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Places This Week: Hotels get $105M in refinancing; Motocave sales launch

Veronica Brezina

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Bellwether Beach Resort. Photo: Visit St. Pete/Clearwater

A weekly roundup of local real estate deals.

 

St. Pete Beach hotels are refinanced

Bellwether Beach Resort and the Beachcomber Beach Resort have been refinanced for $105 million. 

The refinancing was put together by CBRE’s Hotel Debt and Structured Finance Team, which secured the financing through German lenders.

Miami-based Gencom acquired the Bellwether property, formerly known as the Grand Plaza Hotel, and the nearby Beachcomber Beach Resort and Hotel for $100 million in 2019. 

Both of the hotels have undergone renovations and upgrades. The Bellwether Beach Resort reopened in August after it renovated its 156 rooms and Spinners restaurant. Meanwhile, the Beachcomber added an indoor dining space. 

 

Clearwater apartments sell for $75.5 million

Bedrock Holdings II LLC sold the Bay Cove Apartments to New York-based CLPF Bay Cove LLC in a $75.5 million deal. 

The 402,484-square-foot facility at 19135 U.S. Highway 19 N. has one- to four-bedroom apartment homes with the largest being 1,500 square feet.

Bay Cove Apartments. GoogleEarth

The complex, built in 1971, has screened-in patios and balconies, and newly redesigned kitchens. The amenities include three outdoor swimming pools and a fitness center, according to a description of the complex. 

 

Group submits environmental permit for Art House

Kimley-Horn Associates, on behalf of its client Kolter Urban, part of The Kolter Group, submitted an environmental resource permit in the Southwest Florida Water Management District for the construction of the Art House. 

The Art House is a planned 42-story condo tower that would be built at 200 Central Ave., which is currently used as a parking lot. 

The pool deck and outside bar. All images are courtesy of Kolter Urban.

The permit is for the construction of a “minimal impact” 246-unit condominium and retail building within a 1.26-acre site. 

The development would be constructed in one phase and contain an underground stormwater management system per requirements, according to the application. 

Kolter recently launched sales for the residential units, which include 244 luxury residences and three floors of penthouses (originally, the plans called for two floors of penthouses).

The entire $140 million tower development will feature 6,100 square feet of commercial space and a 482-space parking garage, according to the latest plans. 

The amenities for the condo residents will include a co-working space called The Hub located on the lobby level, a state-of-the-art fitness center with high-tech cardio and strength training equipment, a glass-enclosed personal training and movement studio, a theater, a game room with a simulator, a covered outdoor dog park and a clubhouse with a bar. 

The tower is expected to be completed in 2024. 

 

Tierra Verde estate sells for $9.95 million  

The 10,238-square-foot estate at 1997 Oceanview Dr. has a new owner. 

Monica Payraudeau sold the waterfront Tierra Verde home in a $9.95 million deal to Naples-based Rivage Investment. 

1997 Oceanview Dr. All photos are courtesy of Century 21.

Dania Perry with Century 21, who represented Payraudeau, said the seller listed the home as she wanted to move closer to family. Perry was not at liberty to discuss any information about the buyer. Robyn Gunn with Premier Sotheby’s International Realty represented the buyer.

The seven-bedroom, eight-and-half-bathroom estate boasts 23-foot high ceilings and large windows to capture the expansive views of the Gulf. 

 

1997 Oceanview Dr.  

Some of the hard-to-miss features include a double-sided circular staircase separating the two floors and an 800-bottle climate-controlled wine room. 

Six of the bedrooms have waterfront views. There is also an upper-level game/entertainment room with a dedicated kitchen, according to the listing.  

1997 Oceanview Dr.  

Outside, there’s a 1,800-square-foot covered travertine marble deck with an outdoor kitchen/bar area and a gas fireplace alongside an infinity pool with a pool bar. 

The estate also has a composite dock with a 20,000-pound boat lift and wet slip. 

The home, built in 1999, last sold in 2013 for $4.45 million. 

 

Sales launch for Motocave

Sales have kicked off for St. Petersburg’s first-ever luxury car condo community. 

Motocave Tampa Bay, located at 2051 Gandy Blvd., will feature 43 car condos throughout five buildings. 

A rendering of the Motocave Tampa Bay development. Courtesy of DDA Development.

The St. Pete Catalyst first broke the news about the project last year. The concept was created by prominent real estate developers Bowen Arnold of Tampa-based DDA Development, Scott Clendening of St. Petersburg Commercial Partners Realty, and Matt Mosk of Largo-based Mosk Development Co., one of the largest industrial and commercial developers in Pinellas County.

The units will range from 918 to 1,591 square feet and are customizable as some users may want to have a steel-fabricated mezzanine that leads to a loft, and lifts to create room for additional vehicles. 

The project will also include a 2,200-square-foot community clubhouse. 

Construction is set to begin this third quarter and it will take roughly a year to complete. 

 

Skyway Marina apartment complex sells for over $123 million 

The Addison Skyway Marina apartment complex, one of the most significant developments to take shape in the Skyway Marina District, has been sold. 

ContraVest Development Partners sold the 308-unit Class A rental apartment complex to the TMP Skyway Marina Project LLC in a $123.2 million deal. The LLC is connected to Denver, Colorado-based Treeline Partners, according to public records. Treeline Partners is a privately-held real asset investment management firm.

The buyer also took out an $86.24 million mortgage loan from WSCO Core Lender LP. 

The luxury apartment community opened in 2021 at the site of a long-abandoned Kmart at 34th Street South and 38th Avenue at 3951 34 St. S. 

Today, the complex consists of three four-story buildings and two two-story carriage buildings, with attached and detached garages. The units range from studios to three-bedroom units, featuring granite countertops, wood-style flooring and a balcony or patio.  

 

St. Petersburg apartments sell

The apartment complex at 1750 2nd Ave. N. in St. Petersburg has sold in a $1.65 million deal. 

Zhukovskyi USA LLC sold the property to Niu Jitao. 

The property appraiser’s portal states the property is a vacant lot; however, images show a residential structure. 

A rendering of the apartments planned for the 1700 block of 1st Avenue North. Image: City of St. Petersburg documents

Anatolii Zhukovskyi, of Zhukovskyi USA LLC, previously proposed building a five-story multiresidential complex at the site with 33 studio apartments. The project was estimated to cost $2.3 million. 

He also proposed building a second structure at 1735 1st Ave. N. that would feature 50 one-bedroom apartments. 

 

Buccaneers chairman’s group buys St. Pete Beach resort for $84.2 million

The historic Dolphin Beach Resort in St. Pete Beach is now owned by Tampa Bay Buccaneers co-owner and co-chairman Bryan Glazer.

The SCG Beach Hospitality LLC, which is owned by Glazer, purchased the resort in an $84.2 million deal from Dolphin Holdings Limited Inc., according to Pinellas County records.

The Dolphin Beach Resort on St. Pete Beach along Gulf Boulevard. GoogleEarth.

The buyer also took out a $58.5 million mortgage from the Fifth Third Bank National Association.

The 173-room resort at 4900 Gulf Blvd. is a three-star property that is located directly on the beach and boasts a handful of amenities. It was first built in 1966 and offers balconies overlooking the Gulf and cabana rentals at its pool.

Glazer plans to renovate the resort.

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