Yesterday, the City of St. Pete administratively approved a site plan and density bonuses for a 23-story apartment tower proposed for the southeast corner of 3rd Avenue North and 5th Street across from the Mirror Lake Community Library in downtown St. Pete.

The 0.94-acre property was purchased in January for $15.5 million by Las Vegas-based Ault Global Real Estate Equities (AGREE), a subsidiary of BitNile Holdings, and Schock and Haywood Development led by Aaron Schock and Josh Haywood.

Back in 2018, a 21-story mixed-use residential building was approved by the City’s Development Review Commission. Although that approval is still in effect, the new owners have opted to redesign the building with a modernized design.

On Thursday, a 0.94-acre property in downtown St. Pete was sold for $15.5 million to Las Vegas-based Ault Global Real Estate Equities (AGREE), a subsidiary of BitNile Holdings. The land, which is located on the southeast corner of 3rd Avenue North and 5th Street North across from the Mirror Lake Community Library, will be the site of a new high-rise multi-family project.

“We are pleased to be in a position to acquire this property in a growing metropolitan area, surrounded by historic buildings, a public library, and various other municipal buildings,” said Christopher Wu, Chief Executive Officer of AGREE.