Done Deals is a weekly column by St. Pete Rising spotlighting recent real estate market insight and significant deals happening in the Sunshine City and beyond. The following information is sourced from public records and trusted intel.

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Demolition starts on Coquina Key Plaza

Demolition has commenced on the beleaguered Coquina Key Plaza in south St. Pete. It will be redeveloped into a new mixed-use development with affordable housing.  

St. Pete-based real estate company Stoneweg, which purchased the 14.5-acre property at 4350 6th Street South in 2022 for $8.9 million, will build retail and apartments at the site. 

The approved plans call for nine four-story buildings with a total of 456 apartments. 20% of the units will be reserved for households earning 80-120% of the area median income (AMI). The remaining units will be market rate. 

As for the retail component, Stoneweg is trying to lure a prospective grocer and is also in talks with a local coffee shop operator. 

An elevated authentic pizza concept, a bakery, a yoga studio, and a health clinic with an on-site pharmacy may also occupy space in the plaza. 

Once vertical construction begins, the first phase is expected to take 12-15 months.

The development team includes Tampa-based BDG Architects and Ohio-based Osborn Engineering. 

St. Pete Beach waterfront property sale sets new record 

A Pass-a-Grille waterfront property with private beach access has sold for $11.4 million - making it the most expensive home ever sold in St. Pete Beach. 

Built in 2015, the Art Deco-designed estate at 2709 Sunset Way sits on an oversized lot with unobstructed views. 

The 5,542-square-foot home has five bedrooms and seven bathrooms.  

Inside, the home boasts a three-story spiral staircase and artwork from famous glass artist Dale Chihuly. 

Mahogany wood is found throughout the home, which also features an evaluator, a main kitchen and a custom-designed catering kitchen, a library-styled office, a workout room and indoor cabana, an outdoor entertainment area, a pool, and a four-car garage, according to the listing.

The home previously sold in 2012 for $2.5 million.

Amy Seeks from Compass Florida represented the sellers. Nick Janovsky of Premier Sotheby's International Realty represented the buyers. 

Central Avenue commercial property lists

A vacant building on St. Pete's Central Avenue that previously served as a medical practice and an attorney's office is now on the market. 

The building at 4701 Central Avenue, constructed in 1973, is listed for $2.5 million.

“The surrounding area is experiencing significant growth, enhancing the property’s potential for appreciation and long-term value," Patrick Calhoon, the property listing agent with Smith & Associates Real Estate, said in a prepared statement. 

The two-story block building totals about 5,168 square feet and has an elevator. The 0.34-acre property offers 25 surface parking lot spaces. 

Pinellas Park industrial properties sell 

Largo-based Mosk Development Company has sold multiple parcels in the Interlaken Industrial Park in Pinellas Park. 

The group sold two 40,000-square-foot warehouse buildings to Sloane Street Capital for $13.1 million. 

The purchase includes the buildings at 12395 and 12393 Belcher Road, according to a company representative. 

The entire park contains 363,000 square feet of industrial space. The two large adjacent warehouse buildings are currently not on the market. 

Sloane Street Capital is a Texas-based investment bank that helps raise capital and provides market analysis services for boutique real estate developers. 

The buyer took out a $9.7 million loan from Truist Bank. 

St. Pete apartments sell

A St. Pete apartment building constructed in 1973 has sold for $2.35 million. 

Helios Holdings INV LLC sold the two-story, 12-unit building at 116 SW Jefferson Circle North to an LLC connected to local real estate investor Kyle Damkoehler. 

Multiple apartment units have been recently renovated. 

The property includes parking for all units and has a large mango tree in the front yard.

Golden Corral restaurant in Largo sells 

The shuttered Golden Corral Buffet & Grill restaurant site near the Largo Mall has sold. 

Tampa-based Southeast Retail Group sold the 9,952-square-foot building and parking lot at 10050 Ulmerton Road to WMG Development for $5.45 million. 

The Golden Corral operated for 20 years at the site before it closed in 2020.

The current zoning restricts the development of fast-food concepts, drive-thru restaurants, and car washes at the 3.24-acre property.

WMG Development is a national real estate investment and development company with offices in Illinois and Florida.

Its portfolio includes Aldi, Chick-fil-A, Chipotle Mexican Grill, Starbucks Coffee, and Publix Supermarket-anchored shopping plazas.