Transfer of Development Rights (TDR) Available in Indian River County, Florida
CGW Mitigation Bank, a 150-acre mitigation bank that is located along the western shore of the Indian River Lagoon, north of Vero Beach in Indian River County, Florida has 84 Transfer of Development Rights: TDR’s available for developers within Indian River County, Florida.
Indian River County, Florida
TDR regulations were adopted to implement Indian River’s Comprehensive plan to preserve wetlands and other environmentally-sensitive areas. As a result of plan review in 1990, the TDR program was expanded to provide density bonus provisions designed to encourage the development in Indian River County, Florida.
CGW Mitigation Bank, a 150-acre mitigation bank that is located along the western shore of the Indian River Lagoon, north of Vero Beach in Indian River County, Florida has 84 TDR’s available for developers within Indian River County, Florida.
Sending and receiving sites are proposed as part of applications for Planned Developments. The County Zoning Code prohibits any residential project from exceeding the maximum density limits unless a density bonus is granted through the Planned Development process. Density bonuses are only allowed for the transfer of density from environmentally-sensitive lands.
To transfer density away from environmentally-sensitive areas, a developer proposes a Planned Development which includes both the sending site and an upland receiving site which is not environmentally-sensitive or zoned for agriculture. The density on the upland receiving site cannot be adjusted more than 20 percent of the maximum density allowed by the receiving site’s underlying comprehensive plan land use designation where the receiving site is not adjacent to the area from which the density is transferred. If the sending site and receiving sites are adjacent, the maximum density on the receiving site can be adjusted by 50 percent of the maximum density allowed by the underlying comprehensive plan land use designation.
Available Transfer Residential Development Rights To Enhance Investment Value of Properties For Multi-Family & Other Residential Development Projects In Indian River County Florida
We are pleased to offer Transfer Development Rights (TDRs) that have been awarded by Indian River County, Florida, which can be transferred to other properties within the county. These high value TDRs were awarded by Indian River County and originated from a property with 1 mile of waterfront along the Indian River Lagoon Basin. The County and governmental regulatory agencies desired to designate this property as conservation and to eliminate development threats and preserve the environmental condition of the property. This property was designated as conservation and development rights were forfeited in order to be awarded the TDRs which can be transferred to other properties more suitable for community development, residential, multi-family, and other projects in Indian River County.
Questions & Answers
1. What can the Transfer Development Rights (TDR’s) be used for?
The TDR’s can be used for residential projects such as multi-family development and other residential projects subject to approval by the Indian River County. The TDR’s can result in a 20% adjustment to development rights for properties in Indian River County. For example, if a property is zoned for 150 residential units, the TDR’s can be used to adjust the residential development on the property for an additional 20% which amounts to another 30 units resulting in a combined adjusted total of 180 units. We will work with buyers to secure the TDR transfer approval from Indian River County in a timely and efficient manner. We have over 25 years of professional experience with Federal, State, Local governments, and permitting and regulatory agencies.
2. Who can utilize and benefit from these TDR’s?
The TDR’s can be transferred to other properties in Indian River County for use by landowners, investors, and developers for their residential projects. As noted above, we will work with buyers to assist buyers to secure County approval.
3. Developers are concerned about expensive delays and long periods of time to secure approval of TDR’s for their projects. How long will it take to secure Indian River County approval for use of TDR’s?
The TDR’s have already been awarded and the process for Indian River County approval to transfer the TDR’s for other properties and projects will
take approximately 3 months. As referenced above, we will help buyers secure these approvals and work through the County approval process.
4. Are TDR’s Transferrable?
Yes, TDR’s are transferrable from persons, investors, LLC’s or other business entities, development projects, and between properties within Indian River County, Florida. For example, if a developer purchases TDR’s, they may use the TDR’s for a given project or other projects that they may have in the future.