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Places This Week: Restaurant is acquired for houseboat resort, estate designed by Disney architect sells

Veronica Brezina

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The marina at Sea Hags. Facebook image.

A weekly roundup of local real estate deals. 

 

Sea Hags restaurant and marina purchased for condo resort development

Ping Pong Partners, formed by Steve Gianfilippo, who founded the Cordova Inn and Station House in St. Pete, has purchased the Sea Hags restaurant and Blind Pass Marina in St. Pete Beach.

Ping Pong Partners purchased this site from Blind Pass Marina Enterprises LLC in a $5.2 million deal. Ping Pong Partners also took out an $8.5 million mortgage loan from Valley National Bank. 

A resort concept for the site was previously presented to the City of St. Pete Beach for a redevelopment of this property at the northern end of St. Pete Beach.

The resort/condominium project would be eligible for approximately 65 temporary lodging units and 21,000 square feet of amenity space, according to city documents. City Manager Alex Rey explained that this would actually be a houseboat resort.

 

Texas firm buys the Elements on Third development in a $125.5 million deal

Texas-based Lurin Capital purchased the five-building development, including the 178-unit apartment complex, at 441 33rd Street North in a $125.5 million deal. 
 
The firm purchased the development from South Florida-based Altis Cardinal and Skyline LLC.  Lurin took out a roughly $66.84 million mortgage loan from VPD Lender for the property. 
 

Elements on Third. GoogleMaps.

 
Lurin is known to seek multifamily assets in the Southeast with the goal of maximizing value. It owns several properties throughout Florida, including Amelia at Westshore in Tampa. 
 
Elements on Third and Skyline 5th, a 178-unit apartment building (also known as the Seaglass Tower), is situated in the historic Kenwood neighborhood.
 
Atlis acquired the site in late 2012 and eventually purchased the surrounding buildings for office and residential developments. 
 
“We got to the end of the development plan where we built out all of the aspects we wanted. We realized the vision we had was executed and there was nothing left to develop,” Altis Cardinal Principal Frank Guerra said. 
 

 

Tarpon Springs equestrian estate designed by Disney architect has a new owner

A Tarpon Springs estate that boasts over seven acres of land with tennis courts and horse stables has sold for nearly $2 million. 

The estate at 199 Old East Lake Road is on the highest elevation point in Pinellas County.

199 Old East Lake Road, Tarpon Springs. Realtor.com.

The 6,301-square-foot home, built in 1986, features a tack room, a “training arena,” a custom pool with a waterfall and other offerings. 

The exterior of this home was designed and constructed by the architect who designed Disney’s Cinderella Castle, according to the listing. 

The 7-acre-plus site. Realtor.com.

When guests enter the five-bedroom, five-and-a-half bath home, they are met with the great room with vaulted ceilings and imported fossil stone floors.

Off of the great room, there is an office with an additional room that features cork floors with views of the property.

The horse stables on the property. Realtor.com.

There is a separate in-law suite with an observation deck situated above a six-car garage. 

The seller was represented by Cameran Colandrea with Realty Experts. The buyer was represented by Sylvia Haddad with the Redfin Corporation. 

 

New boutique hotel to debut in downtown St. Pete 

A new boutique hotel is coming to downtown St. Petersburg. 

The Exchange Hotel, formerly known as the Hotel Indigo, was recently acquired by Ally Capital Group, which was founded by Franklin Street exec Andrew Wright

The envisioned renovated hotel at 234 Third Ave. North. will have 76 guest rooms as well as a restaurant and bar, and event space. 

It’s expected to debut this winter. 

Out of the 76 rooms, 69 will be boutique-style guestrooms and the remaining seven will be suites. 

The hotel’s restaurant will be a new concept from Next Level Brands, a hospitality group led by local restaurateur Jeff Gigante.

 

Citrus Grove Apartments sell

The St. Pete apartment complex has sold in a $8.975 million deal. 

FFAH Citrus Grove LLC purchased the 84-unit property. 

Citrus Grove Apartments. GoogleMaps.

 

Ceridian campus is on the market 

The Ceridian tower, the centerpiece of the landscaped 51-acre business campus created originally for tenant Florida Power in 1971, is on the market. 

Ceridian. Archive photo.

A Loopnet listing indicates 165,709 square feet is available.

Ceridian at 3201 34th Street S. houses multiple buidings. Building A is a nine-story, 60,453-square-foot structure in the heart of a nine-building campus with suites ranging in size from 5,904 to 50,255 square feet.

The rental rate is $21 per square foot, according to the listing.  

The building could house multiple tenants or be redeveloped. 

Melanie Jackson with Cushman and Wakefield is the agent representing the seller. 

 

RELATED: Construction progresses for major hi-rises, apartments downtown

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