Inside Blake Investment Group's $260 million cash offer for the Tropicana Field site

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Inside Blake Investment Group's $260 million cash offer for the Tropicana Field site

After decades of debate and negotiations for the redevelopment of the Gas Plant District and securing the future home of the Rays, the deal with the team is no longer on the table, but one local developer is ready to sign a big check to make the long-awaited grand vision a reality.

Investor Thompson Whitney Blake, CEO of private equity firm Blake Investment Partners, is offering the City of St. Petersburg $260 million in an all-cash deal to buy the Gas Plant District following the Tampa Bay Rays' abrupt announcement of abandoning the $1.3 billion stadium agreement.

"My entire strategy is to get public support for a sale of the property and let the private market fix this 86-acre parking lot problem. I don't want to wait any longer," Blake said in a conversation with St. Pete Rising.

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304-unit apartment complex in Largo to convert into affordable housing

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304-unit apartment complex in Largo to convert into affordable housing

The Oasis at Bayside apartment complex in Largo will undergo an extensive renovation to convert the units to affordable housing and update the aging amenities.

Washington, DC-based multifamily investor Gravel Road Partners and Bridge Investment Group, an investment company headquartered in Salt Lake City, Utah, purchased the 304-unit property at 305 Glades Circle on March 12th for $42.25 million.

Berkadia Senior Managing Director Jason Stanton represented the seller, Latitude Management Real Estate Investors of Beverly Hills, California, in the transaction.

The new owners are partnering with Pinellas County to renovate the 1974-built property and dedicate 258 units for tenants earning 50% to 80% of the Area Median Income (AMI). Currently the property has no affordability requirements.

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Multi-million-dollar renovation completed for 12-story City Center office tower in downtown St. Pete

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Multi-million-dollar renovation completed for 12-story City Center office tower in downtown St. Pete

The 12-story City Center office tower in downtown St. Petersburg has a fresh, modern look following a multi-million-dollar renovation.

The 242,115-square-foot Class A office building at 100 2nd Avenue South now features a contemporary atrium lobby, upgraded amenities, and state-of-the-art facilities.

The building, owned by Feldman Equities and its joint venture partners City Office REIT Inc. and Tower Realty Partners, has officially completed its renovation. This week, the owners unveiled a first look at the upgraded amenities and modernized features.

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Prepared meal company Ideal Nutrition expanding to downtown St. Pete

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Prepared meal company Ideal Nutrition expanding to downtown St. Pete

Ideal Nutrition, a South Florida-based provider of fresh, pre-prepared meals, is set to open a new retail location in downtown St. Pete.

The 1,770-square-foot store is currently under construction and expected to open by the end of the year at 360 2nd Avenue South, on the ground floor of the 23-story, 220-unit Evo apartment building.

The expansion marks the company's entry into the Tampa Bay market, offering a selection of ready-to-eat meals designed to accommodate various dietary preferences.

The St. Pete location will offer over 40 meals, ranging from traditional plates to paleo, keto, vegetarian, vegan, and others priced at $8.49.

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St. Pete investor offers $260 million to buy 86-acre Tropicana Field site

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St. Pete investor offers $260 million to buy 86-acre Tropicana Field site

Prominent Tampa Bay investor Thompson Whitney Blake is offering the City of St. Petersburg $260 million in an all-cash deal to buy the Gas Plant District following the Tampa Bay Rays' abrupt announcement of abandoning the stadium agreement.

"We, along with all of the other residents in town, have listened to a decade of dialogues, debates, pundits, and prognosticators, lawyers, and talking heads... In our opinion, this project needs someone to do what my mom has always said, 'put your money where your mouth is.' So, here we go," Blake, CEO of private equity firm Blake Investment Partners, wrote in a letter to Mayor Ken Welch and the St. Petersburg City Council.

The offer letter was sent on Thursday, March 13, shortly after the Tampa Bay Rays announced on social media that they were withdrawing from the $1.37 billion deal to build a new stadium in downtown St. Petersburg. The team cited unforeseen challenges from back-to-back hurricanes and prolonged negotiations as reasons for their decision.

