Nearly three years after it first acquired the 1.6-acre site for $12.1 million — and two years after revising its plans in response to business and community stakeholders — Belpointe has broken ground on a $130 million, 15-story mixed-use development at 1000 1st Avenue North in downtown St. Petersburg’s EDGE District.

“We are thrilled that construction is underway on this exciting new project in St. Petersburg,” said Belpointe OZ’s CEO, Brandon Lacoff. “This development will offer residents the perfect blend of luxury and convenience, with easy access to shopping, dining, and entertainment options. We are excited to see this project come to life and to contribute to the growth and development of the St. Petersburg community.”

St. Pete City Council greenlit the project, located at the southwest corner of 1st Avenue North and Dr. MLK Jr. Street, just west of the Engine No. 9 restaurant, in December 2022.

It will feature two 15-story towers with a total of 269 apartments consisting of studio, one, two, and three-bedroom units. The project will also include 15,500 square feet of commercial space.

JE Dunn Construction is serving as the project’s general contractor.

The residential towers will sit atop a four-story base that will include a leasing office, a resident lobby, and ground-floor retail space. The base will also have a three-floor, 355-car parking garage. The complex will feature a club room, fitness center, and swimming pool.

The top floors of each tower will feature unspecified rooftop amenities.

Belpointe is the first publicly traded qualified opportunity fund and solely invests and develops properties in Opportunity Zones, and 1000 1st Avenue North is no different. The developer’s proposal drew praise from the EDGE Business District Association because of improvements it will make to Baum Avenue, including retail and food stalls fronting Baum and a pocket park on the east side of the project.

The improvements are supported by the The EDGE District Improvement Plan, which was developed in 2017 and envisions the street as possibly becoming a pedestrian-only corridor highlighted by additional green space, art installations and small, pop-up retail kiosks.

“This development team has been a model of working with the neighborhood and the community despite a lot of demands, and that was really for the purpose of fortifying the EDGE District Improvement Plan and our Baum Beautification Plan,” said Barbara Voglewede, former executive director of the EDGE Business District Association, in December 2022.

Former St. Pete City Council Chairman Ed Montanari also lauded Belpointe’s contribution to the future of the EDGE District, saying, “There’s a lot to like in this project. The housing, the commercial space, the retail space, the pocket park, and the one thing that we value a lot here in St. Petersburg is our developers working with neighborhood associations. I really appreciate that sort of work.”

Belpointe originally projected a 2023 opening for 1000 1st Avenue North, but has now targeted a 2025 debut for the project.