29 & 27A FLORIDA Avenue

Rare development opportunity consisting of two adjacent RG-1 -- Residential General, Medium Density -- zoned parcels totaling approximately 0.55 acres in the City of St. Augustine. The site is cleared and development-ready, with city water and sewer available, offering a strong foundation for a thoughtfully designed residential or boutique hospitality project in one of Florida's most supply-constrained historic coastal markets. The RG-1 zoning district allows a range of residential and lodging-oriented uses, including multi-family dwellings, bed and breakfast inns, rooming or boarding houses, housing for the elderly, and accessory apartments. This provides developers with flexibility to deliver much-needed housing or boutique accommodations near the historic core. Based on current zoning standards, the district allows up to 16 units per acre for multi-family development, subject to applicable development standards including lot coverage, height, setbacks, and all required municipal approvals. This location is further strengthened by continued investment and improvement in the surrounding area. The City of St. Augustine has moved forward with a major public-private parking garage project with local businessman Barry Broudy near West King Street, a reported $100 million initiative designed to help address parking and mobility needs serving the historic district and surrounding neighborhoods. Nearby, the newly identified Ravenswood Park area along the San Sebastián Riverfront adds to the neighborhood's long-term appeal, with public open-space investment and walking-trail potential enhancing the connection between the riverfront, downtown, and the west side of the city. The property also benefits from views of the San Sebastián River, the Cathedral Basilica dome, and the iconic Great Cross, reinforcing its connection to the historic character that continues to drive strong tourism, housing demand, and investment interest in St. Augustine. Located near Flagler College, historic downtown St. Augustine, marinas, dining, cultural attractions, and the growing West King corridor, the site sits within one of Northeast Florida's most desirable and historically significant coastal markets. With flexible medium-density zoning, available infrastructure, proximity to major public and private investment, and a prime location near St. Augustine's historic core, this offering represents a compelling opportunity for developers, hospitality operators, and residential investors seeking to deliver a distinctive project in America's oldest city.