EDGE District apartments sell, to become extended stay units

Mint House at Metro St. Petersburg, a 100-unit extended stay hotel opening in May, is located at 77 11th Street North in the EDGE District | Photo by AB3 Visuals

An EDGE District development that began in 2018 as a boutique hotel will open in mid-May as a seven-story property offering 100 fully furnished, apartment-style, extended-stay units.

Originally known as The Metro, the $16 million project is located on the corner of 11th Street and 1st Avenue North at 77 11th Street North. It was developed by DevMar Development, which sold it earlier this month for $28.2 million to Global Asset Capital, a real estate investment firm based in Palo Alto, California. The property’s $655 price per square foot set a multi-family sales record for Pinellas County.

The community, which was constructed by West Palm Beach-based KAST Construction, includes amenities such as a resort-style pool, fitness center, bike rental program, and offsite valet parking.

Popular muralist Melanie Posner, who recently relocated to San Diego after calling Tampa Bay home for over a decade, will be adding a pop of color to The Metro with two large-scale murals on Baum Avenue and 1st Avenue North. The Baum Avenue mural will have a tropical Florida vibe with palms and plants interwoven with vibrant, colorful abstract lines.

“I’m so happy my art can be a part of this project,” said Posner in a conversation with St. Pete Rising. “I can’t wait to be coming back to St. Pete to create several murals for the EDGE District!”

According to a news release, Global Asset Capital has engaged Mint House, a New York City-based residential hospitality company, to operate the property’s units as extended stay rentals, allowing guests to stay for as little as a few days or for months at a time. However, stays over 28 days will require a signed lease.

Mint House, the release states, is known for its collection of more than 25 tech-enabled apartment-style buildings in 16 major U.S. cities. The facilities feature energy-saving smart thermostats and generate little to no plastic waste, and guests can use Mint House’s Stock Your Stay feature to pre-stock their apartment with groceries and other necessary items prior to check-in.

Frequent travelers can also utilize the Mint Pass annual subscription program to receive generous discounts, free nights, a flexible cancellation policy, and other perks.

"Mint House at Metro St. Petersburg will offer Mint House guests premium residential hospitality accommodations, bringing a truly differentiated experience to downtown St. Petersburg,” Mint House Senior Vice President of Real Estate Development Elizabeth Herzberg states in the release. “Located in the exciting EDGE district, guests will enjoy high-end apartment style stays, incredible amenities and great walkability, while traveling on business, leisure, or a combination of the two.”

Mint House manages two properties in Miami, but The Metro represents its first Gulf Coast venture.

"Mint House at Metro St. Petersburg represents the type of quality growth Mint House has experienced in the past couple of years: high-end apartment-style accommodations in thriving and growing markets like St. Petersburg," Mint House Chief Growth and Development Officer Paul Sacco states in the release.

Where Mint House at Metro will soon open, DevMar originally planned to build an 11-story hotel. But when COVID-19 hit, hotel financing dried up which forced DevMar to abandon its plan and go back to the drawing board.

All 100 of Mint House at Metro’s units will be studio apartments, averaging 428 square feet each, and they are expected to rent at or slightly below market rate because of their small size. The building will also be unique in that it will have no on-site parking and will instead utilize an off-site valet lot for residents. There will, however, be long-term covered storage for 102 bikes.

“We are extremely excited to deliver this project, as we see the units we are providing as the most demanded in the downtown/EDGE District,” DevMar CEO Mark DeMaria told St. Pete Rising in January 2021. “It will be the only offering of its kind in all of St. Pete.”

In addition to The Metro, DevMar also developed Vantage, an 11-story luxury apartment building which opened in May 2020 at the northwest corner of 1st Avenue North and 16th Street North in St. Pete.

DevMar is also developing Sky St. Pete, a 20-story 232-unit apartment tower proposed for 1624 Burlington Avenue North. Construction is expected to begin this summer.

And if DeMaria gets his way, DevMar will be developing projects in St. Petersburg for years to come.

"I'm more bullish than ever on St. Pete. It's such a desirable place to live. You can't find a better place in the country,” said DeMaria. “And now there seems to be some traction with the Tropicana Field redevelopment. It's just going to take St. Pete to a whole new level. St. Pete really is rising."

Follow Mint House on Instagram at @staymint.