The Mill Creek Residential development group has closed on a downtown property to build a new 20-story multifamily development.
The South Florida-based investor bought a former industry property at 201 17th St. South in a $10.3 million deal from Tricera Capital, a Miami-based real estate investment firm that has several properties in St. Pete. The deal closed on Nov. 19.
The two-acre property has an existing 92,248-square-foot building and is within blocks of Tropicana Field, and is east of Interstate I-275.
The project entails constructing a 20-story and an eight-story building with 383 dwelling units. The existing industrial building would be demolished.
At the time of the sale, Mill Creek Residential took out an $83.85 million mortgage loan from PNC.
Mill Creek previously received approval from the St. Petersburg Community Redevelopment Agency to move forward with plans for the site as it would be consistent with the Intown West Redevelopment Plan.
The 20-story tower will be on the north side while the eight-story tower will be on the south side.
It will have a parking garage, with more than 470 spaces, that will be along the west side of the project, abutting the interstate. Plans show it will have an outdoor pool deck and amenity space on the rooftop, according to city documents.
It will also have 15,316 square feet of commercial space.
The development team for the project includes South Florida-based Mill Creek Residential Trust and developer John Barkett of St. Pete-based Barkett Realty and Stadler Real Estate Corp.
Mill Creek is well-known for its invested interest in obtaining and developing properties downtown.
Mill Creek operates the existing Modera complexes in the area. It operates Modera Bayway in St. Petersburg and is constructing a 353-unit complex in Tampa.
The Atlanta-based group was also one of seven entities that were vying to purchase the 800 Block in downtown; the city ultimately selected Moffitt Cancer Center’s proposal to purchase the property to build a cancer center and other mixed uses.
Mill Creek proposed to purchase the entire, city-owned 800 Block for $10 million to develop a multifamily complex on a northwest corner of the site.
If Mill Creek had been selected for the 800 Block site, the plan was to develop and operate a minimum 284-unit, hi-rise apartment tower dubbed Modera St. Petersburg, would include ground-floor retail, parking and related amenities.