Real estate group Atlas Real Estate Partners has offered the City of St. Petersburg $5.5 million to purchase a city-owned property ner Tropicana Field to build a 10-story development.
The 2.02-acre site is at 910 2nd Ave. South, which is located within the Intown Redevelopment Area. The site, an assemblage of two parcels, includes parking that is currently under lease to the Tampa Bay Rays and is utilized for 226 parking spaces.
Atlas, a privately-held real estate investment firm that owns The Wayland, intends to develop a 310-unit residential complex with a mix of traditional, micro and co-living units as well as short-term rentals. The buildings would also feature 15,000 square feet of coworking space, which will occupy two floors, and 20,000 square feet of commercial/retail use.
The group said the $110 million development will seamlessly integrate the site with the Tropicana Field redevelopment and the surrounding neighborhood, and that it would activate street-level retail and improve connectivity between Dr. Martin Luther King Jr. Street and Central Avenue.
The breakdown of the residential units of the development:
- Traditional one- and two-bedroom units for a total of 145 units
- 79 micro-units
- 43 co-living units
- 43 short-term rentals
Atlas intends to provide a mix of workforce housing and naturally affordable housing as 10% of living quarters, 38 units, will be workforce housing at 120% of the average median income. By design, the co-living and micro-units contribute an overall 61% of total multifamily living quarters offering affordability.
These units will be priced at a 15% to 30% discount to comparable studios in the submarket, according to the documents submitted.
“Additionally, the project will have a distinct focus on public art and public open spaces to promote a sense of community. Atlas intends to hold the project for 10-plus years and develop a durable/timeless project under the opportunity zone guidelines and to provide a long-term solution to housing affordability through the development of micro and co-living units,” the proposal to the city read.
The amenities include a fitness center, rooftop park, a rooftop sky lounge, a clubhouse and a pool.
The group stated it wants to incorporate many green areas into the development, such as a community garden.
Atlas intends to work with the city to supplement the 226 spaces hosted on Lot 8, which includes utilizing 166 existing spaces at The Wayland (Atlas-owned property adjacent to Lot 8).
“Although St. Petersburg is a highly walkable city with multiple alternatives to transit, we recognize that parking is an important factor for residents, guests, tourists and event/game attendees at Tropicana Stadium. As a result, our project will include a public/private parking garage that aims to provide ample parking without negatively impacting the visual appeal and aesthetic of the neighborhood,” the proposal read.
As this was an unsolicited proposal from Atlas to acquire the site, the city must open the process for other alternative proposals to be submitted from private developers or any persons interested in providing an alternative proposal undertaking the lease, purchase or development of the site.
If Atlas’ offer is accepted by the end of the year, the group projects will get city council approval in spring 2022, which will kick-start the design process.
Following an anticipated 24-26-month construction timeline, Atlas projects the building would be completed by the second quarter of 2025.