Gray Property Group has officially closed on the northern parcel for Palmetto Marina & Main, marking a significant milestone in the advancement of our planned mixed-use waterfront development in Downtown Palmetto, Florida. The acquisition concludes a 23-month contract process and moves the project one step closer to construction.
Located at 336 10th Avenue W, this 0.51-acre parcel was acquired for $440,000 and is one of two lots in the required assemblage for the Palmetto Marina & Main development. The site will anchor a 6-story mixed-use project currently planned to include 80 apartments, 15,000+ SF of retail, and a structured public parking component in a walkable, riverfront-adjacent location near the Manatee River.
This closing also enabled us to complete a 1031 exchange, rolling capital from a recent disposition into a long-term development opportunity. The acquisition aligns with our firm’s strategy of recycling capital into larger-scale, high-conviction projects with long-term upside.
Over the course of the project’s predevelopment process, several other milestones have been reached including a comprehensive plan amendment, a 13-year CRA tax incentive, and a 60-year public parking garage lease with the City of Palmetto. Together, these components establish the economic and operational framework needed to make the project feasible.
The remaining piece of the assemblage is the adjacent southern parcel at 320 10th Avenue W, a 1.16-acre city-owned site currently under contract with the City of Palmetto. That parcel is currently being cleared through a quiet title process to remove a deed restriction, with clear title targeted within the next 120 days. Once resolved, the project is expected to move into final entitlements and pre-construction planning.
Gray Property Group continues to target a late 2027 groundbreaking for Palmetto Marina & Main. Once complete, the development is expected to serve as a catalyst for continued investment in Downtown Palmetto, bringing new housing, retail activation, and public infrastructure to one of the City’s most underutilized waterfront-adjacent sites.
