Major EDGE District properties change hands in $12 million sale

Plenty of prominent properties in the EDGE District have bought for $12 million.

In accordance to a deed recorded October sixth, developer PTM Partners bought the three-story building at 1246 Central Avenue and the boulevard-degree retail areas at the adjacent Moxy resort to L3 Capital, a Chicago-essentially based non-public fairness valid property funding firm that focuses on urban retail.

The 27,261-square-foot building at 1246 Central Avenue is dwelling to Bosphorous Turkish Cuisine and Amorino Gelato on the bottom ground. Digital marketing company WebFX has signed a lease for the third ground but has now no longer yet moved in, whereas the approximately 8,700-square-foot second ground stays accessible for place of industrial tenants.

The sale furthermore entails the Moxy resort’s 3,407 square toes of ground-ground retail space, occupied by Floyd’s Barbershop and Solidcore. It does now no longer embrace the 163-room Moxy resort itself, which stays phase of PTM Partners’ EDGE Collective trend.

James Garner and Jim Shiebler of CBRE represented PTM Partners and L3 Capital in the transaction.

“L3 Capital is an institutional community that’s been eyeing St. Pete as a development market for loads of years. I’m proud to have helped them gain the right deal,” Garner said in a conversation with St. Pete Rising.

The firm’s portfolio entails urban, mixed-use properties, which Garner said made the mix of retail and place of industrial space at EDGE Collective a upright match. More frail retail investors had passed on the deal because it included place of industrial space above the storefronts, he said.

L3 does now no longer thought to develop most necessary changes to the properties. As an different, the firm expects to characteristic them as an funding and lease the final place of industrial space whereas the surrounding district continues to develop.

“They’re planning to preserve it the manner it’s,” Garner said. “They felt admire they’ve the relationships to bring some solid tenants and attend add some tag.”

PTM Partners and DoveHill Capital Management purchased the century-used 1246 Central Avenue building, the adjacent resort land, and a 0.38-acre surface car car car parking lot alongside 1st Avenue South in 2019 for $13 million.

The builders renovated the Central Avenue building as phase of the most necessary phase of EDGE Collective, which furthermore included the Moxy resort and a shared courtyard between the 2 properties.

The building beforehand housed Furnish Me Vintage, a longtime furniture and dwelling décor retailer that closed in 2019.

The sale comes as PTM Partners strikes forward with EDGE Collective II, the come’s subsequent and substantially better phase. In late September, the developer closed on a $125 million construction mortgage to finance the challenge.

Crews now no longer too prolonged previously demolished loads of structures at the southwest nook of 11th Avenue South and Central Avenue to develop manner for a 20-story condominium tower with 330 items.

The positioning included the former Dr. BBQ restaurant and structures that had housed EMOTO Electric Motorbikes, Chai Mixology, and Pin on Cafe.

Pin on Cafe has since moved to 2458 Central Avenue in the Colossal Central District, where it reopened as Pin on Colossal.

EDGE Collective II will furthermore embrace approximately 17,000 to 18,000 square toes of ground-ground retail, about 280 to 290 parking areas, and a network of mid-block paseos and arcades connecting Central Avenue to 1st Avenue South.

Earlier plans included a smaller condominium building on the surface car car car parking lot between Sweetgreen and The Candle Pour. Then over again, PTM Partners has removed that building from the present phase and also can fair as an different use the gap for construction staging and laydown space.

St. Pete-essentially based Storyn Studio designed EDGE Collective II, and Balfour Beatty is serving as overall contractor.

Building is anticipated to steal more than two years, with completion anticipated in late 2028.