A weekly roundup of local real estate deals.
Masonic Temple in downtown St. Pete sells
The Masonic Temple in downtown St. Petersburg is now under new ownership
Fort Lauderdale-based real estate group Elevate Partners has purchased the Masonic Temple at 114 4th St. S. in a roughly $4 million deal.
The Masonic Temple was built in 1955 and served as an assembly hall for the Masons in the 1960s and ’70s.
Developer Blake Whitney Thompson, who purchased the site in 2017 for $2.5 million, was planning to demolish the temple and build a 20-story, 51-unit condominium building on the site.
His planned $40 million development, the Blake Building, included 10,400 square feet of ground-floor commercial space.
Additionally, Thompson bought an adjoining property, a former drive-thru Regions Bank, one year later for $890,000.
Elevate Partners also purchased the former bank building at 333 2nd Ave. S. in a $2.96 million deal.
Elevate Partners was not immediately available to comment on the plans for the site. The real estate firm has completed multiple projects in South Florida, including 4 West Las Olas, a 25-story, 261-unit riverfront luxury apartment community in Fort Lauderdale.
Safety Harbor home sells for historic price
The mega estate at 2600 Phillippe Parkway in Safety Harbor has sold in a $6.5 million deal – the highest home sale in the neighborhood to date.
The 9,365-square-foot home sits on waterfront property with 10 acres of upland.
The estate features marble and hardwood flooring with modern finishes throughout, a theater room, a large pool and a four-car garage. Photos of the home also show a private pond and solar panels adjacent to the pond.
Jennifer Zales with Coldwell Banker Realty, who has represented the previous buyers, represented the new buyer. She said the home was off-market when the offer was made.
The six-bedroom, seven-bath home last sold in 2016 for nearly $7 million.
The names of the involved parties of the sale were requested to not be disclosed.
The home originally belonged to Kung-Ti and Wen-Ying Sung Yen, who paid $750,000 for the lot in 1998, according to Pinellas County property records.
Developer closes on Skyway Marina Mall properties
Prominent local developer Jack Dougherty has closed on the site of the former shopping mall in the Skyway Marina District, where his mixed-use projects will rise.
Dougherty, the owner of Allied Group Holdings, purchased several parcels from California-based Maximo Plaza Inc., according to deeds published this week. Dougherty plans to build an apartment complex, dubbed Marina Beach, on the site of the 112,000-square-foot South St. Petersburg mall located on the southwest corner of 34th Street South and 42nd Avenue.
Dougherty purchased the five properties from Maximo Plaza Inc. for over $10 million.
Dougherty also took out an $11.3 million mortgage loan under the entity the Marine Club Storage LLC, according to public records.
The plans for the site include constructing the Marina Beach apartment building, a 2,400-square-foot bank, a fast-casual restaurant and a 95,000-square-foot LifeStorage facility.
Clearwater hotel sells
Monaco Hotel LLC has purchased the Island Kay Hotel in Clearwater Beach in a $10.5 million deal.
Monaco Hotel LLC, which is an entity tied to the Sta’n Pla Motel in Clearwater, purchased the hotel at 648 Poinsettia Ave. from Taylor Arcade Inc.
The property was built in 1960 and its standard hotel rooms and two-bedroom suites have been remodeled.
The hotel offers a private beach and a pool, according to its description.
24-story downtown tower reaches construction milestone
Coastal Construction recently hit a milestone with the topping out of 334 St. Petersburg Residences – which will become one of the tallest residential buildings west of the Beach Drive area and in the downtown core.
The 334 St. Pete Residences development, at 334 2nd Ave. S., will be a 24-story residential tower that will offer 220 upscale residences along with 14,348 square feet of ground-floor retail space. A seven-story parking garage will connect to the development.
The 250-foot tall tower is being developed by Miami-based American Land Ventures.