Done Deals is a weekly column by St. Pete Rising spotlighting recent real estate market insight and significant deals happening in the Sunshine City and beyond. The following information is sourced from public records and trusted intel.

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Wilson's Lounge to be redeveloped into medical office building

The property that formerly housed Wilson's Lounge, a bar that operated in St. Pete for nearly 50 years, is being redeveloped into a medical facility.

The former Wilson’s Lounge building was demolished in 2023 and early site work is now underway at 3030 4th Street North. 

Pinellas Park-based Belleair Development Group, headed by Christian Yepes and his father, Carlos Yepes, purchased the 0.37-acre property in 2022.

Belleair Development Group is working on several projects in St. Petersburg. Most recently, the company announced it is converting the historic 98-year-old Westminster Presbyterian Church in St. Pete's Old Northeast neighborhood into residences. 

Developer buys downtown Clearwater office tower and retail 

Local real estate firm Valor Capital, which is building luxury condominium towers in St. Petersburg and Clearwater, has acquired additional properties in a combined deal totaling $57.75 million. 

Through the multi-property purchase, the group acquired the 11-story One Clearwater Tower at 600 Cleveland Street.  

The One Clearwater Tower, built in 1975, also known as the Bank of America building, houses the City of Clearwater offices, among other tenants.

The 144,346-square-foot landmark downtown property was owned by Daniels Ikajevs, a Latvian-born investor who purchased the building for $7.35 million in 2013.

The $33.2 million deal includes vacant parcels used as surface parking lots on Garden Avenue and Drew Street. 

Valor Capital also purchased retail space in the Water’s Edge condominium building and two retail buildings with over 12,000 square feet on the 500 block of Cleveland Street from Ikajevs through a separate $24.55 million transaction. 

Ikajevs and his partner Festus Porbeni told media outlets they sold the properties due to municipal government instability, claiming former Mayor Frank Hibbard's abrupt departure on the dais in 2023 is causing negative impacts on the business community. 

However, in an emailed statement to St. Pete Rising, Valor Capital said it is "drawn by the city's allure and its prospects of becoming a leading city along the Gulf Coast." 

Valor Capital said there are no plans to develop these properties further, and operations within these buildings will proceed as usual. 

The group will remain uninvolved in the daily management, acting only as the owner of the properties. 

Wellness spa to open in downtown St. Pete

An upscale wellness spa concept is opening on the ground floor of the Signature Place condominium tower in downtown St. Pete. 

Business owner John Cunningham alongside business partner Mike Wilson, and Paul Romero, a marketing executive, secured a 900-square-foot space at 105 1st Street South last year for their new business - Recovery Oasis. 

The space was previously occupied by the Tipsy Mermaid Boutique. 

Recovery Oasis will offer red-light saunas and cold plunges.

Cold plunges, described as ice baths with water dipping below 60 degrees Fahrenheit (or 15 degrees Celsius), constrict blood vessels, slowing blood flow and relieving swelling and soreness in muscles.

There will be four private rooms, which can be booked in advance through monthly memberships. Walk-ins will be welcomed. 

"This will be our flagship location. We plan to expand eventually," Romero said in a conversation with St. Pete Rising. 

Recovery Oasis will open May 15th. 

Follow Recovery Oasis on Instagram and Facebook for updates. 

Development site in St. Pete’s Innovation District sells

A vacant 0.81-acre property on 8th Street South in St. Petersburg's Innovation District has sold for $6.7 million. The seller was represented by Jon Wittner and Jake Wollman of KW Commercial and the buyer was represented by Dougall McCorkle of Premier Commercial Inc.

Eighth Street Properties, an entity controlled by a pair of local radiologists, sold the property to Alex Diaz, trustee of the Innovation District Block 84 Trust. The site is expected to be redeveloped.

The buyer assumed a $5.2 million mortgage from the sellers. 

The parcel is across the street from the Bayfront Health St. Petersburg hospital and near the recently opened 50-unit Innovare affordable housing complex at 850 5th Avenue South. 

Bayfront recently broke ground on a major expansion that includes a new four-story 120,000 square foot medical office building and a three-story, 60,000 square foot building that will offer comprehensive women’s care.

St. Pete boatyard on Salt Creek sells 

The Renovators Yacht Co. boat repair business and property has sold for $1.365 million. 

Thrill Hill Real Estate LLC sold the site at 1600 3rd Street South to an entity linked to Bravo Tango Management LLC, controlled by prominent St. Pete stakeholder Blake Whitney Thompson of Blake Investment Partners. 

The property is along St. Pete's Salt Creek estuary and has a roughly 11,000-square-foot warehouse used for storage. 

A different boat restoration and hauling company on Salt Creek, Progressive Marine Service Inc., also recently sold in a $4.8 million deal to a New York-based investment firm.