Tricera Capital sold an Opportunity Zone site at 1246 Central Ave. in St. Petersburg.
The property is located in St. Pete’s thriving EDGE District, an up-and-coming area near Tropicana Field. The 1.25 acre site was purchased by PTM Partners, a development company based in Miami, for $13 million in a deal that closed Oct. 7.
The site is just one of more than 10 properties owned by Tricera in or near the EDGE District. The area has become increasingly popular over the last five years as a distinct extension of downtown St. Petersburg. The EDGE district’s boundaries lie between Dr. Martin Luther King Jr. Street and 16th Street.
Numerous bars and restaurants, including the increasingly popular Baum Avenue Market and Intermezzo Coffee & Cocktails, have moved into the area. The district also recently became home to a popular Thursday night makers market. Multi-family condominium and apartment projects have taken shape on both ends of the district, including the just-completed Icon Central building at 855 Central Avenue. Currently under construction are 1701 Central, a five-floor apartment and retail project, and Artistry Apartments at 1601 Central Avenue, a six-floor mixed-use project.
The site, which currently holds the Furnish Me Vintage retail store, a four-story, 28,000-square foot building, was acquired in March 2018 by Miami-based Tricera Capital and the St. Petersburg-based Eastman Equity. Tricera plans to reinvest the capital generated from the sale into the redevelopment of the site, thanks to what Tricera co-founder Scott Sherman called a “mutually beneficial transaction.”
“We are thrilled to remain a part of the future of this site and the continued evolution of the Edge District,” said Sherman in a press release.
“The Edge District is a model example of the type of emerging Southeast urban neighborhoods we aggressively seek to invest in,” said Tricera co-founder Ben Mandell. “The district has a distinct character, density and intense demand for experiential and service-oriented retail that cannot be delivered in a box.”