Addison Skyway Marina complex acquired in $123M+ deal

The Addison Skyway Marina apartment complex, one of the most significant developments to take shape in the Skyway Marina District, has been sold. 

ContraVest Development Partners sold the 308-unit Class A rental apartment complex to the TMP Skyway Marina Project LLC in a $123.2 million deal. The LLC is connected to Denver, Colorado-based Treeline Partners, according to public records. Treeline Partners is a privately-held real asset investment management firm.

The buyer also took out an $86.24 million mortgage loan from WSCO Core Lender LP. 

The luxury apartment community opened in 2021 at the site of a long-abandoned Kmart at 34th Street South and 38th Avenue at 3951 34 St. S. 

Today, the complex consists of three four-story buildings and two two-story carriage buildings, with attached and detached garages. The units range from studios to three-bedroom units, featuring granite countertops, wood-style flooring and a balcony or patio.  

The amenities include a resort-style swimming pool, a fitness center, a business center/internet café, gaming stations, a tanning salon, a pet wash, a dog park, and an outdoor social area with a fire pit, gas grills and a car care detail center.   

ContraVest and Treeline were not immediately available to comment on the deal. 

The other neighboring residential complexes in the Skyway Marina District that have recently opened include Blue Sky Communities’ SkyWay Lofts, a 65-unit affordable development at 3900 34th St. N and 3313 29th Ave. S. Another is The Sur Club, a $65 million 296-unit luxury residential complex at 3301 32nd Ave S. It was the first mixed-use development in the Skyway Marina District to open last year. 

Meanwhile, prominent developer Jack Dougherty is building an apartment complex, dubbed Marina Beach, on the site of the 112,000-square-foot South St. Petersburg mall located on the southwest corner of 34th Street South and 42nd Avenue. 

Dougherty’s Allied Group is also planning to build an eight-story, 154-unit senior living community on two parcels that made up the southern and middle half of the mall.

The Allied Group is also the team behind Marina Walk, a 245-unit waterfront apartment complex underway on the site of the former Flamingo Resort.

Additionally, a Coral Gables-based real estate firm called Altis Cardinal recently purchased a 34-acre office park in St. Petersburg’s Skyway Marina District in a $40 million all-cash deal. The deal for the Ceridian Office Park at 3201 34th St. South represents the city’s largest land purchase in decades. 

Atlis plans to transform the site into a $500 million mixed-use development and deliver over 1,500 residential units.