Nancy Surak did not simply market a piece of land in Pinellas Park. She spent more than a year helping a property owner understand how a little-used state law could transform a long-idle industrial parcel into the city’s first Live Local Act housing project — and still make financial sense for a developer.
That combination of legal interpretation, market analysis, and land strategy is what ultimately brought Gateway Parcel D and F to closing in 2025 for $22 million, setting a city record for multifamily land value at roughly $57,292 per unit. Brokered by Surak, Senior Advisor and Managing Broker with Land Advisors Organization’s Tampa Bay office, the 34-acre transaction will pave the way for 384 apartments, 154 of which must be maintained as deed-restricted affordable housing for 30 years under Florida’s Live Local Act.
Passed in 2023, the Live Local Act is aimed at encouraging more affordable housing in the Sunshine State. The Act allows for qualifying housing projects in certain commercial, industrial, and mixed-use districts. This opens up new possibilities for sites that otherwise may not have been considered for residential use. While creating opportunity, the Act also creates confusion for landowners and developers who are trying to assess feasibility.
Under the Act, qualification is only half of the battle. While a parcel may appear to qualify on paper, that does not automatically make it a viable deal. A number of key factors must be evaluated together. This includes location, rents, occupancy, and zoning, as well as equity appetite and land value. Here, the real question is not just, “Does it qualify?” but, “Can it deliver the target ROI?”
In the Gateway deal, Surak identified that Gateway Parcel D could meet Live Local criteria. The site had remained undeveloped since Gateway Centre’s original approval in 1986. She spent more than a year analyzing the legislation, evaluating the parcel, and educating the owner. Her view: the site could support a Live Local project and command a strong value for the right multifamily buyer.
To do this, Surak used third-party data such as CoStar and RealPage, in addition to Land Advisors Organization’s proprietary heat maps. With these tools and supporting data she built a case for high per-unit land value. Her analysis helped translate a legislative opportunity into a financially credible development story.
This positioned the site not just as “qualifying land,” but as a strong investment opportunity.
In August 2024 the parcel was put out to market, utilizing a highly targeted and extensive early outreach strategy. The strategy resulted in 97 unique buyer conference calls within the first two weeks. The expanded outreach effort went to several hundred additional prospects through phone, email, and digital marketing. Messaging here was focused on both Live Local eligibility and the economic upside.
The campaign generated 32 offers from multifamily and industrial developers. It was a competitive process that required comparing not only pricing, but capability and Live Local execution experience. Eventually, Hanover Company emerged as the selected buyer because of its multifamily track record, Live Local familiarity, and overall offer.
Dawn Huntley Mattox with the seller Huntley Property & Land Holdings, LLC explains how the approach worked for them: “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.”
The process behind this deal shows that success under the Live Local Act requires more than just brokerage. It requires legal understanding, parcel screening, market analysis, owner education, and strategic positioning. Ultimately, Gateway Parcel D is much more than just a land sale. It is a case study in how sophisticated land advisory can unlock attainable housing under the Live Local Act.
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