92-unit townhome community Terraces at 87th breaks ground this summer in north St. Pete
/Terraces at 87th, a neighborhood of 92 townhomes, will break ground this summer at the corner of 4th Street North and 87th Avenue in St. Petersburg.
Belleair Development Group purchased the former 112-unit Lamplight Village mobile home park in January 2018 for $3.4 million.
A previous proposal, featuring 72 townhomes and a 40-unit building, was approved by the City’s Development Review Commission last May. Originally, the plan was to offer the units as rentals.
However, rising construction costs and the high demand for townhouse-style units caused Belleair to reconfigure the project and offer the units for sale instead of for rent.
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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.