$33 million Tierra Verde Marina redevelopment revised, residents remain opposed

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$33 million Tierra Verde Marina redevelopment revised, residents remain opposed

A developer has revised its plans to redevelop a prominent seven-acre property on Tierra Verde, but many residents believe the project is still not in the city’s best interest.

Tampa-based Greenleaf Capital, the real estate division of HCI Group Inc., is seeking approval from the City of St. Petersburg to transform the Tierra Verde Marina at 100 Pinellas Bayway South into a modern boat club with expanded amenities.

The goal, according to the developer, is to revitalize the island’s waterfront entryway.

The marina currently has 64 wet slips, 314 high-and-dry racks within a 58,000-square-foot storage complex, a 24,000-square-foot shopping center, and a gas station.

The $32.7 million redevelopment calls for demolishing the retail plaza and marina facilities to make way for a larger storage facility and private boat club with a restaurant, bar, and pool.

Greenleaf Capital acquired the site in 2011 for $5 million, three years after 28 acres of Tierra Verde, including the marina, were annexed by St. Petersburg.

The company is also seeking a 15-foot height bonus to build a nine-story, 90-foot-tall storage facility.

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Real estate investor purchases another property near Salt Creek in St. Pete for $6 million

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Real estate investor purchases another property near Salt Creek in St. Pete for $6 million

Clearwater-based real estate company Prometheus Partners, which has been quietly assembling acres of contiguous property just south of downtown St. Petersburg, has acquired another site.

Through its affiliate, Prometheus Franchise Restaurant Holdings LLC, the group purchased the 24,500-square-foot warehouse at 1499 Beach Drive SE for $6 million from Cato Holdings LLC.

Built in 1959, the art deco-style building sits on 1.37 acres near Salt Creek. It currently houses the Salt Creek Arts Center, a maker space offering studios and galleries for local artists, as well as moving company Swift Moves.

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Tierra Verde Marina faces demolition for private boat club and expanded boat storage

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Tierra Verde Marina faces demolition for private boat club and expanded boat storage

A retail plaza, home to several local businesses, and a boat yard located just beyond the Pinellas Bayway Bridge at the entrance to Tierra Verde may be demolished to make way for a private boat club and expanded boat storage.

On Monday, Michael Coffey, Executive Vice President of Greenleaf Capital, presented a preliminary redevelopment plan for the Tierra Verde Marina, located at 100 Pinellas Bayway South, during a Tierra Verde Community Association meeting.

Tampa-based Greenleaf Capital, the real estate division of HCI Group, Inc., purchased the seven-acre marina property for $5,000,100 in 2011.

Coffey outlined a phased plan to demolish the existing facilities and construct a larger boat storage facility, a modern boat club with a new restaurant, bar, and pool, as well as upgraded landscaping, security, and additional amenities.

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