilities to the site include water, sewer, telephone and electricity. On-site improvements would be development of infrastructure and residential units - there are no known off-site improvements required that will negatively impact the site.

Ground Elevations and Flood Zones: The existing ground elevations range from 1.5 feet to 7 feet, averaging out to about 4 feet above sea level. The FEMA designated flood zones start at elevation 10 for the easterly third of the site, Elevation 9 for the middle half of the site, Elevation 8 for a band on the westerly side, and Elevation 7 within a narrow strip along the westerly boundary of the site. Significant fill work would be required to bring the site to grade - the most cost effective solution would be to excavate a lake of about 5 acres in areas to a depth of approximately 10 feet.

Drainage Ditch: Parcel B is encumbered by a 40 foot wide drainage easement for a ditch that conveys off-site drainage from the west to the east through the property. This easement and ditch could be relocated to the westerly and northerly boundaries of Parcel B. Surrounding Land Uses: The Indian River is east with upscale riverfront homes along the river - to the north of Parcel A are undeveloped wetlands and upland - to the northwest of Parcel B is a mobile home park - the south boundary is 87th Avenue.

New World Groves and Caledonia Groves 24 Acres, Wabasso, Florida Summary of Documents Boundary, Topographic & Wetland Survey (attached as three sheets: New World and Caledonia Survey Sheets 1, 2 & 3) as prepared by Carter Associates, Inc. and dated August 5, 2004. Parcel A shown as 15.38 acres (including wetland) and Parcel B as 8.36 acres. Parcel A includes 2.79 acres of jurisdictional wetlands as flagged by Toland Environmental (see below).

Sheet 2 shows the location of the 40 foot wide drainage easment known as ‘S.R.D. Lateral Ditch No. 6’. The existing structures shown within Parcel B were subsequently demolished.

Preliminary Ecological Assessment (attached as New World and Caledonia Ecological Assessment) as prepared by Toland Environmental Consulting and dated June 20, 2004. One hydrologically connected mangrove swamp wetland was identified and flagged - delineated on the Carter survey as 2.79 acres. The Assessment concluded that ‘no habitat for listed species of fish and wildlife persists on the property’ and ‘no listed species or their sign were documented for the referenced site’.

Concept Plan A (attached as New World and Caledonia Concept A) as prepared by Fleis & Bennett Engineering and dated August 2, 2004. The plan shows 116 multi-family townhome untis (38 triplex buildings and 1 duplex building) - buildings would be one or two stories and the building envelope for the triplex building is shown as 90’ wide by 70’ deep. Potable water and fire protection to be supplied to the site from the existing 16” water main to be designed to connect to the existing 12’ force main located within the SR510 right-of-way. The plan proposed that 0.6 acres of the 2.8 acres of wetlands were to be filled.

Concept Plan B (attached as New World and Caledonia Concept B) shows an 88 unit mixed use scenario: 48 single family lots; 8 duplex untis; 12 triplex untis and 20 attached courtyard homes. No detailed site plan of this concept has been produced.

Concept Plans A and B have not been submitted to Indian River County (or any other jurisdictional agencies) for review.

Concept Plan A

Concept Plan B

With a history that symbolizes our nation’s dedication to cherishing nature, the Pelican Island Refuge nearby holds the distinction of being our nation’s first national wildlife Refuge.

The Refuge has provided a natural home for fish and wildlife, while proudly serving as the ambassador for the development of the National Wildlife Refuge System. Also nearby is the Environmental Learning Center, founded in 1988 by members of the Pelican Island Audubon Society on 64-acres of an island in the Indian River Lagoon to cherish and teach visitors about the rich biodiversity of the Indian River Lagoon.

The historic Jungle Trail, just across the Wabasso Causeway on the Island, is now listed on the National Register of Historic Places. It was originally a sandy road built in the 1920s for the citrus growers on the barrier island (called Orchard Island). The trail passes through hammocks of palms and other coastal wetland species, as well as gated communities, spectacular homes and the shores of Indian River Lagoon.

So close to these parcels of land is Sebastian Inlet State Park. Surfers from around the globe flock to Sebastian Inlet State Park to ride “First Peak” and “Monster Hole,” but this pristine park is more than just a Florida surfer’s paradise.

Visitors stroll untouched beaches, collecting shells and observing sea turtle nests, or try their luck fishing from one of the jetties that slice into the Atlantic. Calmer waters on the Indian River Lagoon beckon kayakers to explore wild beauty.

Two museums provide area history. The McLarty Treasure Museum features the 1715 Spanish treasure fleet while the Sebastian Fishing Museum chronicles history of the area’s fishing industry. A campground for RVs and tent campers is available along with a boat ramp.

VACANT LAND OPPORTUNITY IN GREAT LOCATION OFF WABASSO CAUSEWAY 4790 87th Street, Sebastian, Florida

For additional information or to schedule a private tour call:

For additional information call:

&

Mi c h a e l Th o r p e

Michael Kimberly

t e a m

THORPE

Broker Associate 772.532.0449

B R O K E R Omthorpe@onesothebysrealty.com WNERS 772.532 .0449 • RANKED #1 SMALL TEAM AT ONE SOTHEBY’S INTERNATIONAL REALTY IN VERO BEACH, #2 SMALL TEAM IN mthorp e@tcs ir.co m ALL OF INDIAN RIVER COUNTY

• 40 YEARS EXPERIENCE IN CONSULTING, CREATIVE MARKETING, AND NEGOTIATING IN THE LOCAL MARKET