Mayor Welch selects Hines & Rays to redevelop the 86-acre Historic Gas Plant District
/Six months after restarting the request for proposal (RFP) process for the redevelopment of the Historic Gas Plant District, St. Petersburg Mayor Ken Welch has announced the selection of a joint bid from Hines and the Tampa Bay Rays to redevelop the 86-acre site.
In his annual State of the City address, which took place on the steps of City Hall, Mayor Welch announced the selection of Hines’ submission by commending the team for having the depth and expertise to execute on a multi-billion-dollar generational project of this scale.
He also noted the team’s commitment to community outreach and to the equitable development of the site.
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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.