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Places This Week: Progress on Greystar’s Gateway project and Ascent tower

Veronica Brezina

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A rendering of the Gateway Logistics Center that Greystar is developing. Rendering: JLL

A weekly roundup of local real estate deals.

 

Tyrone Square Mall to have artist studios 

Simon Property Group, which owns Tyrone Square Mall, is partnering with South Florida-based Zero Empty Spaces to bring art studios to the mall. 

Zero Empty Spaces works with property owners and developers to do something with vacant properties that are open to being activated, versus sitting empty.

Tyrone Square Mall. Photo by Bill DeYoung.

The organization has contracted with Simon Property Group to lease several vacant mall storefronts – those in the western section, the so-called “Dillard’s Corridor” – as affordable artist studios and galleries.

Interested artists are invited to an Open House from noon through 1 p.m. Saturday (April 2), to view the available storefronts and talk with representatives from Zero Empty Spaces.

All spaces are $2.50 per square foot, including water and electricity, on a month-to-month basis. The average available space is 120 square feet, or approximately $300 per month, plus tax.

 

Bayway Isles estate with a “tropical oasis” is set to be sold 

A 4,200-square-foot home tucked in the Bayway Isles neighborhood listed for $2.4 million is now pending a sale. 

5339 62nd Ave. S., St. Petersburg. All photos courtesy of Karen Hegemeier and Tony Sica.

The estate at 5339 62nd Ave. S. is across from a waterfront strip of property lined with homes and appears to have a secluded .93-acre spot, nestled between land and a pond.

5339 62nd Ave. S., St. Petersburg.  

The highlight of the five-bedroom home is the backyard that’s described as a tropical oasis surrounded by banana and mango trees and lush gardens. The outdoor entertainment space features a grotto lagoon-like pool, an outdoor kitchen, a fire pit and a “butterfly house.” 

5339 62nd Ave. S., St. Petersburg. 

The estate, built in 1989, has an open floorplan where the great room flows into the formal dining room and into the high-end kitchen with modern appliances. 

The home has a split bedroom layout. One of the rooms is set up as an office with wood paneling and custom shelves. 

Another highlight in the listing is the 4,000 square feet of space downstairs that could ideally be turned into an entertainment space. 

Karen Hagemeier with Premier Sothebys International Realty is the listing agent. Jen Dunn is the co-list agent working with Hagemeier. 

The home last sold in 2011 for $525,000. 

 

JLL is tapped to lead leases for the 75-acre Gateway development

Real estate management firm JLL has been selected by Greystar to handle leasing for its planned Gateway Logistics Center at Interstate 75 and Gandy Boulevard. 

Roughly two weeks ago, South Carolina-based developer Greystar purchased the 93-acre property from Jabil Inc. in a $32 million deal.

The majority of the property will be used to build the industrial park, while the remaining property will become the site of multifamily housing. 

Construction for the 622,270-square-foot center is expected to start this summer with three buildings totaling 290,000 square feet for the first phase. The initial space in the first phase will become available in early 2023.

JLL Executive Managing Director John Dunphy, Managing Director Julia Silva and Vice President Scott Altieri will spearhead the leasing.

 

Greystar’s Ascent downtown tower hits construction milestone 

Greystar, which is developing the 75-acre Gateway industrial project, is also developing the mixed-use development called Ascent St. Petersburg, at 225 1st Ave. N.

Christopher Bayer, senior director of construction at Greystar, took to LinkedIn to announce that the main roof deck for the 37th level of the tower has been successfully cast. 

The completion of a cast for hi-rise development is considered a major milestone in construction. 

A rendering of Accent. Rendering: Greystar

Once completed, the building will have 172 hotel rooms, 354 apartment units and 6,600 square feet of commercial space.

It will include four levels of parking, a sixth-level dock with indoor and outdoor amenities including a fitness center and pool, and a roof deck and amenity space on top of the residential building, according to the site plan.

The building is scheduled to open in 2023. 

 

Wyndham Grand Clearwater Beach resort sells in a $170 million deal

The Wyndham Grand Clearwater Beach resort, owned by Tampa serial entrepreneur and philanthropist Dr. Kiran Patel, has sold in a $170 million deal. 

The resort, which opened in 2017, is the largest development on Clearwater Beach. The resort is split into two 15-story towers overlooking the Gulf of Mexico.

The two-tower Wyndham Grand resort on Clearwater Beach. Image: GoogleMaps

 
The K & P Clearwater Estate LLC entity, connected to Patel, sold the resort to JEMB Pocono LLC, which is tied to Broadway, New York-based JEMB Realty.  
 
Patel told the St. Pete Catalyst he will remain as a minority owner while JEMB is now the majority owner. 

“In challenging times like the Covid pandemic or hurricanes, it’s nice to have a partner. One man can’t carry the burden,” Patel said.  

Patel explained JEMB visited the resort and “fell in love with it.” After meeting with the group, Patel said they had good chemistry and the next step was to enter a partnership – allowing JEMB to become the majority owner. 

Morris Bailey, chairman of JEMB Realty, spearheaded the deal with Patel.   

Today, the Wyndham Grand Clearwater Beach is the newest AAA four-Diamond hotel on the Gulf shore. One of the towers is comprised of 343 rooms and the second tower has 105 vacation ownership units.  

Read the full story here. 

 

Portillo’s set to open April 5

The Chicago-style hot dog eatery chain Portillo’s will open its first St. Pete location this month. 

Several months ago, the St. Pete Catalyst reported the chain filed a stormwater application that stated the restaurant plans to open at 2303 Tyrone Blvd. N. 

A rendering of Portillo’s that will open in St. Pete. Image provided.

The chain is scheduled to open the new spot April 5. A ribbon-cutting ceremony will be held, with the St. Petersburg Chamber of Commerce, at 10 a.m.

This 7,800-square-foot location will feature classic ’50s-style decor on the inside and a seasonal outdoor patio.

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