One of the last remaining R-3 zoned parcels in St. George City was sold this month when 16.66 acres on Riverside Drive was acquired by Steven Park. R-3 is a high density residential zone that is not being granted anymore. The municipalities most often favor granting a planned development (PD) zone over a traditional R-3 zone. The reason is the PD requires the developer to come into the city for approval of the site plans and elevations whereas the R-3 only requires the developer to meet the requirements of the code as written.
The property had been on the market for more than two years and was a rare remnant of one of the old FDIC foreclosures that was sold in bulk a number of years ago. It has some unique challenges, including a portion that was over excavated years ago and never filled and the balance of the property contains expansive soils. The site’s proximity to the new Smiths at Dinosaur Crossing and the intersection of Foremaster Drive and Riverside Drive make it a desirable location.
Neil Walter with NAI Excel represented the seller in the transaction.
Neil Walter