Third Lake offers to purchase 1.5 acres of city-owned land in downtown St. Pete

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The 1.53-acre property that Third Lake has proposed to purchase from the City of ST. Pete is currently being utilized as a surface parking lot | Google Maps

Third Lake Partners, a Tampa-based investment advisory firm, has offered to purchase a prime downtown property from the City of St. Pete. The 1.53-acre parcel is located on the southwest corner of 800 1st Avenue South, directly west of UPC Insurance’s former headquarters building, which Third Lake purchased in 2022 for $10.5 million.

The property, which is currently a surface parking lot, was once part of a $200 million mixed-use proposal that would have included a 75,000-square-foot Moffitt Cancer Center, a 30-story residential tower, and a 14-story hotel.

However, Mayor Ken Welch rejected the deal in 2022 citing inadequate affordable and workforce housing. The developers had proposed designating 17.5% of the residential units as affordable and workforce housing, but Welch wanted at least 30% to be deemed affordable.

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Third Lake Partners recently submitted a Letter of Intent to the City of St. petersburg to purchase 1.53 acres of land on the southwest portion of 800 1st Avenue south in downtown St. Pete | Google Maps

According to a Letter of Intent sent to the City of St. Petersburg on April 17th, Third Lake Partners would purchase the property for $6 million and begin construction on a redevelopment within five years of an executed purchase agreement.

Details of the redevelopment were not disclosed.

Third Lake Partners, which was established by Ashley Furniture founder Ronald Wanek, has been involved in many of St. Petersburg’s largest developments over the past few years.

In 2017, the firm purchased 200 Central, St. Petersburg’s tallest office tower, for $65.75 million.

Third Lake was also an equity partner for the development of ONE St. Petersburg, a 41-story 253-unit condo tower, that opened in 2018 in downtown St. Pete.

Following the unsolicited offer to purchase 800 1st Avenue South by Third Lake Partners, the city has invited alternative proposals to lease, purchase, or develop the site.

Proposals are due by May 31st.