Places This Week: Belpointe, Salt Palm, waterfront homes

The company planning EDGE District apartments has bought more land. A townhome project gets back on track after Covid. Three waterfront homes have new owners.

Here’s this week’s roundup of local real estate news.

EDGE apartments

Belpointe, a Connecticut-based private investment firm planning an apartment building on 1st Avenue in the EDGE District, has added to its land holdings in the area.

BPOZ 900 First LLC, an entity associated with Belpointe, paid $2.4 million for the property at 900 1st Ave. N., in a deal that closed on March 4, according to a deed filed this week in Pinellas County.

It’s the seventh parcel Belpointe has acquired on 1st Avenue North. The company bought six parcels last fall for a total of $12 million, and now owns most of the south side of the block.

Belpointe just bought 900 1st Ave. N. (in green) and already owned six other parcels on the block (red rectangle). Source: Pinellas County Property Appraiser

Brandon Lacoff, CEO and president of Belpointe, did not return several phone calls asking for additional information. The company plans two 15-story apartment towers with a combined 256 rental units, according to St. Pete Rising.

Retail center sells

The Coquina Key Shopping Plaza in south St. Petersburg has a new owner. SWD Coquina Key bought the shopping center at 4350 6th St. S. for $7.2 million on March 22. Tenants include Save-A-Lot and Ace Hardware. SWD Coquina Key is affiliated with Stoneweg, a St. Petersburg based apartment investment firm. No details were available on what the new owner plans for the property.

The Royal

Salt Palm Development has resumed construction on The Royal, a 13-unit boutique development at 545 4th Ave. S. in downtown St. Petersburg.

A rendering of The Royalapartment

The project broke ground a year ago, but construction paused due to Covid-19.

The project is now expected to be complete at the beginning of next year, a news release said. Homes will range between 1,650 and 3,100 square feet with prices starting in the mid $500s and up to $1.35 million.

Salt Palm Development is a Certified B Corporation, a type of for-profit business that balances purpose and profit. The company invests part of its profits back into the community.

Waterfront property

Pinellas County’s waterfront homes continue to attract buyers. Three notable sales took places in the past several days.

• 2155 Oceanview Dr. in Tierra Verde, a 6,398-square-foot, three-story home built in 1997, sold for $4.58 million on March 17.

• 19132 Gulf Blvd. in Indian Shores, a 4,174-square-foot, three-story home built in 2015, sold for $3.5 million, also on March 17.

• 107 29th Ave. in St. Pete Beach, a 3,242-square-foot, two-story home built in 1925, sold for $3.1 million on March 23. The property was one the market for just one day, according to realtor.com.

107 29th Ave. (Photo credit: realtor.com)