Two prominent properties within the center of downtown St. Petersburg be pleased supplied for a blended $32.5 million, with plans for a excessive-upward thrust dwelling tower on the station.
Naples-basically based mostly Stock Trend, a family-owned luxury accurate property style and homebuilding company, has purchased the 490 First Avenue South tower, formerly house to the Tampa Bay Times, and the ancient Tramor Cafeteria constructing at 123 4th Toll road South, most no longer too long within the past occupied by Hofbräuhaus St. Petersburg.
The 2 properties together comprise 1.8 acres.
“We’re wrathful to continue expanding our impress and remain assured in St. Petersburg and the Tampa Bay plight,” Keith Gelder, president of Stock Trend, stated in a dialog with St. Pete Rising. “We gaze forward to bringing a signature venture to the market.”
Stock Trend plans to extinguish the extinct Times constructing and redevelop the blended station as a excessive-upward thrust dwelling tower with ground-ground commercial situation. Negate of job uses would possibly presumably also be incorporated into the venture.
The corporate is at this time increasing The Ritz-Carlton Residences in Naples, a 128-unit luxury waterfront dwelling venture.
The corporate has also unveiled plans for a blended-employ residential tower in downtown Tampa that can furthermore upward thrust between 40 and 50 experiences and consist of hotel rooms alongside a residential element.
The station sits straight all the contrivance during the aspect road from the Residences at 400 Central, the 46-story dwelling tower that at this time stands as St. Petersburg’s tallest constructing.
The Times property became listed for sale after Storm Milton’s winds triggered a construction crane at 400 Central to fracture down into the style in October 2024, rendering it uninhabitable.
Stock Trend purchased the constructing for $18 million, in accordance to a supply conversant in the transaction.
The eight-story, 240,000-square-foot advanced contains three built-in constructions, with the authentic construction in-built 1924 and additions performed in 1968 and 1988.
Stock Trend also received the ancient Tramor Cafeteria property for $14.5 million, in accordance to a deed recorded Friday.
The property is one in all downtown St. Petersburg’s oldest surviving commercial constructions and has conducted a prominent position within town’s historical past for almost a century.
The property’s previous owner, Nuri Erol, purchased the 15,826-square-foot property in December 2021 for $7.1 million.
Constructed in 1929, the constructing opened as Bob’s Cafeteria, became later renamed the Tramor Cafeteria, and in the end served as a workforce cafeteria for the Tampa Bay Times. The authentic interior facets Spanish-Mediterranean architecture and ceiling trusses repurposed from a 1920s airport hangar.
In 2015, Hofbrauhaus, modeled after the legendary beer hall in Munich, Germany, opened within the placement. It closed in 2020 after failing to pay rent.
Erol purchased the property with plans to convert it into a meals hall, however the venture by no contrivance moved forward.
He later leased the constructing to an upscale indoor golf lounge and restaurant belief, though these plans also didn’t materialize.
Demolition of the extinct Times constructing is expected to commence as soon as that that you would possibly accept as true with, with utility relocation to be performed as segment of that route of.
The Hofbrauhaus constructing, however, is a designated ancient construction, which prohibits demolition.
Stock Trend plans to work with ancient preservation officers to resolve the contrivance it will even be incorporated into the broader redevelopment.
Whereas a branded dwelling venture would possibly presumably maybe furthermore in the end be pursued for the station, company officers stated it’s some distance simply too early to talk about about branding or recount venture crucial facets.
The properties are zoned DC-1, one in all town’s densest zoning designations, allowing sizable high and density while giving the developer essential flexibility in designing the venture.
Right here is a increasing story. Pause tuned to St. Pete Rising as we continue to learn more about plans for this venture.
Leave a Reply