Done Deals: Tyrone Walmart sells, condo tower planned for Clearwater Beach, new business coming to Central Avenue
/Done Deals is a new 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.
Have real estate news to share? Send us an email at hello@stpeterising.com.
Tyrone Walmart sells
Local developer Sembler recently purchased a vacant Walmart at 3993 Tyrone Boulevard in west St. pete | Google Maps
A long-shuttered Walmart in west St. Petersburg has sold.
St. Petersburg-based shopping center developer Sembler purchased the 115,900-square-foot vacant building at 3993 Tyrone Boulevard in a $6.7 million deal from Walmart.
The purchase also included the surrounding parking lot.
An executive from Sembler was not immediately available for comment on the purchase.
On social media, residents speculate that the property may be re-developed for residential units that would rise in its place, however as of this morning, no plans have been submitted to the city.
Although Sembler primarily focuses on developing grocery-anchored retail centers, the group could work with a partner on bringing apartments and/or condominiums to the site.
Group purchases waterfront site for luxury condo tower
86-unit upscale condo complex is slated to be constructed on a 3.2-acre plot of waterfront land in Clearwater Beach | BH3 Management & U.S. Development
A joint venture has scooped up a 3.2-acre waterfront property along the sands of Clearwater Beach, where they will build an 86-unit upscale condo complex.
National real estate investment group BH3 Management and New Jersey-based U.S. Development, a construction management firm specializing in multifamily and mixed-use projects across the East Coast, acquired the property at 551 South Gulfview Boulevard in a $24.75 million deal.
The property once housed the Fisherman Wharf’s restaurant.
The group secured a $12.4 million loan provided by Linkvest Capital and its affiliate, LV Lending, for the land acquisition.
The 86 units will be situated in two adjoining nine-story towers at the site, which is located at the base of the Sand Key Bridge and is surrounded by shopping and dining.
The units, ranging from 2,000 to 5,500 square feet, will be priced from $2 million to $10 million.
The development will mark the only new-construction luxury condominium to launch in Clearwater Beach in recent years, according to an announcement from the team.
“In many ways, our team is introducing an entirely new market segment in Clearwater Beach, which has been overlooked as a luxury market even as successful high-end projects come to life in neighboring communities,” BH3 Management co-founder Gregory Freedman said in a statement.
"This project hits BH3’s sweet spot, where we can repeat prior successes of delivering singular, high caliber luxury residential offerings to a market that has pent-up demand, great fundamentals, and very high barriers to entry where we have no competition.”
“Now that we’ve closed on this acquisition, our team is well positioned to begin pre-development work ahead of launching sales later this year," U.S. Development CEO John Farina said in a statement.
The residential amenities include a resort-style pool deck and a 270-foot-wide private beach.
Vertical construction will commence in 2025.
The JLL Capital Markets Debt Advisory team represented the joint venture in the deal.
Kelly Montgomery-Kepler and Sylvia Tzekas of ENGEL & VÖLKERS served as listing agents for the property.
Warehouse Arts District building with gallery sells
A building in the Warehouse Arts District housing the Mad Monk art gallery, the electronics store Allkeyless, and other artists recently sold for $1.2 million | Google Maps
An 8,080-square-foot, multi-tenant warehouse at 615 27th Street South in the Warehouse Arts District has sold.
An LLC connected to commercial real estate investor Kurt Palmero purchased the property for $1.2 million.
The building, constructed in 1950, is home to the Mad Monk art gallery, the electronics store Allkeyless, and other artists.
Palmero told St. Pete Rising that the tenants will remain and he purchased the building as he specializes in acquiring industrial properties for retail uses.
He also owns the building at 4746 22nd Avenue South in St. Petersburg, where Artists of Elements, an art gallery, recently opened.
Netflix-star-designed home lists for over $9 million
A 5,055-square-foot waterfront home in Tierra Verde just hit the market for $9.4 million | Dina Sierra Smith
A waterfront estate designed by Eilyn Jimenez with Sire Design, who was featured on the Netflix show "Designing Miami," has hit the market for $9.4 million.
The 5,055-square-foot home at 470 Laguna Drive in Tierra Verde, constructed by Lutz-based JR Structures in 2023, has 200 feet of water frontage.
The five-bedroom home has six full bathrooms, a loft, and dual two-car air-conditioned garages. The rooms boast high-end finishes such as Avocatus Quartzite, French oak, and walnut wood accents.
The outdoor entertainment space features a negative edge spillover pool, an outdoor kitchen, a full-house generator, and boat/jet ski lifts.
Dina Sierra Smith is the listing agent.
Upscale laundromat coming to Central Avenue
Laundromat Chain LaudroLab will open their first St. Pete outpost at 4910 Central Avenue later this year | LaundroLab
LaundroLab, a franchise bringing a more modern experience to the traditional laundromat business, is opening a store at 4910 Central Avenue.
The 3,784-square-foot building, constructed in 1952, was previously occupied by Crowder Bros. Hardware.
LaundroLab has several locations across the U.S., including one in Tampa, where customers can drop off laundry that staff wash, dry, and fold within a 24-hour turnaround time.
The service cost is based on the weight of the laundry ($1.25 per pound). Payments can be made through the LaundroLab mobile app.
LaundroLab’s partnership with 2Ulaundry provides customers the option to have their clothes picked up and delivered to specific destinations.
The company also offers bulk commercial cleaning for spas and gyms.
The LaundroLab facilities have a lounge, kids' play areas, arcade games, and vending machines.
Husband and wife duo Carlie and Cody Canfield are the St. Pete store franchisees. According to a Facebook post, they will operate five local stores.
An opening date for the new store has not been announced.
