March 19, 2025

304-unit apartment complex in Largo to convert into affordable housing

March 19, 2025/ Veronica Brezina

The Oasis at Bayside apartment complex in Largo will undergo an extensive renovation to convert the units to affordable housing and update the aging amenities.

Washington, DC-based multifamily investor Gravel Road Partners and Bridge Investment Group, an investment company headquartered in Salt Lake City, Utah, purchased the 304-unit property at 305 Glades Circle on March 12th for $42.25 million.

Berkadia Senior Managing Director Jason Stanton represented the seller, Latitude Management Real Estate Investors of Beverly Hills, California, in the transaction.

The new owners are partnering with Pinellas County to renovate the 1974-built property and dedicate 258 units for tenants earning 50% to 80% of the Area Median Income (AMI). Currently the property has no affordability requirements.

February 27, 2025

Inside the 2025 Downtown Development Guide: Grappling with growth amid market headwinds

February 27, 2025/ Veronica Brezina

New zoning changes, the sweeping rise of commercial and residential development, and the promise of revitalizing neighborhoods are molding the ever-evolving identity of the Sunshine City.

This Tuesday, the St. Petersburg Downtown Partnership released its 2025 Downtown St. Pete Development Guide, an annual resource tool providing a snapshot of the latest economic and commercial activity to encourage public and private stakeholders to spur healthy growth in the area.

"The data, trends, and projects on the horizon really comprise the blueprint for how we continue to grow with purpose, intention, and resilience," Mayor Ken Welch said during the Partnership's Development Summit hosted at the new EDGE Collective office building next to the Moxy Hotel.

February 24, 2025

$200 million mixed-use project The Central takes shape on Central Avenue in downtown St. Pete

February 24, 2025/ Veronica Brezina

The long-awaited mixed-use development in the heart of St. Pete's EDGE District has hit a construction milestone.

Tampa-based Ellison Development is set to cut the ribbon next month, celebrating the completion of a 531-space parking garage at 1301 Central Avenue, a component of The Central development, a 2.1-acre redevelopment of the old St. Pete Police headquarters that will feature a hotel, a trophy office building, retail, workforce housing, and more.

The project, which broke ground in February 2024, sits directly across the street from Ferg's Sports Bar and Grill and is near The Edge Collective development, a planned live-work-and-play destination anchored by the newly opened Moxy Hotel.

February 21, 2025

21-story apartment tower approved near USFSP in downtown St. Pete

February 21, 2025/ Veronica Brezina

A 105-year-old commercial property that greets commuters as they enter the downtown St. Petersburg from I-175 may soon be demolished and redeveloped into a 21-story apartment tower.

On Thursday, the St. Petersburg City Council, meeting as the Community Redevelopment Agency (CRA), unanimously approved plans to redevelop the property at 446 4th Street South, which currently consists of a surface parking lot and a one-story, 4,984-square-foot office building occupied by Fresenius Kidney Care American Dialysis Center.

The proposed project includes a 21-story mixed-use building with 2,250 square feet of commercial space, 213 residential units, and a 230-space parking garage.

February 19, 2025

Revised plan approved for apartment tower on Mirror Lake in downtown St. Pete

February 19, 2025/ Veronica Brezina

A planned apartment tower on the southwest edge of downtown St. Pete’s Mirror Lake neighborhood has been approved for increased height and additional units.

The initial plan, which was approved by the Development Review Commission in January 2023, called for a 21-story 200-unit apartment tower with 10,843 square feet of retail space and a 264-space parking garage at 699 1st Avenue North.

The new proposal is for a 23-story, 218-unit apartment tower with 11,193 square feet of retail space and a 274-space parking garage.

The properties, which Gravel Road Partners purchased in March 2022 for $6.4 million, include the parcels at 685, 694, and 699 1st Avenue North and are currently occupied by two vacant office buildings, a vacant triplex, and a surface parking lot.