Stoneweg garners more retail interest for Coquina Key Plaza

Coffee shops, restaurants and a grocer are among the expected types of businesses that will have storefronts at the redeveloped Coquina Key Plaza. 

Real estate firm Stoneweg will be starting construction by the end of this year for a new plaza and apartment complex at the site of the dilapidated, 110,500-square-foot Coquina Key Shopping Plaza at 4350 6th St. S.

An aerial photo of the existing Coquina Key Plaza. 

The firm plans to build a seven-story apartment building, with a maximum height of 77 feet. The complex will have 465 units with at least 20% dedicated to workforce housing. The adjacent 21,000-square-foot retail plaza, to be built in front of the apartments, will be anchored by a local grocer. 

Stoneweg is currently finalizing the construction drawings and is in the process of submitting a permitting application for the project, Director of Development Mark Rios said. 

A rendering of the apartment complex that will be developed behind the future plaza. 

The team has experience in developing affordable housing. Stoneweg previously developed Lake Maggiore Apartments, a 330-unit, mixed-income apartment development for 6th Street South. 

Rios said it will take approximately two years for the apartments to be developed in phases, with 328 units in Phase 1 and 137 units in Phase 2. Once complete, the complex will have a clubhouse, a swimming pool and a dog park. 

A rendering of the entrance of the apartment complex. 

The redeveloped retail center will be completed in Phase 1. 

“We have been working closely with Retail Solutions Advisors for over a year on getting a LOI [letter of interest] from a local grocer. The city has offered incentives to help secure a grocer,” Stoneweg Development Manager Denise Kelly said. The team is continuing to engage with other potential grocers. 

“This will be an amenity for the whole community. We do have issues with food access, and bringing a grocer is the right thing to do. We have been working closely with the city. The council members and [Mayor Ken] Welch have been supportive,” Kelly said. 

AMVETS (American Veterans), a non-partisan, volunteer-led organization, is the sole tenant in the current plaza. AMVETS will exit the plaza by the end of August. Kelly said the broker and team are working on relocating the organization to a temporary space while the plaza is under construction. AMVETS may return and lease space in the redeveloped plaza. 

Stoneweg is also working on inking more LOIs with two coffee retailers. Kelly said sandwich shop owners, a salon operator, a pizzeria, and a yoga studio business may also lease space. 

Rios and Kelly also highlighted how the walkability of the plaza and apartment complex is a top priority. 

Sidewalks will be built between the two developments, connecting residents and shoppers. 

A screened parking garage will be developed behind the apartment buildings. The garage for residents and retail surface parking will offer electric vehicle charging stations. 

Rios noted that the entire development will be Green Globe certified, which is comparable to a LEED certification. The certification acknowledges projects that promote sustainable living and utilize renewable energy and other resources. 

Stoneweg’s development team includes BDG Architects and Osborn Engineering. The group is currently in the process of selecting a new general contractor.