A weekly roundup of local real estate deals.
The Bullards buy Sundial garage
Local real estate entrepreneurs Fred Bullard Sr. and his son have purchased the Sundial parking garage, also known as the MidCore parking garage, in a $1.867 million deal from the city.
The Bullards have leased the downtown St. Petersburg space at 117 2nd St. N. from the city for the past 22 years and wanted to purchase the retail component within the parking structure.
The retail tenants include Starbucks, The One Night Stand bar, Tranquility Day Spa, Mio’s Grill and Café, The Optic Shop, Diagnostic Imaging, Pure Natural Nail Lounger and a BayCare primary care center, according to the latest maps of the property. The tenants are not expected to be impacted by the purchase as it will be under the same controlling entity.
The move to obtain the property follows the St. Petersburg City Council, meeting as the Community Redevelopment Agency, passing a resolution earlier this month that would dissolve the city’s stake in the parking garage.
Bullard Realty’s decision to buy the retail portion comes at a time when the entire Sundial complex is going through a renaissance.
Florida-based Paradise Ventures group bought the Sundial shopping complex from longtime owner Bill Edwards earlier this year in a $21.13 million deal.
Paradise Ventures is planning to fill the vacant retail and restaurant spaces.
Clearwater Beach hotel sells
The 42-room Coconut Cove All-Suite Hotel at 678 S. Gulf Boulevard has sold in an $11.8 million deal.
Seminole-based Page Development Group, under the entity Bayway Hotel Holdings LLC, sold the hotel to Delray Beach-based Ocean Properties Ltd., which is a property group that operates as Ocean Properties Hotels and Resorts.
Its hotels include properties branded by Marriott, Hilton, Starwood and IHG and independent hotels and resorts marketed as the Opal Collection, according to its website.
Its portfolio includes a handful of local resorts, including the Sandpearl Resort and the Opal Sands Resort at Clearwater Beach.
The Coconut Cove All-Suite Hotel, built in 1982, is known for being a dog-friendly hotel.
Orange Station update
The $80 million mixed-use Orange Station development is well underway at 1302 Central Ave., the site of the old St. Petersburg Police HQ.
The development team for the project is being led by Edge Central Development Partners, a joint venture group involving St. Petersburg-based J Square, Tampa-based DDA Development and Backstreets Capital.
When completed in 2023, Orange Station will have 50,000 square feet of office space, 14,000 square feet of retail, 61 condos, 42 apartments and 400 public parking spaces in its garage.
The Orange Station team provided an update on the tenants it has secured thus far:
On retail: Orange Station officially launched its marketing efforts to curate and activate street-level retail anchoring along the Central Avenue corridor in the Edge District. The retail space at Orange Station will be made up of six units ranging in size from 1,100 square feet to nearly 4,000 square feet. Jay Miller of J Square Development commented, “We are excited to begin discussions with dynamic retailers and restaurateurs that want to bring their unique brand to Orange Station and the Edge District.”
On condos: Smith and Associates have sold 30% of the condos since launching the sales program in the spring, including two of the three penthouse residences. These are firm contracts, not reservations.
On office space: This week, Pinellas County approved providing the developers $3 million to create the office space. Cushman Wakefield continues to field strong interest in the Class A office space that will make up Orange Station.
Kolter breaks ground for Art House
Construction has officially commenced for Kolter Urban’s 42-story residential tower that will rise at 200 Central Ave.
Palm Beach-based Kolter Urban held a press event Wednesday to celebrate the start of construction for Art House, a luxury condo development that is being built on a surface parking lot adjacent to the 200 Central office building.
The $140 million tower will offer 244 luxurious residences ranging from two to three bedrooms, spanning 1,380 to 2,637 square feet with a collection of 12 penthouses on the top three floors.
It would also be rich with amenities. A resident amenity center on the ninth level will include a resort-style pool and spa, contemporary cabanas and open gathering spaces, and a formal club room overlooking the pool terrace with a private dining room.
Other amenities include a co-working space called The Hub located on the lobby level, a state-of-the-art fitness center with high-tech cardio and strength training equipment, a glass-enclosed personal training and movement studio, a theater, a game room with a simulator, a covered outdoor dog park and a clubhouse with a bar.
The development is expected to be completed in 2024.
Miami-based Coastal Construction is the general contractor, the architect is SB Architects and the interior design firm working on the project is ID and Design International.
Welch to announce decision on the future of the Trop site
St. Petersburg Mayor Ken Welch recently announced he will make a final decision by June 30 regarding which development team will redevelop the 86-acre Tropicana Field site.
Shortly after taking office in January, Welch said he wanted to reassess the visions for the site from the two prospective master developers – Miami-based Midtown Development and Sugar Hill Community Partners.
At the time, Welch emphasized the importance of affordable housing and equitable inclusion for the redevelopment project. The former mayor, Mayor Rick Kriseman, selected Midtown Development shortly before leaving office.
Read here about Midtown’s proposal.
Read here about Sugar Hill’s proposal.