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Places This Week: Madeira apartments sell; details on Kolter condo tower
A weekly roundup of local real estate deals.
The Kolter Group unveils more details on the downtown condo tower
The Kolter Group, the developer behind the ONE St. Petersburg condominium building, has created a landing page for its planned new downtown condo tower.
The landing page unveils the name of the tower at 200 Central Ave. It will be called the Art House and will offer two- and three-bedroom units. Initially, the project was reported to be 41 stories high; however, the new landing page indicates it will be 42 stories.
A rendering of the Kolter’s new 41-story condo tower at 200 Central Avenue. City of St. Pete documents/ SB Architects.
The tower is estimated to cost roughly $140 million (in today’s market) and would be built on a parking lot owned by 200 Central.
The development will have a total of roughly 250 residential units, 6,100 square feet of commercial space and a 482-space parking garage, according to the latest plans.
The Kolter Group is working with San Francisco-based SB Architects, which designed Kolter’s 41-story ONE St. Petersburg tower, the Saltaire waterfront condo development and the 18-story Ritz-Carlton Residences.
Construction is expected to start in the fourth quarter of next year.
Smith and Associates Real Estate will act as the brokerage firm for the condo sales and ULA out of Tampa will handle the marketing.
The Madeira apartments sell for nearly $17.3 million
The Madeira, a 138-unit multifamily complex in St. Petersburg, has sold in a roughly $17.3 million deal
Connecticut-based CK Management LLC purchased the 119,920 -square-foot complex from GPK Real Estate Investment and Development.
The Madeira. Loopnet.
The complex at 7533 38th Ave. N., built in 1971, is on a 2.75-acre lot and has an average occupancy rate of 88%, according to a listing on Loopnet. It’s less than three miles from Tyrone Square Mall.
CK Management took out a roughly $20.14 million loan from Capital Funding LLC for the purchase.
The Madeira has six floor plans with one-, two- and three-bedroom apartments for rent. All the units have carpeted floors, a dishwasher, mini blinds and a refrigerator.
The amenities include a pool and a shared laundry facility.
Starbucks coming to 4th Street
A stormwater permit has confirmed a Starbucks is slated for 4th Street North, just west of what is expected to be a Whole Foods Market.
The St. Pete Catalyst previously reported it was suspected that a Starbucks was to occupy the site, which is currently the Southern Telephone Systems building at 3939 4th St. N.
The site plan submitted to the Development Review Commission shows a Starbucks logo for what is currently the Southern Telephone Systems building at 3939 4th St. N.
This will be the fifth Starbucks location on 4th Street North within 100 blocks. Others include the locations at 900 4th St. N., 4946 4th St. N. and 8801 4th St. N.
Foundry Commercial purchases Caroll’s Nursery in Largo
Foundry Commercial has purchased the highly sought-after Caroll’s Nursery industrial site in Largo.
The 125,000-square-foot warehouse acquired for $1.9 million marks the first acquisition by Foundry’s Development & Investments platform in Pinellas County.
Caroll’s Nursery industrial site in Largo. GoogleMaps.
Foundry plans to develop the site at 150th Avenue and 62nd Street into a Class A warehouse. Site work has already commenced at the site with completion slated for 2023.
“Pinellas County has long been considered one of the tightest industrial markets in Tampa Bay, so the opportunity to develop a new Class-A warehouse was certainly attractive as we explored locations for our next development project,” David Kern, the market leader for Foundry Commercial in Tampa Bay, said in a release.
“Given the challenges initially presented by this property, this development would not be possible without the tremendous support from the City of Largo, FDEP and Duke Energy.”.
The property has been unused for several years and was annexed into the City of Largo to promote job creation and economic development.
Atlanta firm takes over Kmart box space
Atlanta-based Fuqua Development, known for its marquee metro Atlanta mixed-use projects, has purchased the Kmart store at 4501 66th St. N., Kenneth City.
Fuqua Development purchased the 120,620-square-foot vacant retail box from Seritage Growth Properties in a $6 million deal. Fuqua took out a roughly $3.176 million loan from Georgia Banking Company for the purchase.
Fuqua has a significant portfolio including working on a $400 million mixed-use development on 74 acres and that is connected to the new Braves Baseball Stadium located in Cobb County, Georgia. The development includes Class A office space, retail, a hotel and multifamily homes.
New food hall to be created in German restaurant space
Washington, D.C.-based Wiseguy Pizza operator Nuri Erol will be breathing new life into the former Hofbräuhaus German restaurant by creating a food hall inside.
The building where Hofbräuhaus once operated. GoogleMaps.
Erol, who operates four Wiseguy Pizza locations in D.C., purchased the 17,297-square-foot restaurant space on 4th Street in downtown St. Petersburg this week in a $7.1 million deal.
Jeremy Kral, a principal at the Southeast Retail Group, represented the seller in the transaction. Larry Silvestri with Silvestri Law represented the buyer.
The concepts he wants to bring include a pizza concept Erol will operate himself, a deli with New York-style hoagies, a croissant concept from San Francisco, a NY-based bagel concept, restaurants serving ice cream to doughnuts, poke and vegan dishes, and Mexican and Turkish concepts. He would also like to have a cocktail bar to take advantage of the outdoor patio space.
Largo Town Center sells
The Largo Town Center has been sold in an $8.35 million deal.
Alabama real estate firm Shannon Waltchak purchased the 37,574-square-foot strip mall at 3690 E. Bay Drive, according to an announcement by real estate services firm CBRE.
Largo Town Center. GoogleMaps.
The center includes an Outback Steakhouse, Westshore Pizza, the Haus Coffee Shop, a barbershop, medical offices and more.
Mark Shellabarger and Ari Ravi of the CBRE Group Inc. represented the seller.
“The buyer was attracted to Largo Town Square because of the stable cash flow from a diverse long-term tenant roster, the upside potential in leasing the vacant space and robust traffic counts,” Shellabarger said in a news release. “The Outback Steakhouse has been operating there for 33 years, since the center was built, and is a good performer.”
Redington Beach estate sells in a $6.8 million deal
The Redington Beach estate at 15912 Gulf Blvd. has sold in a $6.8 million deal, according to public records.
It was sold to the Timmothy Kinnetz Trustees. Kinnetz is the founder of Iowa-based GrapeTree Medical Staffing LLC.
The estate at 15912 Gulf Blvd. GoogleMaps.
The five-bedroom home is located in a gulf front gated estate. It has 80 feet of water frontage on a 200-foot lot.
The 6,528-square-foot home, built in 2014, has three stories with floor-to-ceiling windows overlooking the beach and multiple waterfront terraces.
There are three guest bedrooms suites, all with gulf views. The home offers a detached private mother-in-law suite.
Outside, there’s a living and entertaining area that boasts over 1,000 square feet, with a saltwater heated pool, spa and a fire pit, according to the listing.
There’s an attached three-car garage that provides for a total parking capacity of up to 10 vehicles.
Jennifer Zales with Coldwell Banker Realty represented the seller. Justin Hubbard with Exit Bayshore Realty represented the buyer.
Hubbard previously represented the buyers when they purchased a home in Lithia.
Ron Ripple
December 25, 2021at8:50 am
There is much building going on in the area, how about more affordable housing for those not as fortunate?
Frank Drexler
December 24, 2021at9:43 am
Isn’t the picture of Carrols Nursery at 38th Ave North just West of 49th Street in St. Petersburg?