Places This Week: $100M Edge project moves ahead; Gulfport church to close

A weekly roundup of local real estate deals.

Clearwater apartments sell for $80.2 million

Minnesota-based real estate firm Dominium, under the Clearwater Acquisitions I LLC entity, has sold a 372-unit Clearwater apartment complex to the Boca Raton-based Genesis Apartments LLC in an $80.2 million deal. 

The apartments, located at 530 Fairwood Ave. on a 22-acre lot, have been rebranded as the Genesis Apartments. 

The apartment complex at 530 Fairwood Ave. in Clearwater. Image: GoogleMaps

The majority of units at the complex are two-bedroom, two-bathroom units. The units range from 650 square feet to 1,259 square feet. 

The garden-style apartment complex, including the community clubhouse, recently underwent renovations.

The complex has an updated fitness center, a smart café and two outdoor swimming pools.

Genesis Apartments LLC took out a $25.75 million loan for the purchase from Starwood Property Mortgage Sub 10 A LLC.

Belpointe Towers demolition to wrap up 

Demolition is continuing to make way for the $100 million Belpointe Towers project in St. Petersburg. 

The demolition involves tearing down two vacant office buildings, two surface parking lots and the former Shirley Ann Hotel at the site of 1000 1st Ave. N. 

The demolition phase is expected to wrap up soon, which will be followed by a 20-month construction period, according to the Edge Business District newsletter.

A conceptual rendering showing the view of Belpointe’s planned project from 1st Avenue North. Image: Humphreys & Partners Architects

The Belpointe Towers are being developed by Belpointe, a Greenwich, Connecticut-based developer. It entails the construction of two 15-story residential towers, which will create 256 units, 21,463 square feet of commercial space and a 380-space parking garage. 

The project was initially estimated to cost $70 million; however, it is now estimated to cost $100 million, according to the district’s newsletter. 

The commercial space will be on the ground floor, fronting both Baum and 1st Avenue North. The 2nd through 4th floors will include parking. The 5th through 15th floor of each tower will be devoted to one-, two- and three-bedroom residential units. A deck at level 15 will offer unobstructed views of St. Petersburg, according to a previous site plan review.

Belpointe paid $12 million to acquire the parcels in 2020 from Jonathan Daou, a major property owner in the Edge District.

Belpointe also is planning to build a pocket park on Baum Avenue, near the corner of Dr. Martin Luther King Jr. Street.

The development is said to improve the walkability of 1st Avenue North and Baum Avenue, while capitalizing on the SunRunner bus rapid transit system as a SunRail station will just be steps from the towers. 

75-year-old church to close 

Gulfport Presbyterian Church, which has served the community for 75 years, is closing its doors this month. 

The church, at 5313 27th Ave. S., is closing due to a dwindling number of members. The last Sunday service will be held April 24, according to the church’s website. 

Gulfport Presbyterian Church. GoogleMaps.

The Gulfport church was founded in 1917 and was first established as an independent congregation. It became an organized Presbyterian Church in 1947.

The Sunflower Private School currently rents out space in the church for its K-5 classes, held five days a week. 

On May 11, the church’s trustees will meet and request that the Presbytery of Tampa Bay take over the property. However, according to reports, the school may purchase the property. 

Investment group buys  St. Pete properties to build a community for digital nomads

San Eng, a managing partner of real estate investment firm Skytian Capital, sees an opportunity to help solve the lack of flexible leasing options in St. Pete by transforming two downtown properties into a community called Satsoshi’s Hideout to bring creatives and digital nomads to the city.

“If someone is in town pitching investors but doesn’t have an office, they need somewhere to stay close by,” Eng said.

Skytian Capital closed on both properties this week – the Park Plaza Apartments at 424 2nd St. N. and the apartment building at 424 2nd St. N. The firm paid $4.2 million for the Park Place Apartments and $1.72 million for the smaller complex across the street, according to Pinellas County records.

The properties will be flipped into 41 modern units to create Satoshi’s Hideout.

Inspirational renderings of Satoshi’s Hideout. Rendering provided by San Eng.

Eng, an expert in Web3, said the complex is named after Satoshi Nakamoto, the mysterious creator of Bitcoin. The complex will encourage the use of digital money by accepting crypto payments from tenants who may lease a unit for days or weeks.

The residential community would be outfitted with smart tech, offer meeting spaces, a café in the courtyard, a rooftop lounge, fast WiFi and a display of the latest NFTs (non-fungible tokens). Eng said he envisions tech leaders hosting discussions in the courtyard of Satoshi’s Hideout. 

“We want to build this community space and legacy in St. Pete that’s not another luxury condo. This space will teach people about tech and can draw more entrepreneurs to the city,” Eng said. 

The pricing of the units isn’t yet finalized. 

Tarpon Springs apartments sell for over $40 million

The 304-unit Riverside Apartment complex in Tarpon Springs has sold for roughly $41.57 million. 

Riverside Partners LTD sold the complex at 1589 Starlight Cove to OK Riverside LLC, which is connected to the New Jersey-based Portopiccolo Group. 

OK Riverside took out a $32.81 million loan from Berkadia Commercial Mortgage LLC for the purchase. 

The affordable apartments, built in 2001, consist of one-, two-, three- and four-bedroom units with a ground floor private entry.

The complex’s amenities include a pool, fitness center and business center.