23-story apartment tower approved near Mirror Lake in downtown St. Pete
/Yesterday, the City of St. Pete administratively approved a site plan and density bonuses for a 23-story apartment tower proposed for the southeast corner of 3rd Avenue North and 5th Street across from the Mirror Lake Community Library in downtown St. Pete.
The 0.94-acre property was purchased in January for $15.5 million by Las Vegas-based Ault Global Real Estate Equities (AGREE), a subsidiary of BitNile Holdings, and Schock and Haywood Development led by Aaron Schock and Josh Haywood.
Back in 2018, a 21-story mixed-use residential building was approved by the City’s Development Review Commission. Although that approval is still in effect, the new owners have opted to redesign the building with a modernized design.
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Several prominent properties in the EDGE District have sold for $12 million.
According to a deed recorded October 6th, developer PTM Partners sold the three-story building at 1246 Central Avenue and the street-level retail spaces at the adjacent Moxy hotel to L3 Capital, a Chicago-based private equity real estate investment firm that focuses on urban retail.
The 27,261-square-foot building at 1246 Central Avenue is home to Bosphorous Turkish Cuisine and Amorino Gelato on the ground floor. Digital marketing company WebFX has signed a lease for the third floor but has not yet moved in, while the approximately 8,700-square-foot second floor remains available for office tenants.
The sale also includes the Moxy hotel’s 3,407 square feet of ground-floor retail space, occupied by Floyd’s Barbershop and Solidcore. It does not include the 163-room Moxy hotel itself, which remains part of PTM Partners’ EDGE Collective development.
James Garner and Jim Shiebler of CBRE represented PTM Partners and L3 Capital in the transaction.