Plans for 22-story apartment tower near Mirror Lake move forward
A 0.94-acre property located across from the Mirror Lake Community Library will be the site of a new multi-family high-rise tower.
On Thursday, a 0.94-acre property in downtown St. Pete was sold for $15.5 million to Las Vegas-based Ault Global Real Estate Equities (AGREE), a subsidiary of BitNile Holdings. The land, which is located on the southeast corner of 3rd Avenue North and 5th Street North across from the Mirror Lake Community Library, will be the site of a new high-rise multi-family project.
“We are pleased to be in a position to acquire this property in a growing metropolitan area, surrounded by historic buildings, a public library, and various other municipal buildings,” said Christopher Wu, Chief Executive Officer of AGREE.
The subject property is located at the southeast corner of 3rd Avenue North and 5th Street North
The property was approved by City Council in 2019 for development of a 22-story tower with 269 apartments units and mixed retail on the first floor. The new owners plan to construct the approved project with minor modifications that will modernize the design.
Plans call for 17 residential floors over a four-story mixed-use pedestal, which will include over 250 parking spaces and over 250 bicycle spaces.
The fifth floor will house residential units along with a swimming pool and resident clubhouse. Floors 6 through 21 will contain 17 residential units per floor while the top of the building will feature a rooftop deck.
A rendering of a residential tower proposed in 2018. The current proposal will be of similar scale, but with more modern design.
Currently, the site is home to six small apartment buildings that were vacated a few years ago. In documents submitted to the city in 2018, it was noted that the existing buildings were previously analyzed for consideration to be added to the List of Eligible Properties for potential historic designation. However, it was determined by the city that the existing buildings did not meet the criteria for historic designation.
The architect for the new development is St. Pete-based Behar Peteranecz. Total project cost is estimated at $114 million.
“We are optimistic about the potential to create a project that is consistent with St. Petersburg’s development standards for the historic neighborhood,” said Milton “Todd” Ault III, Founder and Executive Chairman of BitNile. “We have a team of professionals to execute and bring the 301,000 square foot mixed-use tower to fruition.”
Construction is expected to commence in August 2022 with completion estimated in the second quarter of 2024.