A weekly roundup of local real estate deals.
Fit2Run to stay in St. Pete
The South Florida-based Kolter Group is planning to build a 14-story hotel at the site home to retailer Fit2Run, at 232 and 256 2nd St. N.; the retailer, however, isn’t saying goodbye to St. Petersburg.
St. Petersburg Store Manager Colten Poe said Fit2Run plans to relocate to another site within the city before Kolter starts construction work for the Tempo by Hilton-flagged hotel.
Sources said Fit2Run is currently eyeing several locations.
Kolter purchased the Fit2Run site and the surface parking lot in 2021 for a combined $7.5 million.
Kolter is the same group behind the Art House at 200 Central Ave. and Saltaire at 300 1st St. South, which are currently under construction.
The Metro apartments will be turned into a hotel
DevMar Development, the same developer of The Vantage Apartments and the Sky St. Pete project, has sold The Metro, a 100-unit studio apartment complex for $28.2 million.
DevMar sold the seven-story building that’s under construction in the Edge District to Metro St. Pete LLC, which is connected to Semin Valani and Badru of Palo Alto, California. According to Pitchbook’s description of Semin, she serves as a managing partner at venture capital firm MDSV Capital and is also an executive at Sparq Capital.
Following the sale of the building, it was announced that The Metro will now be known as the Mint House at Metro St. Petersburg, an apartment-style hotel with short-term rentals.
The Mint House will offer high-end amenities for guests staying a night or for multiple weeks, such as a resort-style pool, a wellness-focused fitness center, a bicycle rental program and valet parking, according to a news release.
The Mint House brand is known for its proprietary tech, including mobile check-ins and keyless entry, pre-stocked groceries and 24/7 digital concierge services.
It is scheduled to open this spring.
Sundial to include fitness tenants
St. Petersburg-based Paradise Ventures, which owns the Sundial shopping plaza and will be redeveloping it, has retooled its plans for office space to focus on attracting tenants in the fitness/gym space.
Today, the shopping center’s tenants include Sea Salt, Ruth’s Chris Steakhouse, Chico’s, White House Black Market, Tommy Bahama, Diamonds Direct, the Man Cave barbershop and others.
There are several large vacancies, including the spaces formerly occupied by FarmTable Kitchen and Locale Market.
Mike Connor, president and CEO of Paradise Ventures, told the St. Pete Catalyst that there are three to four spaces at the shopping center that could be used by interested fitness/gym operators.
Connor said they are talking with independent/niche businesses and national franchises.
Tesla center crosses the finish line
Tesla Motors can now open its new 102,410-square-foot center in Lealman.
Developer Rob Truett, principal at the Delay Beach-based Truett Realty Group, received a certificate of occupancy this week for the facility at 4601 34th St. N.
The site of the former Kane’s Furniture liquidation center has been redeveloped into a state-of-the-art delivery and repair center for Tesla.
The St. Pete Catalyst reported last week that workers were actively finishing the final touches.
Tesla’s store locations are referred to as centers rather than standard dealerships due to Tesla’s direct sales model – directly selling the vehicles to customers without the use of an independent dealer – which strays from the traditional big auto business model.
Truett has worked with Tesla on building multiple centers.
Pinellas Park assisted living facility sells
The Bayside Terrace assisted living facility at 9381 U.S. Highway 19 N. in Pinellas Park has sold for $4 million.
California-based Griffin American Healthcare sold the 85,245-square-foot facility to Clearwater-based TJM Properties.
Bayside Terrace offers independent living, assisted living and memory care for residents.
TJM Properties, the buyer, is a real estate acquisition and management firm specializing in hotels and senior living. Its portfolio includes The Oaks on the Bay, a 320-unit Clearwater facility with independent, assisted and skilled nursing units, and The Princess Martha, a 118-unit upscale senior living complex in St. Petersburg.