Palmetto Marina & Main Project Advances with Key Parcel Closing
A planned mixed-use development in downtown Palmetto has moved forward with the recent closing on a portion of the project site. After approximately 23 months under contract, the northern parcel for the proposed Palmetto Marina & Main development has officially changed hands.
The project is planned for a riverfront-adjacent location near the Palmetto Marina and is expected to include about 80 residential units along with more than 15,000 square feet of retail space. The development is intended to create a walkable environment in the downtown area.
Project planning has included several approvals and agreements, including a comprehensive plan amendment, a 13-year tax incentive, and a 60-year lease agreement for a public parking garage. These components are part of the overall framework supporting the development.
The closing of the northern parcel also allowed for the completion of a 1031 exchange, enabling reinvestment of funds from a prior property sale into the project.
The remaining portion of the site involves a southern parcel owned by the City of Palmetto. Efforts are underway to address a deed restriction through a quiet title process, with the goal of obtaining clear title within the next several months. Following that step, the project is expected to move into the entitlement phase.
A groundbreaking timeline is currently projected for late 2027, pending completion of the remaining steps.
