Land Advisors Organization Brokers $22 Million Multifamily Land Sale in Pinellas Park, Marking City's First Live Local Act Deal

PINELLAS PARK, Fla. — A 34-acre land parcel in Pinellas Park has sold for $22 million, setting a city record for multifamily land value and marking the first use of Florida's Live Local Act in the municipality. The transaction, which closed in 2025, was brokered by Nancy Surak, Senior Advisor and Managing Broker with Land Advisors Organization's Tampa Bay office, and will support the development of 384 apartments — 154 of which must be maintained as deed-restricted affordable housing for 30 years.

The buyer, Hanover Company, acquired the site — known as Gateway Parcel D and F within the Gateway Centre business park — from Huntley Property & Land Holdings, LLC. The implied land pricing of approximately $57,292 per unit represents a benchmark for multifamily real estate land transactions in Pinellas Park, according to Land Advisors Organization.

A Long-Idle Industrial Site Repositioned for Multifamily Real Estate Development

Gateway Parcel D had remained undeveloped since Gateway Centre's original approval in 1986. Surak spent more than a year analyzing Florida's Live Local Act, evaluating the parcel's eligibility, and educating the property owner on how the legislation could unlock multifamily real estate development value on a site that traditional zoning would have precluded for residential use.

Passed in 2023, Florida's Live Local Act is designed to encourage affordable and workforce housing by allowing qualifying multifamily projects in certain commercial, industrial, and mixed-use districts. The law has created new possibilities for sites previously considered unsuitable for residential development, while also generating complexity for landowners and developers attempting to assess feasibility.

According to Land Advisors Organization, qualifying under the Act is only part of the challenge. A parcel's location, rental market conditions, occupancy trends, zoning, equity appetite, and land value must all be evaluated together to determine whether a project can deliver a target return on investment.

To build the investment case for Gateway Parcel D, Surak used third-party data sources including CoStar and RealPage, as well as Land Advisors Organization's proprietary heat maps. That analysis helped translate the legislative opportunity into what the firm described as a financially credible development story, positioning the site not merely as qualifying land but as a competitive investment opportunity.

Brokered Real Estate Campaign Drew 32 Offers and 97 Buyer Calls

The parcel was brought to market in August 2024 through a targeted outreach strategy. Within the first two weeks, the campaign generated 97 unique buyer conference calls. Outreach extended to several hundred additional prospects through phone, email, and digital marketing, with messaging focused on both Live Local eligibility and the economic upside of the site.

The process ultimately produced 32 offers from multifamily and industrial developers. The competitive bid process required evaluating not only pricing, but each bidder's capability and experience executing Live Local transactions, according to Land Advisors Organization.

Hanover Company was selected as the buyer based on its multifamily track record, familiarity with Live Local execution, and the overall strength of its offer, according to the firm.

Dawn Huntley Mattox, representing seller Huntley Property & Land Holdings, LLC, described the process: "Nancy brought a disciplined, data-driven approach to the sale of our Gateway Centre parcels. Her understanding of Florida's Live Local Act helped us reposition and increase the value of our Gateway Centre parcel. She implemented a comprehensive sales strategy and was involved every step of the way including buyer outreach, bid evaluation, buyer negotiations, coordination with City staff and the Gateway Centre POA, and the closing. Even with hurricane disruptions and shifting legislative headlines, she kept momentum and delivered a closing that set a new pricing benchmark for Pinellas Park. We would recommend Nancy and the Land Advisors Organization to any landowner who needs straightforward advice and a strong execution plan."

Live Local Act Reshaping Industrial Real Estate and Land Advisory Strategy

The Gateway Parcel D and F transaction illustrates a dynamic emerging across Florida's commercial real estate market: the Live Local Act is enabling owners of underutilized industrial real estate and commercial land to pursue multifamily development on sites where traditional zoning would have precluded residential use, provided the parcel's location and market fundamentals support apartment development.

For land advisors and brokers, the deal underscores the growing importance of legislative fluency alongside traditional market analysis. According to Land Advisors Organization, success under the Live Local Act requires legal understanding, parcel screening, market analysis, owner education, and strategic positioning — a scope that extends beyond conventional brokerage services.

The 384-unit project planned for the Gateway site — with 154 units deed-restricted as affordable housing for 30 years — represents one example of how the Live Local Act is being used to direct multifamily capital toward infill employment corridors in the Tampa Bay region.

Implications for Multifamily and Industrial Real Estate in Tampa Bay

The Pinellas Park transaction has been cited by Land Advisors Organization as a case study in how land advisory can surface multifamily real estate development opportunities within legacy industrial and commercial parks. For landowners holding similar assets across Florida, the deal demonstrates that Live Local eligibility — when paired with market analysis and a structured sales process — can produce pricing outcomes that differ from traditional industrial real estate dispositions.

The 34-acre Gateway site, which had been dormant since the 1980s, is now slated to bring hundreds of new housing units — including a significant affordable component — to a submarket where residential development had previously been limited by industrial and commercial zoning designations.