The group behind the Camden Pier District Apartments closed on the last remaining piece of property needed to expand the existing apartment complex.
Camden currently operates the popular 357-unit apartment complex at 330 3rd Street South, and plans to build a second adjacent 18-story tower. Texas-based Camden USA Inc. currently owns the remainder of the block, but the group had to secure a key piece of property to own the entire block for the planned expansion.
Last week, Camden Property Trust paid $2.1 million for a 0.23-acre property at 201 4th Avenue South, according to a deed filed in Pinellas County. The 10,000-square-foot lot was home to a dental office, but it has been vacant for some time.
Camden plans to demolish the structures to make way for the new $30 million residential tower, according to city records.
The goal is to combine the existing apartment complex property with the new property, which will bring in an additional 95-unit multi-family development.
Terry Uli of Charles Rutenberg Realty represented the buyer. Patrick & Chris Calhoon of the Calhoon Commercial Group of Smith & Associates Real Estate represented the seller, Sunshine Mountain Management LLC.
The development plans for the property will go before the Community Redevelopment Agency July 15 regarding how the proposed development meets the requirements for the Intown Redevelopment Plan.
The Intown Redevelopment Plan was created to promote revitalization for certain areas in the city.
The proposed tower is in the downtown center zoning district, which allows for multi-family and mixed-use. The new building would match the contemporary architectural style of the existing 18-story tower.
The ground floor would have a residential lobby and residential units, which would each have a private courtyard. The 18th floor will be an outdoor amenity deck.
The parking garage for the existing apartment complex will be shared with the new residents of the tower, as the previous approvals contained excess parking spaces.