Prime development site near Mirror Lake under contract, set to close by year end

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Prime development site near Mirror Lake under contract, set to close by year end

A New York-based real estate firm is under contract to purchase the prime redevelopment site at 450 3rd Avenue North on the east side of Mirror Lake in downtown St Pete.

Located at the corner of 5th Street North and 3rd Avenue North across from the historic Mirror Lake Community Library, the 0.94-acre property was previously approved to be developed into 23-story mixed-use tower containing 285 apartments and 10,000 square feet of retail space.

The site was formerly home to The Cara Apartments, a cluster of six buildings containing around 100 apartments, before the property was demolished earlier this year.

The current landowners, a group consisting of bitcoin mining company Hyperscale Data (formerly BitNile Holdings), former Illinois Congressman Aaron Schock, and Atlanta-based real estate investor Joshua Haywood, purchased the site for $15.5 million in 2022.

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Aerial St. Pete: Downtown St. Pete’s tallest towers continue to rise

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Aerial St. Pete: Downtown St. Pete’s tallest towers continue to rise

This month’s edition of Aerial St. Pete shows the construction progress on seven residential towers currently under construction throughout downtown St. Petersburg.

Aerial St. Pete is a column by St. Pete Rising which features exclusive aerial photography of projects under construction in St. Petersburg, FL. To accomplish this, we have teamed up with AB3 Visuals. 

In the article, we show the construction progress for projects including The Nolen, Modera St. Petersburg, Art House, 3rd & 3rd, Residences at 400 Central, Reflection, and Viv Apartments.

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Detwiler’s Farm Market in early talks for south St. Pete store

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Detwiler’s Farm Market in early talks for south St. Pete store

South St. Pete may soon be home to one of the area’s most popular grocery stores.

Earlier today, the St. Petersburg City Council approved a lease and development agreement with Sugar Hill Group to redevelop Tangerine Plaza at 1794 22nd Street South into 115 affordable apartments and 10,000 square feet of commercial space, which will include a grocery store at least 3,000 square feet in size.

During the City Council hearing, Rev. Louis Murphy, Sr. of Sugar Hill Group revealed that the development team is in discussions with Sarasota-based Detwiler's Farm Market to occupy the grocery store at Tangerine Plaza. However, no lease has been signed yet.

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The Factory sells 6.5-acre property in the Warehouse Arts District

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The Factory sells 6.5-acre property in the Warehouse Arts District

One of the largest properties in St. Pete’s up-and-coming Warehouse Arts District has been sold.

Factory Investors of St Pete LLC, owned by St. Pete-based real estate investors Tom and Cory Gaffney, has acquired a 6.5-acre property located southwest of downtown St. Pete at 2606 Fairfield Avenue South.

The property is home to The Factory, a creative arts destination comprised of 90,000 square feet of warehouse space across nine buildings along the Pinellas Trail. 

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Move-ins begin at mixed-income Marlowe Gateway apartment community near Gandy in north St. Pete

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Move-ins begin at mixed-income Marlowe Gateway apartment community near Gandy in north St. Pete

Greystar Real Estate Partners is putting the finishing touches on an apartment community at the corner of Gandy Boulevard and 28th Street in north St. Pete.

Earlier this month, the first residents started moving into Marlowe Gateway located at 2790 Grand Avenue. The new apartment complex features 412 apartments – with its first units starting at $1,940 per month. The garden-style complex consists of nine apartment buildings offering a mix of one-, two- and three-bedroom layouts that range from 765 to 1,279 square feet. 

As part of a development agreement approved in October 2021, 20% of the units in the development will be income-restricted workforce housing for those making under 120% of the area median income (AMI).

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