Mixed-use project Ad Lofts launches sales, set to break ground in the Grand Central District
/Three years after being announced, a mixed-use project proposed for the heart of the Grand Central District of St. Petersburg is finally moving forward and expected to break ground by the end of the year.
Situated at 2250 Central Avenue, the eclectic, design-centric Art District Lofts, better known as Ad Lofts, was put on hold while the developer, Modern Tampa Bay Homes, built a similar project five blocks west at 2700 Central Avenue.
“In building 2700 Central, we found several small adjustments that will make Ad Lofts that much better,” said Lance Moore, Director of Design at Modern Tampa Bay Homes. “These adjustments were partition locations, door locations, size of skylight, lighting placements, etc.”
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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.