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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Miami investment firm buys retail space at Modera

Torose Equities, a Miami-based real estate investment firm, has acquired the entire retail space at Modera St. Petersburg, a new 20-story luxury apartment tower.

The team purchased 14,000 square feet of ground-floor retail at 201 17th Street South for approximately $2.5 million.

The retail component features two spaces that can be split into eight units, according to a news release.

The tower, developed by Mill Creek Residential, has 290 feet of frontage along the Pinellas Trail and offers 14 dedicated parking spaces.

The Torose Equities team was attracted to the location as it is at the intersection of the burgeoning Grand Central District, EDGE District, and Warehouse Arts District, and is near the future Historic Gas Plant District redevelopment.

"St. Petersburg continues to emerge as one of the most dynamic and attractive markets in Florida, attracting new residents, businesses, and investment at a rapid pace," Scott Sherman, Founder and Principal of Torose Equities, said in a prepared statement.

"The ground floor retail component of Modera St. Petersburg is well-positioned to attract a premier mix of restaurant, retail, and service-oriented tenants that will serve as a dynamic amenity for the residential community and the broader St. Petersburg market."

The Torose Equities team was previously associated with Tricera Capital, which has other holdings in St. Petersburg.

Saks Fifth Avenue opens in the Vinoy

Luxury department store chain Saks Fifth Avenue has opened its new personalized shopping and styling service in The Vinoy Resort and Golf Club in downtown St. Pete.

The club offers by-appointment personal shopping and styling services, in addition to one-of-a-kind trunk shows, jewelry showcases, and other experiences, according to a news release.

The Fifth Avenue Club’s stylists provide clients with curated merchandise selections from online inventory and stores based on each client’s specific needs and style preferences, from clothing and accessories to shoes and fine jewelry found in Sak's online and physical inventory. 

The Fifth Avenue Club is located on the mezzanine level of The Vinoy.

The club is open Monday through Saturday from 10 a.m. to 6 p.m. by appointment only.

Bayou Court Apartments top out

Bayou Court Apartments, a 60-unit complex located near the southeast corner of Lake Maggiore at 4201 4th Street South, has topped out.

Gravel Road Partners, a Washington D.C.-based workforce and affordable housing developer, acquired the two-acre property in 2022 for $1.7 million and commenced construction earlier this year.

Bayou Court Apartments will feature three three-story buildings with two-bedroom units reserved for households earning between 50% to 120% of the Area Median Income (AMI).

Gravel Road Partners has pledged to prioritize applications from local municipal and public school employees as the project is near Lakewood Elementary School.

The development team includes St. Pete-based Place Architecture, Park & Eleazor Construction, Osborn Civil Engineering, WGI Structural Engineering, and Carteret Property Management.

Bayou Court Apartments is expected to open in mid-2025. 

Pinellas County selects developer for new affordable housing

Pinellas County has tapped a developer to bring more affordable housing to the Lealman community.

The county will begin negotiations with Habitat for Humanity of Pinellas & West Pasco for the sale or lease of 5.94 acres between 56th and 58th Avenues North and 39th and 42nd Streets North.

The local Habitat for Humanity chapter was one of four developers who responded to the county and Housing Finance Authority of Pinellas County's (HFA) Request for Negotiations (RFN) for the parcels.

Other respondents included Namaste Homes, Newstar Development, Pittman Design Group, and the WSV Group.

The site was previously expected to become an 86-unit affordable apartment project called Lealman Heights; however, that plan has been canceled.

The parcels, located across from Lealman Middle School, are owned by the Housing Finance Authority.

The site includes 53 pre-existing residential units.

Salad drive-thru restaurant Greenlane opens

Greenlane, a health-conscious drive-thru restaurant, has opened its first St. Pete location.

The new St. Pete site at 8001 4th Street North has fresh salads, filling wraps, protein boxes, slushies, pretzel sticks, cookies, and more.

The 1,200-square-foot bright green building has a single drive-thru lane and pickup window where customers can quickly order sweet and spicy salads or build their own. 

The salad prices start at $7.99. All the dressings are made in-house, including the maple balsamic vinaigrette and green goddess.

Greenlane, which has two existing locations in Tampa, is open every day from 11 a.m. to 8 p.m. However, in the coming weeks, Greenlane will operate at its normal hours from 10 a.m. to 9 p.m.

New nightclub to replace Ringside Cafe

A new nightclub is coming to downtown St. Pete.

Deltwaine Holmes, who owns the neighboring Omnia Blue Gentlemen's Club and 31 Grand in the Grand Central District, will open Opulence Nightclub later this month at 350 First Avenue North.

The 6,820-square-foot space previously housed Ringside Cafe, which closed earlier this year.

According to Opulence Nightclub's Instagram and Facebook pages, the venue "promises an electrifying atmosphere, top-notch entertainment, and an unmatched drink selection."

The club will feature R&B, Afrobeats, and house music.