A weekly roundup of local real estate deals.
Kolter starts sales for 42-story condo tower
Palm Beach-based Kolter Urban, a real estate development and investment firm, announced the launch of sales at Art House St. Petersburg, a planned luxury condominium tower at 200 Central Ave.
The 42-story residential tower will include 244 luxury residences and three floors of penthouses (originally, the plans called for two floors of penthouses).
The Art House will be built on a surface parking lot adjacent to the 200 Central office building. It will have a combination of residential and commercial space.
“We have been extremely bullish on St. Petersburg for years and have earned a reputation for delivering amenity-rich, luxury condominiums to market. We are delighted to introduce our latest luxury address to the area. Art House is perfectly situated in the epicenter of the vibrant downtown on the main east and west artery of St. Pete at Central Avenue, just steps to the waterfront and the plethora of restaurants on Beach Drive,” Bob Vail, President of Kolter Urban, said in a release.
Art House’s floorplans will range from two to three bedrooms, several with a den, and be 1,380 to 2,637 square feet. There would a total of 12 penthouses on the top three floors.
It would also be rich with amenities. A resident amenity center on the ninth level will include a resort-style pool and spa, contemporary cabanas and open gathering spaces. Residents will enjoy a formal club room overlooking the pool terrace with a private dining room.
There will also be 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, a covered outdoor dog park and a co-working space.
Additionally, residents also have access to the fully-furnished guest suites that can ideally be used for out-of-town guests.
There will also be 6,000 square feet of ground-floor retail and commercial space.
The development is expected to be completed in 2024.
Welch wants to study Albert Whitted Airport property
St. Petersburg Mayor Ken Welch has asked city staff to study the future of the Albert Whitted Airport property.
Welch tweeted he has “instructed staff to further study economic and community impacts at Albert Whitted Airport to better identify the best use for the site.”
The city owns the 100-acre-plus airport property, and is also the airport’s operator.
Today, the airport is used for private aviation services but doesn’t house any commercial airlines.
Over a decade ago, St. Pete residents voted to keep the airport, rejecting a proposal to develop a 60-acre park and urban development.
However, many local developers have stated the prime waterfront property site is underutilized and can be transformed into a development that could maximize its potential.
The airport recently wrapped up its $4.5 million southwest hangar project where two new hangar structures were added. The airport also replaced two buildings and added a tie-down ramp.
The airport is also planning a $3.7 million project to rehab another runway, construct new taxiways, and update the lighting to LED. The project is being funded through the U.S. Department of Transportation and Federal Aviation Administration.
Red Apple Group sees over $150 million in condo sales for 400 Central
Red Apple Real Estate’s planned 46-story tower in downtown St. Petersburg has surpassed more than $150 million worth of reservations on condominiums.
The Residences of 400 Central is a 1.3 million-square-foot development that will offer 301 luxury homes, ground-floor retail and restaurants, and Class A office space. New York-based Red Apple Real Estate, headed by John Catsimatidis Sr., is the group behind the development It will be the tallest tower in the city.
The $150 million worth of sales took place over the first 90 days.
The units start at $800,000.
Initial construction started in late January for the tower, and in October Red Apple and Sarasota-based real estate firm Michael Saunders and Company opened the sales gallery across from the site, at 465 Central Ave.
The development is expected to take three years to complete.
The hub in Dunedin
A new space devoted to local entrepreneurs will soon open in Dunedin.
The space, referred to as the hub, will be a new business accelerator at the Dunedin Chamber of Commerce.
It will serve all entrepreneurs, no matter the industry, who are looking to grow their skills, connections or business.
Membership is free; however, fees apply for co-working and private office rentals, according to the chamber’s description.
An exact opening date for the hub has not been released.
Another new co-working entrepreneurial space also recently opened in Dunedin. The Hope Grove Co-work and Care space, located on Main Street, opened inside the FUMV Dunedin building.
The space offers private offices, child care support, wifi, meeting booths and printing services.
Sundial in downtown St. Petersburg to be sold
Safety Harbor-based Paradise Ventures is under contract to buy the Sundial shopping center at 153 2nd Ave. N. Feb. 17 in a roughly $27.5 million deal, Paradise CEO and President Michael Connor told the St. Pete Catalyst.
St. Petersburg businessman Bill Edwards has owned the 85,357-square-foot shopping center since 2011, and has been approached by multiple parties over the years offering to purchase it.
“I thought about [redeveloping] it for sure. After spending a lot of time there and digesting it, I feel like this still has legs. I do retail development and there’s not a great central location in downtown St. Pete. This could be the beginning of that, and we could hopefully get the pieces around it and create more of a central destination,” Connor said. “There’s more density coming in and we want to create a magnet.”
Today, the shopping center’s tenants include Ruth’s Chris Steakhouse, Chico’s, White House Black Market, Tommy Bahama, Diamonds Direct and the Man Cave barbershop, according to the Sundial’s website.
There are several large vacancies, including the spaces formerly occupied by FarmTable Kitchen and Locale Market.
Connor also added how there is an 8,000-square-foot space by Ruth’s Chris that has sat dormant for years. He plans to convert the empty shell into spec office space.
“I spoke with real estate agents and they said the bigger office users are circling St. Pete and need 30,000 or 40,000 square feet, but that’s not going to be available for another two or three years. If I could get it ready, they could have office space for now and it will drive traffic for the retailers,” Connor said.
He also plans to create more amenities at the Sundial.
A storage facility in St. Pete sells for over $22 million
The 92,000-square-foot Extra Space Storage facility on 2nd Avenue has sold in a $22.85 million deal.
St. Pete Urban Storage LLC sold the massive space to South Plant Owner LLC.
The storage facility, at 1501 2nd Ave. N., was built in 2018.
The buyer is tied to New York-based KKR and Co. Inc., a leading global investment firm that manages assets.
Estate in the Historic Old Northeast neighborhood sells for $3.9 million
A 1925 estate in the Historic Old Northeast neighborhood has sold in a $3.9 million deal.
Owners Christian Strong and Jack Charles Thomasson sold the two-story home at 1730 Beach Drive NE to buyers Charles and Deborah Muller for $3.925 million.
The four-bedroom, 4,237-square-foot property has been showcased in several books and magazines throughout the years, according to the listing.
The property includes three lots that are just over half an acre, and it’s situated one block from the waterfront and North Shore Park.
The estate has undergone a number of renovations from the previous owners, including replacement of the downstairs floors and the poolside casita.
The estate features a one-bedroom guest home, and a three-car garage.
The home last sold in June for $2.47 million. It was relisted on the market in December with an asking price of $4.1 million, according to public records.
Alona Dishy with Remax Metro represented the sellers. The buyers were represented by Jaime Brown with Tampa Home Styles.