$100M Edge Project Moves Forward; Gulfport Church to Close • St. Pete Catalyst
A weekly round-up of local real estate listings.
Apartments in Clearwater are selling for $80.2 million
Minnesota-based real estate company Dominium has sold a 372-unit apartment complex in Clearwater to Bacon Raton-based Genesis Apartments LLC for $80.2 million under the company Clearwater Acquisitions I LLC.
The apartments, located at 530 Fairwood Ave. located on 22 hectares of land, have been renamed Genesis Apartments.
The majority of the units in the complex are two bedroom, two bathroom units. Units range from 650 square feet to 1,259 square feet.
The garden style apartment complex, including the clubhouse, has recently been refurbished.
The complex features an upgraded fitness center, a sleek cafe, and two outdoor pools.
Genesis Apartments LLC borrowed $25.75 million from Starwood Property Mortgage Sub 10 A LLC for the purchase.
Demolition of the Belpointe Towers to finish
The demolition continues to make way for the $100 million Belpointe Towers project in St. Petersburg.
The demolition includes the demolition of two vacant office buildings, two parking lots, and the former Shirley Ann Hotel at the 1000 1st Ave site. N
According to the Edge Business District newsletter, the demolition phase is expected to be completed soon, followed by a 20-month construction period.
The Belpointe Towers are being developed by Belpointe, a developer based in Greenwich, Connecticut. It includes construction of two 15-story residential towers that will create 256 units, 21,463 square feet of commercial space and a 380-space parking garage.
The project was originally valued at $70 million; However, it is now estimated at $100 million, according to the district’s newsletter.
Commercial space is on the ground floor and faces both the tree and 1st Avenue North. The 2nd to 4th floors include parking. The 5th through 15th floors of each tower will be dedicated to one, two and three bedroom units. A terrace on level 15 will offer unobstructed views of St. Petersburg, according to a previous site plan review.
Belpointe paid $12 million to acquire the lots in 2020 from Jonathan Daou, a large landowner in the Edge District.
Belpointe also plans to build a pocket park on Baum Avenue, near the corner with Dr. Martin Luther King Jr Street.
The development is designed to improve the walkability of 1st Avenue North and Baum Avenue while utilizing the SunRunner bus rapid transit system, as a SunRail station will be just steps from the towers.
75 year old church to close
The Gulfport Presbyterian Church, which has served the community for 75 years, will close its doors this month.
The Church, 5313 27th Ave. S., is closing due to a dwindling membership. The final Sunday service will be on April 24, according to the church’s website.
Founded in 1917, Gulfport Church was initially organized as a separate congregation. In 1947 it became an organized Presbyterian Church.
Sunflower Private School currently rents a room in the church for their K-5 classes, which are held five days a week.
On May 11, the church trustees will meet and apply for the Tampa Bay Presbytery to take over the property. However, the school can reportedly buy the land.
Investment group buys real estate in St. Pete to build digital nomad community
San Eng, a managing partner of real estate investment firm Skytian Capital, sees an opportunity to solve St. Pete’s lack of flexible leasing options by converting two downtown properties into a community called Satsoshi’s Hideout to bring creatives and digital nomads to the city bring to .
“If someone is in town to canvass investors but doesn’t have an office, they need a place to stay nearby,” Eng said.
Skytian Capital this week closed both properties –– the Park Plaza Apartments at 424 2nd St. N. and the apartment building at 424 2nd St. N. The firm paid $4.2 million for the Park Place Apartments and $1.72 million Dollars for the smaller complex across the street, as per Pinellas County records.
The lots will be converted into 41 modern units to create Satoshi’s Hideout.
Eng, an expert on Web3, said the complex is named after Satoshi Nakamoto, the mysterious creator of Bitcoin. The complex will encourage the use of digital money by accepting crypto payments from tenants, who can rent a unit for days or weeks.
The shared apartment would be equipped with smart technology, meeting rooms, a courtyard café, a rooftop lounge, fast WiFi and an exhibition of the latest NFTs (non-fungible tokens). Eng said he envisioned technology leaders hosting discussions in the courtyard of Satoshi’s lair.
“We want to build that community space and legacy in St. Pete that isn’t another luxury apartment. This space will educate people about technology and can attract more entrepreneurs to the city,” said Eng.
Unit pricing is yet to be determined.
Homes in Tarpon Springs are selling for over $40 million
The 304-unit Riverside Apartment complex in Tarpon Springs has sold for approximately $41.57 million.
Riverside Partners LTD sold the complex at 1589 Starlight Cove to OK Riverside LLC, which is affiliated with New Jersey-based Portopiccolo Group.
OK Riverside borrowed $32.81 million from Berkadia Commercial Mortgage LLC for the purchase.
Built in 2001, the affordable apartments consist of one, two, three and four bedroom units with a private entrance on the ground floor.
Complex amenities include a pool, fitness center and business center.