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Tierra Verde Marina faces demolition for private boat club and expanded boat storage

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Tierra Verde Marina faces demolition for private boat club and expanded boat storage

A retail plaza, home to several local businesses, and a boat yard located just beyond the Pinellas Bayway Bridge at the entrance to Tierra Verde may be demolished to make way for a private boat club and expanded boat storage.

On Monday, Michael Coffey, Executive Vice President of Greenleaf Capital, presented a preliminary redevelopment plan for the Tierra Verde Marina, located at 100 Pinellas Bayway South, during a Tierra Verde Community Association meeting.

Tampa-based Greenleaf Capital, the real estate division of HCI Group, Inc., purchased the seven-acre marina property for $5,000,100 in 2011.

Coffey outlined a phased plan to demolish the existing facilities and construct a larger boat storage facility, a modern boat club with a new restaurant, bar, and pool, as well as upgraded landscaping, security, and additional amenities.

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Tampa Bay Rays stadium deal is dead

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Tampa Bay Rays stadium deal is dead

In a stunning turn of events, the Tampa Bay Rays have abandoned plans to construct a $1.37 billion stadium in downtown St. Petersburg, citing unforeseen challenges stemming from back-to-back hurricanes and delayed negotiations. The decision halts a long-negotiated deal to replace Tropicana Field and redevelop the Historic Gas Plant District, a project once seen as a catalyst for the city's future.

The Rays’ development partner, Hines, will no longer move forward with the ambitious transformation of Tropicana Field’s vast parking lots into a vibrant mixed-use district. That plan aimed to pay homage to the Black community displaced by the original stadium’s construction. While the deal is now off the table, Rays owner Stuart Sternberg left open the possibility of a restructured agreement.

"After careful deliberation, we have concluded we cannot move forward with the new ballpark and development project at this moment," Sternberg said in a statement. "A series of events beginning in October that no one could have anticipated led to this difficult decision."

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Century-old Playhouse Theatre to be demolished for redevelopment in the Grand Central District

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Century-old Playhouse Theatre to be demolished for redevelopment in the Grand Central District

Boarded-up windows and crumbling stucco line the exterior of the former Playhouse Theatre—a once-thriving venue for the latest Hollywood movies and traveling performers.

The long-vacant, 100-year-old theater at 1850 Central Avenue may soon be demolished to make way for a new development featuring office space and retail.

The site is located next to an Interstate 275 overpass and adjacent to the Trails Crossing development, a proposed linear park featuring public art and event spaces that is being studied for the area under I-275.

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Corner Kitchen and Coffee House to take over Sweet Brewnette in Madeira Beach

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Corner Kitchen and Coffee House to take over Sweet Brewnette in Madeira Beach

The quaint Sweet Brewnette Cafe in Madeira Beach was one of many businesses that fell victim to Hurricanes Milton and Helene that hit Florida last year. However, a new cafe will rise in its place.

Similar to the beloved Sweet Brewnette Cafe, which is relocating to Panama City Beach, Corner Kitchen and Coffee House will serve made-from-scratch breakfast and lunch items, pastries, and coffee inside the corner building at 13999 Gulf Boulevard when it opens later this month.

“What Sweet Brewnette did was remarkable, and when I saw the space was available, I jumped on it,” said Corner Kitchen and Coffee House owner Jonathan Olejnik, who will run the new cafe with his fiancé, Victoria Helton.

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Plan pitched to transform 235-acre Toytown landfill into a premier sports complex

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Plan pitched to transform 235-acre Toytown landfill into a premier sports complex

Pinellas County is once again seeking a partner to develop the decommissioned 235-acre "Toytown" landfill in north St. Petersburg.

The expansive site, located at 10540 16th Street North near Interstate 275 and Roosevelt Boulevard, operated as a landfill from the 1960s until its closure by the Florida Department of Environmental Protection (FDEP) in 1990.

The property has been considered for development many times in the past 20 years, yet no group has been able to successfully bring a project to fruition.

In 2002, the County looked into turning the property into a golf course.

Six years later, in 2008, the County released a request for proposal (RFP) seeking a partner to develop the site and selected a group that proposed building 1.5-million square feet of shopping, 1.5-million square feet of offices and 1,500 homes. The deal fell through in 2011.

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