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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Leasing launches for Halcyon office building  

Leasing has launched for a 12-story office building proposed for St. Pete's EDGE District. 

Dubbed Halcyon, the building will be the first newly constructed Class A office space to come online in the city in over 30 years. 

Commercial real estate brokerage Cushman and Wakefield Inc. is marketing the 130,000-square-foot building that will anchor The Central, previously named Orange Station, at 1301 Central Avenue. 

The Central will also include workforce apartments, retail space, a 15-story hotel flagged under Marriott’s Autograph Collection, and a 548-space parking garage that will be open to the public.

The 2.1-acre project is a joint venture of J Square Developers, DDA Development, Ellison Development, and Backstreets Capital, LLC, who have collectively worked on several other St. Petersburg developments, including The Salvador, St. James Townhomes, and The Nolen.

The Central broke ground in February.

St. Pete closes on SPC property 

The City of St. Petersburg has closed on a St. Petersburg College property in west St. Pete that it plans to turn into affordable housing. 

The city purchased the 5.24-acre site at 7045 Burlington Avenue North for $4.2 million. 

The initial plans call for 105 affordable workforce townhomes with 30% of the units reserved for students, teachers, and faculty. Eligible students and faculty will have the right of first refusal to purchase the homes.

The city recently issued a request for proposals (RFP) from developers to construct the complex. 

Interested developers can submit proposals here. Bids are due by 10 a.m. on June 1st. 

Pre-leasing kicks off for Modera St. Petersburg 

Pre-leasing has launched for Modera St. Petersburg, a 20-story apartment tower under construction at 201 17th Street South.

The 383-unit apartment building is located at the intersection of the Grand Central District, the EDGE District, and the Warehouse Arts District.

The project, being developed by Mill Creek Residential, will feature 14,098 square feet of ground-floor retail and restaurant space fronting the Pinellas Trail.

The one-, two-, and three-bedroom apartments will have wood plank-style flooring, quartz countertops, nine-foot ceilings, built-in shelves and desks, and balconies.

Modera St. Petersburg will have a sixth-floor rooftop pool and bar as well as a rooftop deck on the 20th floor.

Amenities will also include a fitness center, a pet spa and walking area, co-working spaces, a high-tech game room, and a 475-space parking garage with electric vehicle charging stations. 

Construction on the tower began in 2022 and completion is set for mid-2024.

Four more penthouses go under contract at 400 Central

As the 46-story luxury condominium tower 400 Central progresses towards vertical completion, interest in the penthouse units remains high.

This week, New York-based Red Apple Real Estate announced that four more penthouses are now under contract in the 301-unit building, including three penthouses within the last 30 days that total more than $15 million.

"These recent penthouse sales demonstrate the strong interest in living amid the vibrant downtown life of St. Petersburg, and it shows the extraordinary demand for residences at the upper end of luxury living," John Catsimatidis Sr., founder of Red Apple Real Estate, said in a news release. 

The penthouses range from a 2,400-square-foot residence with three bedrooms and three bathrooms to a 4,300-square-foot residence with four bedrooms and four and a half bathrooms. Catsimatidis is also expected to live in one of the penthouses.

In total, the Residences at 400 Central have contracted over $50 million in condominium sales during the first quarter of 2024.

Once complete in 2025, the 1.3 million-square-foot project will soar 515 feet high to become the tallest residential building on the west coast of Florida. 

It will feature 60,000 square feet of ground-floor retail and restaurants, 900 parking spaces, and at least 45,000 square feet of Class A office space.

The 46th floor will house the resident-exclusive glass-enclosed Sky Lounge and Observatory, offering panoramic views of downtown. 

There will also be a 22,400-square-foot amenity deck on the 7th floor with a heated pool and spa, daybeds and cabanas, a dog walking area, and outdoor entertainment. 

Sarasota theatre founder buys St. Pete medical property 

Harry Lipstein, a developer, actor, and founder of Sarasota's Urbanite Theatre, has purchased a medical building in St. Pete's Historic Old Northeast community. 

Pinellas Park-based Belleair Development Group sold the 7,531-square-foot building at 1425 4th Street North to Lipstein for $4.35 million.

GuideWell Emergency Doctors, which signed a 10-year lease and opened the medical clinic in 2021, will continue to operate in the building, Lipstein told St. Pete Rising. 

The 0.34-acre property includes parking across the small side street, according to the listing. 

Jonathan Gerszberg with commercial real estate firm Marcus & Millichap represented the seller.