Chicago developer closes on land for 22-story tower

A developer has sealed the deal for a 22-story tower that will rise in downtown St. Petersburg along 3rd Avenue S. 

Focus Acquisition Company LLC, an entity connected to Chicago-based real estate group Focus, has purchased the properties at 226 6th St. S. along with 511, 533, 543 and 551 3rd Ave. S., from the Tampa-based investment firm EquiAlt in a $20 million transaction. The property initially went under contract last year. 

The site contains vacant parcels and an outdated office building. Focus Acquisition, which previously received approval from the city for the project, took out a roughly $11.138 million loan from Lakeside Bank for the land purchase. 

The $72 million project plans for the property call for 335 apartments, 11,560 square feet of commercial space and a 382-space parking garage. 

The north perspective of the project as shown in a site plan. Image: City of St. Petersburg documents.

When the proposed project first emerged and went before the city late last year, Trenam Law attorney Don Mastry, representing the developer, said the majority of the apartment units would be less than 750 square feet, making the complex more affordable for residents.

The apartments would range from studios to two-bedroom units. At the time, Mastry said the developer was also proposing to dedicate a minimum of 5% to workforce housing units.

The ground floor of the building would feature a residential lobby, a fitness area, and a 2,240-square-foot co-working and commercial space. A large open green area would be on the east and south sides of the building, abutting the residential lobby.

Floors two through five are planned for parking and residential units. Floors nine through 22 would house the remaining residential units.

In a city staff report, the St. Petersburg Community Redevelopment Agency stated, “The project will further the desired development pattern and visual identity of Intown West and continue the westward growth of downtown.” 

The group is working with St. Petersburg-based Place Architecture on the project. 

Focus Acquisition has not provided information on when construction will commence, or its estimated completion date.