A weekly roundup of local real estate deals.
The Harlow at Gateway sells for over $93 million
The 432-unit luxury apartment complex in St. Petersburg has sold in a $93.6 million deal.
The deal breaks down to $216,666 per unit, according to a CBRE post on LinkedIn. The post did not state who bought the property and the deed has not yet been recorded.
The Harlow at Gateway complex at 509 77th Ave. N. is situated nearby Weedon Island Preserve and the Mangrove Bay and Cypress Links Golf Course.
The complex had recently undergone renovations, including a newly renovated community that features a new resident lounge with WiFi, two swimming pools, a fitness center, a fully-fenced dog park complete with a dog washing station, and a children’s play area. The apartments were also upgraded with new dishwashers, faux-wood flooring, private screened-in patios and private fenced yards, according to its Facebook page.
St. Petersburg Grand Prix winner lists Bayshore Boulevard home
Race car driver Jason Bell, who races under the Aston Martin racing brand and is the St. Petersburg Grand Prix winner in his class, is selling his Bayshore Boulevard home for $5.99 million.
The 8,525-square-foot estate at 2902 West Fair Oaks Ave. in Tampa features five bedrooms and nine bathrooms.
The home, built in 1983 , features stained walnut floors and a large kitchen with imported Paraguay cabinets and European appliances. The gated estate also has three fireplaces, electric blinds, a smart home system, two laundry rooms and eclectic vehicle charging stations.
Outside, there are fountains, a sunken entertainment deck and a detached two-story gym overlooking the pool.
The property is listed by Andre Kashou and Jennifer Fuddy of Smith and Associates Real Estate.
The property last sold in 2017 for over $3 million.
Ocean Optics property is acquired
A Clearwater-based development group has closed on the Ocean Optics property and its parking lot.
Arlis Constructions USA LLC sold the property at 380 Main Street to Euro American Investments of Pinellas LLC in a $7.55 million deal.
The LLC is connected to Clearwater-based Mazas Holdings, which is a full-service firm with design, development and investment divisions.
The adjacent building was formerly used by Ocean Optics, which was the inventor of the world’s first miniature spectrometer.
Dunedin Economic Development Director Bob Ironsmith said there aren’t any plans for the site.
However, Tampa-based Founders Hospitality LLC said it was planning to build a mixed-use development at 380 Main St. and 830 Douglas Ave.
The planned development entails building the Stirling Resort and Spa boutique hotel, a restaurant and retail, a day spa and a rooftop pool with underground structured parking.
Developers for the Edge Collective receive a $42 million loan
PTM Partners and DoveHill Capital Management, the co-developers for the Edge Collective in St. Petersburg’s Edge District, have secured a construction loan for $42 million.
The loan is with Forbright Bank, a full-service bank, commercial lender and asset manager.
The mixed-use project will feature a ground-up, 163-key Moxy Hotel by Marriott on 1234-1246 Central Ave. that will be managed by Wurzak Hotel Group. There will also be an outdoor garden and retail paseo as well as a refurbished four-story building that will feature 17,000 square feet of ground-level retail and restaurant space and commercial space above.
“This is another one of the properties in our district that’s really critical, it’s especially important as a boutique hotel. That’s a business mix we don’t have yet,” Edge Business District Association Executive Director Barbara Voglewede said in a statement. “In addition, there’s a business incubator and shared and affordable office space in the existing building next door, another thing we don’t have currently.”
Berkadia, led by Scott Wadler and Alec Fox, advised on the debt and equity capitalization for the Edge Collective.
The total phased construction time is estimated to take 12 months.
Historic schoolhouse property sells
The Euclid School House property at 1090 10th St. N. once again has a new owner.
The seller, Euclid School Apartments LLC, which is led by Eric Meister, who is owner and principal at Cornerstone Solutions Group and Mainstay Construction Services, sold the 13,092-square-foot structure to Vajram LLC in a $4.4 million deal.
The buying entity is connected to Vineet Gupta, who has a Palm Habor address. The buyer took out a $2.4 million mortgage from U.S. Century Bank.
Several years ago when Sight Properties owned the property, it flipped the historic school into a multifamily development, turning the classrooms into 16 one- and two-bedroom apartments.
Slight sold the property to Meister last year in a $2.95 million deal.
Redington Beach estate sells for $7.65 million
A 7,787-square-foot Redington Beach estate has sold in a $7.65 million deal.
The contemporary home at 16124 Gulf Blvd. boasts 52 feet of beach frontage and has six bedrooms and eight and a half baths.
The property was sold by Tampa-based Stallion Properties LLC to Richard and Monica Leonard.
The home was built in 2021 by Trulia Home Designs. The home has walls of windows, a floating staircase, an elevator, a library, a movie theater with a wet bar, a gym, an entertaining bar, a wine cellar, a rooftop terrace with a fire feature and an eight-car garage, according to the listing.
The listing describes the chef’s kitchen as being outfitted with a quartz waterfall countertop and backsplash, a custom pantry and Wolf gas appliances.
The home also offers a large outdoor entertainment area with an infinity pool and kitchen.
Jennifer Zales with Coldwell Banker Realty represented the seller. Dania Perry with Century 21 Jim White and Associates represented the buyer.
The property last sold in 2020 for $2.55 million.