A weekly roundup of local real estate deals.
Historic Indian spring and property to be sold
For the first time in decades, a property where a historic spring flows into the Intercoastal Waterway is listed for sale.
The 1.4-acre site at 14775 Pine Dr. in Largo dates back to the Timucua Indians and other indigenous tribes who traveled to a nearby fishing village and used this spring as a vital life-giving water source.
The crystal clear spring head flows into a 30-foot wide limestone bottom pond that is outlined by a decorative concrete wall and channel that directs the water into the Intercoastal. The spring emits around one million gallons of freshwater a day, according to the listing.
The spring feeds into a duck pond. The owners, Ed and Tina Crosby, who gave the St. Pete Catalyst a tour of the property, said they also occasionally see otters in the pond.
The spring divides the property with open land on one side and residential home on the other.
The home, built in 1973, initially featured one bedroom. The Crosbys have added a separate building along the side of the existing home; there are now three bedrooms in total. Although the home is next to the pond, the owners said flood insurance is not required due to the elevations.
Those interested in inquiring about the property and bidding process can find more information here.
Construction commences on the Coca-Cola site
Vertical construction has now started on Coca-Cola Beverages Florida’s newest distribution facility in Pinellas County.
The 22,068-square-foot Coca-Cola facility is under construction at a 10-acre site on Gandy Boulevard, near Interstate I-275.
The general contractor The Sinclair Group is working on the $5 million project with Coke-Cola Beverages Florida, a family-owned, independent Coca-Cola bottler.
The business paid $2.8 million for the property in March 2019. The location is strategic as it’s near the interstate, allowing the company easy access to St. Petersburg and Tampa.
A Coca-Cola Beverages Florida spokeswoman said the facility will serve as a last-mile delivery station.
The company covers over 20 million consumers across 47 Florida counties, including major cities such as Jacksonville, Miami, Orlando and Tampa. Coke Florida sells, manufactures and distributes over 600 products from Coca-Cola and other partner companies, according to its website.
Tesla selects Lealman site for delivery and repair center
The Catalyst was one of the first publications to break the news this week on Tesla Motors’ decision to acquire the Kane’s Furniture liquidation center in Lealman.
The Elon Musk-founded electric vehicle company is planning to flip the 102,000-square-foot building into a delivery and repair Tesla center.
The facility would be converted into an automotive store where customers can become familiar with the different Tesla models, test drive cars, purchase or lease cars in-store or online and have their vehicles repaired.
Last week, the Pinellas County Board of Adjustment and Appeals approved a conditional request for Tesla to redevelop the dilapidated building at 4601 34th St. N. Tesla is expected to purchase the property this month.
The move from Tesla is a significant one for the traditionally-underserved Lealman neighborhood.
The new center will also create 50 jobs, boosting the local economy.
Today, Tesla has a center in Tampa, several in South Florida and in other parts of Florida, according to its website.
Group behind Reflection project purchases Mirror Lake site
HP Capital has closed on the BridgePoint Church property, in the Mirror Lake neighborhood, where it plans to build an 18-story residential building.
The 88-unit condo building, called Reflection, is planned at 8th Street and 3rd Avenue North, at a site that serves as a parking lot for the Lyceum, an event venue now being used for worship services by BridgePoint Church.
BridgePoint agreed to sell the .70-acre parking lot to HP Capital, a group led by Fred Hemmer, a veteran of the real estate and banking industries.
The group purchased the parking lot in a $4.95 million deal that closed April 1. Simultaneously, New York-based ACRES Capital Corp., a leading commercial real estate middle-market lender, has provided a $73.375 million loan to fund the development of Reflection.
The project is expected to be completed in 2023.
Kolter logs over 100 reservations for condos at Art House
Palm Beach-based Kolter Urban, which is developing a 42-story condo tower at 200 Central Ave., has hit new milestones for the Art House St. Petersburg development.
The group 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).
“At this time, we are in the reservation period. We currently have over 100 reservations that we anticipate converting to contracts in May, upon approval of the condominium documents with the state of Florida,” Brian Van Slyke, Regional President of The Kolter Group, told the St. Pete Catalyst in a statement.
The entire $140 million tower development includes 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 Kolter Group also released new renderings of Art House, which can be found here.
The tower is expected to be completed in 2024.