Developer buys St. Pete property in $16.5 million deal for 304-unit affordable housing complex
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Houston-based The Hanover Company, a private real estate developer, has purchased a retail plaza that is expected to be redeveloped into a 304-unit affordable housing community.
The group has acquired the 8.95-acre site at 3100 22nd Avenue North in North Kenwood for $16.5 million from ZSPR PROPCO of Tampa LLC, according to a deed recorded on August 4th. The existing 71,064-square-foot retail plaza previously housed JB Factory Flooring, Studio Physique, and a MetroPCS store.
The Hanover Company also took out a $46.92 million loan from Texas-based Comica Bank.
The company’s redevelopment plans, which were filed in 2024, represented the first Live Local Act application received by the City of St. Petersburg.
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Red Mesa Mercado’s west St. Pete location is permanently closing less than a year after opening.
The Red Mesa team announced on social media earlier today that its Cali-Mex restaurant at 6001 Central Avenue will close August 16th.
Red Mesa Mercado’s original location in the EDGE District at 1100 1st Avenue North, along with Red Mesa Restaurant at 4912 4th Street North, will remain open.
The 150-seat restaurant opened in October 2025 in the former Two Graces and Reading Room space.
It was Red Mesa Mercado’s second location and featured a full-liquor bar, table service, and a more sit-down-focused experience than the original Mercado’s window-service model.
Red Mesa first announced plans for the west St. Pete location in late 2022, and the restaurant took about three years to open.