Places This Week: Entrepreneur sells downtown property once eyed for 25-story, mixed-use tower

A weekly roundup of local real estate deals. 

Ping Pong Partners sells land previously eyed for development 

Ping Pong Partners, formed by Steve Gianfilippo, who founded the Cordova Inn and Station House in St. Pete, has sold the property once eyed for a 25-story tower in downtown St. Petersburg. 

The purchasing entity, KT St. Pete Runner LLC, purchased the two properties at 256 2nd St. N. in a $5.1 million deal, and 232 2nd St. N. in a $2.4 million deal. 

The entity is linked to the Delray Beach-based Kolter Group, according to public documents. The group owns the 41-story luxury condominium tower ONE St. Petersburg and is developing the Saltaire, a 35-story condominium tower at 300 1st Street South, through one of its divisions. 

Fit2Run. GoogleMaps.

The newly purchased properties include the parcel where Fit2Run, a retailer selling athletic apparel, currently operates as well as a rear parking lot. 

The initial proposal several years ago was for Ping Pong Partners to build the tower on the properties housing the parking lot and the Fit2Run building. The tower was going to offer 100 residential units and 7,000 square feet of ground-floor commercial space; however, the group encountered a setback over an issue with the property, according to reports. 

Formulated Solutions’ expansion in Largo

Formulated Solutions, a hygiene product manufacturer in Largo, has purchased a 154,962-square-foot facility at 11775 Starkey Road in Largo for a massive expansion. 

Tampa-based Paradigm Investment Properties LLC sold the property to Formulated Real Estate LLC in a $35.52 million deal. 

Formulated Solutions recently announced the expansion at the building, which is its largest infrastructure expansion project to date.

Formulated Solutions.

The building was formerly used by Smith and Nephew’s wound treatment production facility.

The expansion significantly increases Formulated Solutions’  footprint, capacity and capabilities in product development and manufacturing. 

Formulated Solutions’ site in Largo. GoogleMaps.

Formulated Solutions specializes in the development of aerosols and pressurized barrier packs to complex semi-solids systems, nasal delivery sprays, oral liquids, tubes and single-use wipes. 

The expansion includes 30,000 square feet of new employee and onsite warehousing space and the design and installation of a fully dedicated “plant within a plant” for new nasal spray products, with production rates reaching 200 units per minute. 

Clearwater land for condo development sells

Largo-based Azure Development Group LP has purchased two vacant properties on Island Way in Clearwater that are zoned for condo development. 

Azure purchased the two properties from Illinois-based Bixby Bridge Capital under the entities Elan 405 LLC and Elan 415 LLC. 

Both properties sold for $1.9 million. 

Azure took out an approximately $21.5 million mortgage from Trez Capital Florida Corporation. 

Local entrepreneur sells his Dunedin home 

Jay Conroy, president at Hydro-Dyne Engineering in Clearwater, sold his home at 2416 Baywood Dr. W. in Dunedin, in a $2.35 million deal, to Joe and Elizabeth Price. 

2416 Baywood Dr. W. in Dunedin. Realtor.com.

The 3,684-square-foot home has direct west views of St. Joseph Sound, Honeymoon Island, Caladesi Island and the Gulf of Mexico. 

2416 Baywood Dr. W. in Dunedin. Realtor.com.

The three-story home, built in 1996, is located in the Baywood Shores community. 

2416 Baywood Dr. W. in Dunedin. Realtor.com

Past the blue front doors, the home features a 20-foot stacked marble gas fireplace, four bathrooms and two master suites. 

Outside, there is a saltwater pool, outdoor kitchen and boat lift with dual jet ski lifts. 

2416 Baywood Dr. W. in Dunedin. Realtor.com.

Price took out a $1.645 million mortgage from Quicken Loans LLC and Rocket Mortgage LLC for the purchase, according to the county’s records. 

Clearwater apartments sold as part of $112 million acquisition

The Catalyst previously reported that privately-held real estate investment firm 29th Street Capital (29SC) acquired two Tampa Bay area apartment complexes. 

The deed for the Enclave at Northwood property in Clearwater appeared this week. 

The Enclave at Northwood apartments. Apartments.com.

JWC Clearwater LLC sold the property to 29SC for $39 million. 

29SC also took out a $32.44 million mortgage from Prudential Insurance Company of America. 

Enclave at Northwood is a 188-unit, 1984-vintage property, located in Clearwater’s Northwood neighborhood.

The firm had also announced it acquired Henley Tampa Palms.