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Fit2Run has a new home in downtown St. Pete
A self-described “runner’s superstore” left without a location due to redevelopment plans has a new home at the Camden Central tower in downtown St. Petersburg.
Miami-based Tricera Capital announced Tuesday (Jan. 2) that Fit2Run leased 6,191 square feet in the 15-story luxury apartment building. The footwear and athletic apparel store currently operates from a former residence, constructed in 1937. However, The Kolter Group received approval in April 2023 to demolish the 87-year-old building at 256 2nd St. N. and build a 14-story Tempo by Hilton-flagged hotel.
Ben Mandell, CEO of Tricera, told the Catalyst that Fit2Run’s “cult-like local following” was a significant draw.
“Because of … their success in St. Pete, I thought they would be a great fit with the other concepts we have,” Mandell said. “That’s really the main question. Are you going to be able to bring the right crowd to be successful so that you can pay rent and that the tenants around you also benefit from the customers you’re bringing, so they can also pay rent.”
Fit2Run’s current space at 256 2nd St. N. Photo: GoogleMaps.
According to Pinellas County property records, Fit2Run’s current facility encompasses 2,091 square feet. Nearly tripling the space will allow the company to offer “additional state-of-the-art healthy lifestyle services.”
Tricera and partner Cudlob Capital own nearly 31,000 square feet of ground-floor retail space at Camden Central, formerly Icon Central, which is now at capacity. Fit2Run joins recent additions Bohemios Tapas Bar and Tweeds Suit Shop.
Sarasota-based Bohemios will occupy 2,404 square feet at Camden Central. It will feature a dining room accommodating up to 80 people and a 14-seat wine bar.
Tweeds Suit Shop, also based in Sarasota, has leased about 1,487 square feet on the ground floor. The company specializes in custom-made menswear and will neighbor previously secured Top Buttons, an upscale pre-owned women’s clothing boutique.
In addition to Top Buttons, Tricera has previously signed leases with BodyRok, a Pilates studio, and Union Prime Steakhouse. The latter will encompass 10,000 square feet in the adjoining 98-year-old former Union Trust Bank building.
“I’m very excited about Union Prime opening in the next four to six months,” Mandell said. “The tenants play really well together. It’s a big step to have all the executed leases for the retail space in the project.”
Ben Mandell, CEO of Tricera Capital.
Mandell expects Camden Central’s six commercial offerings to open in the spring and summer. Camden Property Trust purchased the 368-unit tower spanning a city block for $149 million in 2021.
Tricera bought the complex’s retail space for $11 million that year. The real estate investment and development firm also owns over 4,000 square feet of office space in the historic bank building.
“For St. Pete, and the vibe and energy in that market, we believe that is going to be leased up quickly,” Mandell said.
He believes the area’s increased walkability and influx of younger residents will foster commercial success at Camden Central. Mandell also noted that the tower provides a built-in customer base.
Tricera initially handled the leasing in-house and has since utilized the management company Colliers due to its local relationships. However, Mandell said his firm is “hands-on” and negotiated agreements and ultimately selected the lessees that met stringent criteria.
“There was other interest, given the market’s growth and being in the epicenter,” he added. “We were picky and passed on some. I do believe these are quality operators who will be here long-term and … help elevate the market.”
Mandell stressed that he is bullish on St. Petersburg’s continued growth opportunities. Tricera owns several properties around the city, and Mandell hopes to acquire additional retail space in 2024.
He compared the city’s arts, music and culture scene to Austin and Nashville but also credited the corporate talent pipeline for helping create a unique identity. “I’m a believer,” Mandell said.
