Places This Week: Red Mesa and other restaurants expand

A weekly roundup of local real estate deals.

Red Mesa to take over Two Graces space

The St. Petersburg-based Red Mesa Group has announced plans to open a second Mercado location, at 6001 Central Ave. in St. Petersburg, where Two Graces formerly operated. 

The new second location will open this winter. 

Additionally, the group also will be opening Quatro, an Americana cuisine food truck, that will be parked outside Webb’s City Cellar and Green Bench.

Red Mesa’s Quatro food truck. Image from the Red Mesa Group.

“Unlike Red Mesa Groups’ previous concepts, Quatro will not serve Mexican or Latin American inspired fare, but rather classic Americana cuisine with a St. Pete spin,” the group’s press release read. 

The Red Mesa Group has operated in St. Pete since 1995, with first opening the Red Mesa Restaurant at 4th Street. In 2008, it opened Red Mesa Cantina on 3rd Street. The last concept, Red Mesa Mercado, opened in 2014 on 1st Avenue. 

“At Red Mesa Group, we hail from spectacularly different walks of life,” the group’s release read. “We are telling the story of Mexican, Latin and American dishes inspired by the people and places of this community. The bay area doesn’t limit itself, and neither do we. We make mindful business decisions that connect the flavors of our family; further the prosperity of our team members and purveyors, and enrich the communities we live in.”

St. Pete apartment complex sells for nearly $50 million

The 304-unit apartment complex at 2680 54th Ave. S. in St. Petersburg has sold for $49.545 million. 

Avondale Property Holdings sold the apartment complex to Texas-based real estate firm Lurin.

The apartments at 2680 54th Ave. S., St. Petersburg. GoogleMaps.

Lurin acquires stressed and distressed Class B and C multifamily assets, along with Class A first-generation, value-add opportunities in growth markets in the Southeast, according to its description. 

The Park in Treviso Apartment Homes were built in 1973. 

A post on LinkedIn shows the buyer is rebranding the apartment complex as The Morgan. 

Lurin also took out a roughly $39.1 million mortgage loan from Silver Point Finance LLC for the purchase. 

California real estate firms opens St. Pete office

Cypress Equity Investments (CEI), a national multifamily developer, is opening new offices in St. Petersburg and Fort Lauderdale. 

The new local office is located at 333 3rd Ave. N., Suite 230. The St. Petersburg office building, referred to as the Synovus Bank building, is next to the Museum of the American Arts and Crafts Movement. 

The Synovus Bank building. GoogleMaps.

This is the third regional expansion to result from the firm’s October 2021 Joint Venture partnership with New York-based Winter Properties, according to a news release. 

Wesley Geys, who has been named the senior vice president of development, will lead the firm’s St. Petersburg office, spearheading development activities of multifamily projects throughout Florida.

Wesley has more than 20 years of real estate experience and previously held executive positions with the Jefferson Apartment Group, Tavistock Development Company, Greystone and Landmark Companies.

More restaurant news to digest 

A new Mediterranean restaurant will open at 300 Beach Drive, replacing Annata and Alto Mare’s. 

The new concept called Allelo was developed through a new venture from the owners and operators of 400 Beach Seafood and Tap House. 

The owners purchased the property from Annata and Alto Mare’s previous owners. 

The new restaurant is set to open on Sept. 17, according to its social media posts. Its website is under development. 

In other restaurant news, the waterfront Bon Appetit restaurant in Dunedin will go under new ownership. 

The popular restaurant is in the process of being sold to the owners of Crabby Bill’s. 

Matt Loder Sr., who runs the Crabby Bill’s seafood empire, declined to be interviewed “out of respect” for the Bon Appetit owners, Peter Kreuziger and Karl Riedl. 

Recently, Crabby Bill’s also took ownership of the JD’s Restaurant and Lounge restaurant in Indian Rocks Beach.  

Crabby Bill’s has locations in Clearwater, Indian Rocks Beach, Treasure Island and St. Pete Beach.