1506 OLIVE ST

Rare infill redevelopment opportunity in Lakeland comprising an approximately 9.1-acre PUD development area, including five fee-simple parcels totaling approximately 8.15 gross acres plus the benefit of an approximately 1-acre easement area. The MLS acreage reflects the overall approximately 9.1-acre PUD/development area, including all five parcels and the easement benefit.
Significant entitlement work has already been completed. City of Lakeland Ordinance 5946 established PUD (Planned Unit Development) zoning on the approximately 9.1-acre PUD area for multifamily residential development with a maximum of 96 dwelling units, subject to the conditions of the ordinance and subsequent development approvals. Ordinance 5945 also changed the Future Land Use designation on approximately 0.9 acres from Business Park to Residential Medium.
The assemblage includes an existing approximately 1,472-SF improvement at 1506 Olive Street. Seller advises that the PUD framework includes the benefit of the approximately 1-acre easement area. The exact nature, location, scope, use rights and transferability of the easement are subject to recorded documents, survey and title review. Buyer should independently verify acreage, parcel boundaries, easement rights, zoning, density, development rights, approvals, utilities, access and all governmental requirements.
Seller reports substantial due-diligence and pre-development work has been completed or assembled, including boundary and topographic surveys, tree survey, geotechnical investigation and soil borings, Phase I and Phase II environmental assessments, civil engineering, utility coordination and identified tie-in points, easement mapping and conceptual site planning. Additional market, development and construction-cost materials are also available for review by qualified buyers.
Seller represents that the property is located within a Qualified Opportunity Zone and has also identified potential Qualified Census Tract (QCT) and Targeted Employment Area (TEA) status, together with potential workforce-housing and impact-fee benefits for qualifying development. All designations, tax treatment, financing programs, incentives and eligibility requirements should be independently verified by buyer and buyer's professional advisors; no particular incentive or tax benefit is guaranteed.
The site is currently being considered for a workforce and veteran housing concept. September 2026 correspondence from a Lakeland City Commissioner acknowledges the potential for additional workforce and veteran housing and community investment and encourages continued dialogue as the project proceeds through the appropriate review process. The correspondence expressly does not constitute an official endorsement or position of the City of Lakeland.
Seller is seeking an expedited transaction and encourages serious offers from qualified developers, builders, investors and housing partners with the ability to move quickly. Extensive due-diligence and development materials are available to facilitate an efficient evaluation and closing process.