A two-story building in the heart of downtown St. Pete is set to undergo a multi-million dollar renovation next year. The 16,000 square foot property is located adjacent to the Morean Arts Center and across the street from the Chihuly Collection at 695 Central Avenue.

Safety Harbor-based Paradise Ventures purchased the building for $3.4 million in December 2019. The initial goal was to begin renovations in 2020, but COVID-19 delayed the project. Now plans are moving forward.

The building is currently anchored by QuickAid, which is a legal office specializing in social security disability insurance, and City’s Bistro, a local restaurant serving gourmet sandwiches, fresh salads, and breakfast sandwiches. Both businesses have plans to relocate once renovations begin in 2022.

The extensive renovations include a complete interior demolition of the building, installing a new air conditioning system, constructing a new roof, and relocating the elevator and stairs. Large impact-resistant fold-up windows will be installed on the ground floor and New Orleans-style balconies will line the entire second floor along Central Avenue. The expected cost of renovation is $2 million.

“We are very excited to begin renovations on 695 Central,” says Michael Connor CEO of Paradise Ventures. “The building hasn’t been renovated in decades. We look forward to bringing new life to this building and adding some great retailers to Central Avenue.”

The first floor will consist of 8,000 square feet of restaurant space that can be divided between two or three tenants. The ideal tenant would be experienced local restauranteurs interested in opening a second or third concept. The retail space will be leased at a market rate, between $35 to $45 per square foot depending on the cost of the build-out.

The second floor will house 8,000 square feet of office space. The specific style and floorplan will depend on the tenants who are interested in occupying the space. If no tenants have signed on by the time plans are submitted for permitting, the second floor will be built as an industrial-style coworking space with shared meeting rooms. As with the retail, the second-floor office will be leased at a market rate, or around $20 to $23 per square foot.

“Serving as the end-cap to the 600 Arts Block, this adaptive re-use project will bring an otherwise forgotten building back into the spotlight,” says listing agent Jake Wollman of KW Commercial. “It’s not often that brand new office and retail space becomes available in a building so rich in history.”

According to City directories and Sanborn maps, the building currently located at 695 Central was built in 1923 and then known as the Roser Building. The ground level housed a real estate office for Charles Roser, a prominent real estate developer and philanthropist who is most known for creating Roser Park. The upper floors of the building were occupied by apartments. In 1933, the building became the Mather Furniture Store of St. Pete. And five years later in 1938, 695 Central became a rug and carpet store.

Plans are expected to be submitted to the City this year with a construction start date in January or February of next year. The renovations will take 12 months with an expected delivery in early 2023.

For more information on leasing the space, contact Jake Wollman at jwollman@kwcommercial.com.