Bainbridge 930 Central Flats

930 Central Flats, a luxury six-story 218-unit apartment community in Downtown St. Pete’s EDGE District, has a new owner.

Texas-based residential real estate management group Olympus Property, which owns multiple apartment complexes across Florida, has acquired the upscale apartment complex at 930 Central Avenue for $81 million, according to a deed published on October 28th.

The group purchased the complex from White Oak Partners, which purchased the property in 2020 for $64 million.

Leases were signed last month for two retail parcels on the ground floor of 930 Central Flats, a recently completed 6-story 218-unit apartment community in Downtown St Pete’s popular EDGE District. The spaces will be occupied by a blow dry bar and a pharmacy. EJ Barkett of Barkett Realty was the representing agent on the deal.

Blo: Blow Dry Bar will move into a 840 square foot corner unit on the east side of the apartment development at 930 Central Avenue Suite A. This will be the 10th Florida location for the blow dry bar, who operates over 130 locations across three countries. The EDGE District outpost will be run by locals Alice Burnett and Matt Konstantinis.

What’s a blow dry bar? Don’t feel bad for not knowing; it’s a pretty new thing! Blo, known as the original blow dry bar, opened their first location in Canada in 2007. Put simply, a blow dry bar specializes in washing, blow drying, and hair styling. They do not cut or color hair.

This quarter was packed full of groundbreakings!  After over a decade of planning, construction has finally commenced on the new St. Pete pier. Construction crews have started driving piles into Tampa Bay to support the over-water portion of the pier.  It will take 6 months to complete the pile driving process, however construction on the pier deck is scheduled to begin as early as October.

In other groundbreaking news, located on Fourth Avenue North between Third and Fourth streets, the Museum of the American Arts of Crafts Movement site was fenced off this quarter for site preparation.  The $70 million privately funded museum will occupy 137,000 square feet and stand 5 stories tall. The museum will include a 100-seat auditorium, a resource library, a children's education center, a 300-seat upscale restaurant, a cafe, retail store and event space. The expected opening date is May 2019.

The fourth quarter of 2016 saw an enormous amount of progress on many of Downtown St. Pete's active developments.  The demolition of the "cheese grater" building at 400 Central Ave concluded.  The Rowdies launched an official campaign to join the MLS, which included an expanded Al Lang Stadium.  A new site plan was approved for 801 Central, which now includes a 15 and 7-story apartment building and ground-level retail.

Also, a few projects broke ground including Bainbridge 930 Central Flats, and retail along 1st Ave S that will house an Orangetheory Fitness and a yet-to-be-determined restaurant.  

Additionally, AER Apartments and The Hermitage Apartment Homes started leasing, which helped to relieve the extremely low apartment occupancy rates that Downtown St. Pete has grown accustomed to over the past few years. 

Looking to the future, we should see the groundbreaking of a few notable projects this coming quarter including The Brownstones, 801 Conway, The District on 9th, and the Museum of the American Arts and Crafts Movement.

Lastly, be sure to check out Downtown St. Pete's first, second, and third quarter development updates of 2016 to see how your favorite projects have progressed!

Downtown St. Pete has experienced an overabundance of construction over the past three months.  It's nearly impossible to walk through downtown and not run into a construction site.  For starters, the demolition of the "cheese grater" building at 400 Central Ave begun. In the EDGE District, The District on 9th townhouses were announced and the site of Bainbridge 930 Central Flats started to undergo site preparation in anticipation for new apartments and retail.  Also, The Chihuly Collection completed their move from Beach Drive to 720 Central Ave.  We cannot wait for these projects to be complete, but for now we hope you enjoy this quarter's photo update!

“In an urban environment, one of the biggest deterrents of pedestrian traffic is a vacant lot,” says Jonathan Daou, owner of Eastman Equity, a commercial real estate investment firm.  Daou was able to recognize the EDGE District’s potential before its recent explosion in popularity. 

In 2014, he purchased a 1.5 acre plot of land at 930 Central Avenue for $1.7 million with the desire to renovate the vacant, dilapidated parcels and fill the empty lots that permeated the district.  Since then, Daou has amassed a significant portfolio of properties in the EDGE District with plans of turning the area into the most vibrant, pedestrian-friendly neighborhood in Downtown St. Pete.