HP Capital has closed on the BridgePoint Church property, in the Mirror Lake neighborhood, where it plans to build an 18-story residential building.
The 88-unit condo building, called Reflection, is planned at 8th Street and 3rd Avenue North, at a site that serves as a parking lot for the Lyceum, an event venue now being used for worship services by BridgePoint Church.
BridgePoint agreed to sell the .70-acre parking lot to HP, a group led by Fred Hemmer, a veteran of the real estate and banking industries.
The group purchased the parking lot in a $4.95 million deal that closed April 1. Simultaneously, New York-based ACRES Capital Corp., a leading commercial real estate middle-market lender, has provided a $73.375 million loan to fund the development of Reflection.
“St. Petersburg is one of the fastest-growing regions in Florida and has been called the ‘megamarket of the South,’” ACRES CEO and president Mark Fogel said in a news release. “We expect the city’s tremendous growth to continue long-term, boding well for high-end residential projects like this.”
The condo units will be priced from the $500,000s range to $1.5 million. In addition to the condos, Reflection will have 2,763 square feet of retail space available for rent. The property will also include 27,691 square feet of common area space, a 237-car parking garage and a rooftop amenity deck.
HP Capital is working with Tampa-based general contractor Kast Construction on the project.
Commercial real estate developer and St. Pete native Jon Reno LaBudde is representing HP Capital.
The project is expected to take 18 months to complete, which sets a target opening date in late 2023.