A weekly roundup of local real estate deals.
Duel-branded Marriott Clearwater hotel sells for $115 million
Marriott International’s latest dual-branded hotel in Clearwater Beach has sold in a whopping $115 million deal.
The hotel at 309 Coronado Dr. is a combined 140-suite Residence Inn and 115-suite SpringHill Suites. It was developed by 3H Group, which entered into a joint venture with Miami-based Key International after the opening several years ago. The hotel is managed by LBA Hospitality of Dothan, Alabama.
Lodging Dynamics Hospitality Group purchased the hotel from Key International.
The transaction represents $450,980 per key.
The group has multiple hotel properties that are primarily Hilton and Marriott-branded hotels, but it does not include any other Florida properties, according to its portfolio.
The building has ground-floor retail with tenants including a Starbucks coffee shop and a Rocket Fizz store, which sells nostalgic candy and soda bottles.
The sale does not include a nearby bar and liquor store, Nick Desai with the 3H Group said.
The 3H Group, which designed the hotel, owns the Beachview Suites Hotel in Clearwater Beach, which it recently purchased. Desai said they may redevelop the hotel in the future. The group is also developing an 88-room Curio Collection bu Hilton hotel on Beach Walk. Desai said he expects the Hilton flag hotel to be completed within two years.
St. Petersburg home built by renowned architect sells
The 4,132-square-foot home at 2900 Pelham Road N. has sold in a $1.475 million deal.
The two-bedroom home was acquired in a short sale, according to the listing.
The 0.84-acre lot is on the shores of Boca Ciega Bay. It’s a custom-built home designed by St. Pete architect Blanchard Jolly.
It features a double-sided fireplace and a large library and has a skylight in the ceiling.
The kitchen features light wood cabinets and stainless steel appliances.
Outside, there is a multi-level pool and private dock.
The home was built in 1982 and was renovated in 1998.
The seller was represented by James Brylinke with Realty Experts and the buyer was represented by Kandy Magnotti with Preferred Shore.
Palmer Estate to be auctioned
701 Bayview Drive to be auctioned by the Interluxe online platform.
The historic estate commonly known as the Palmer Estate in Belleair will be up to auction.
The Mediterranean Revival estate at 701 Bayview Drive overlooks the Belleair Country Club golf course and was previously listed for $3.8 million.
The estate will sell at or above the starting reserve bid of $1.2 million via Interluxe.com beginning on Nov. 9 at 12 p.m.
Built in 1920, the property was first owned by Earl E. Carley, vice president of the Belleview Biltmore Hotel Company and was later sold in 1928 to its namesake, Theron Palmer, a titan of the rubber industry. The property was also rumored to have been a summer vacation getaway for Al Capone, according to the release.
“The seller works and lives abroad and doesn’t have the time to spend at this extraordinary property. When discussing the listing, we knew that we needed a different approach to attract the right buyers and to do so in a timely, efficient manner,” Gordon Kyle of Premier Sotheby’s International Realty said in a release.
The estate boasts over 3,000 square feet of outdoor living space, including a pool and spa. The original structure of the home features four bedrooms, four full bathrooms and half bathroom and a chef’s kitchen with SubZero appliances. The second-floor master suite was formerly a ballroom.
A second wing was built in 2005, adding a three-car garage, two bedrooms, living area/flex space and two full bathrooms.
The estate has undergone a number of renovations over the years.
Coastal Steel Construction industrial building is sold
The industrial building Coastal Steel Construction Inc. utilizes in St. Petersburg has a new owner.
Richman Industrial Land LLC sold the 40,126-square-foot building at 950 31 St. S. to D Iafrate Capital LLC, which is linked to Angelo’s Recycled Materials.
Angelo’s Recycled Materials, based in St. Petersburg, specializes in construction materials and waste management with over 500 employees located across the U.S.
Buccaneer Plaza is under new ownership
PF2 Fund LLC sold the Buccaneer Plaza retail center in a $3.2 million deal to TMTP LLC.
The Buccaneer Plaza at 6661 49th St. in Pinellas Park has roughly 24,000 square feet and 121 parking spaces.
The one-story, Class B building has tenants including Terra Mar Brazilian Steakhouse, a martial arts studio and Canna Doctors, a medical marijuana doctor office.
TMPT took out a roughly $2.1 million loan from Flagship Bank for the purchase.
Demolition starts on old St. Petersburg Police HQ
This week, demolition commenced on the old St. Peterburg Police HQ where the new Orange Station at the Edge project will rise.
The new mixed-use development Orange Station at the Edge, which will have workforce units, much-desired Class A office space and more.
The demolition of the police department will take several months and will not disrupt the traffic flow of the surrounding streets. Once demolition is completed, developers can move forward on a planned groundbreaking.
Orange Station will be developed by Edge Central Development Partners, a joint venture group involving St. Petersburg-based J Square, Tampa-based DDA Development and Backstreets Capital.
The development entails creating five buildings that will include a total of 103 residential units, up to 106,000 square feet of office space, 21,400 square feet of commercial space and a 600-space parking garage for public and private use.
The development is expected to be completed in late 2023.