Lake Maggiore Apartments to remove community garden, downsize dog park for more parking
/When the Lake Maggiore Apartments opened last year, the south St. Pete community promoted itself as a luxury, eco-conscious development with the city’s first edible urban garden.
Now, the lush garden and much of the adjacent dog park will be demolished to make way for additional parking on the western side of the 330-unit community at 825 32nd Avenue South.
St. Pete-based development firm Stoneweg U.S. has filed plans to add nearly 100 new parking spaces in response to ongoing parking issues since the property's opening.
The development currently offers 358 parking spaces, which exceeds the City of St. Pete’s required 293 spaces.
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Several prominent properties in the EDGE District have sold for $12 million.
According to a deed recorded October 6th, developer PTM Partners sold the three-story building at 1246 Central Avenue and the street-level retail spaces at the adjacent Moxy hotel to L3 Capital, a Chicago-based private equity real estate investment firm that focuses on urban retail.
The 27,261-square-foot building at 1246 Central Avenue is home to Bosphorous Turkish Cuisine and Amorino Gelato on the ground floor. Digital marketing company WebFX has signed a lease for the third floor but has not yet moved in, while the approximately 8,700-square-foot second floor remains available for office tenants.
The sale also includes the Moxy hotel’s 3,407 square feet of ground-floor retail space, occupied by Floyd’s Barbershop and Solidcore. It does not include the 163-room Moxy hotel itself, which remains part of PTM Partners’ EDGE Collective development.
James Garner and Jim Shiebler of CBRE represented PTM Partners and L3 Capital in the transaction.