A subsidiary of a Bitcoin miner has received the green light to build a 23-story, mixed-use complex near Mirror Lake.
Last week, the City of St. Petersburg approved a site plan and density bonuses for the proposed $75 million apartment tower project on 5th Street N. and 3rd Avenue, across from the Mirror Lake Community Library. The approval letter for the project was sent on Tuesday.
BitNile, through the subsidiary, Ault Global Real Estate Equities Inc., – a subsidiary of BitNile’s spin-off Ault Alliance, which focuses on real estate acquisitions – purchased the five parcels earlier this year in a $15.5 million deal.
The group bought the property from Illinois-based Inland National Development, which previously planned to demolish the existing structures and develop a hi-rise complex.
The proposed building will consist of a 17-story “U” shaped tower atop a six-story base. It will have 285 apartments, 10,006 square feet of retail space and a 282-space parking garage, according to its application.
The property still houses the seven apartment buildings ranging from one to three stories built between 1916 and 1921, containing a total of 97 apartments. Four of the seven buildings are considered as part of the Downtown St. Petersburg National Registered District.
The concept to redevelop the property first emerged in 2005 when the city approved a site plan for a 25-story mixed-use building with 6,000 square feet of office space, 196 dwelling units and 307 parking spaces; however, the approval expired in 2016.
In 2019, another site plan was approved for a 21-story mixed-use building with 10,890 square feet of commercial space and 270-dwelling units. The applicant was also approved for bonuses, but the project never came to fruition.
BitNille’s subsidiary was seeking approval for a modification to the previously approved site plan to build the tower.
Floors two through four of the tower will consist of residential units and parking, according to the application, while floors five and six are devoted to amenity space and parking. The remaining floors, seven through 23, will consist of 285 residential units.
The applicant is working with St. Petersburg-based Behar and Peteranecz Architecture.
The development, which does not have a specific name, is expected to be completed by 2024.