Done Deals: St. Pete apartments are demolished, animal rescue expands, and affordable apartments funded
/Done Deals is a new 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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St. Pete apartment complex is demolished
Cara Apartments in downtown St. Pete have met the wrecking ball | St Pete Rising
The Cara Apartments in St. Petersburg, across from Mirror Lake, has met the wrecking ball.
The property, located at 450 3rd Avenue North, is approved to be redeveloped into a 23-story apartment tower.
The latest plans call for 285 apartments, 10,000 square feet of retail space, 303 bicycle spaces, and a 282-space parking garage.
Las Vegas-based Ault Global Real Estate Equities (AGREE), a subsidiary of bitcoin mining company BitNile Holdings, and Schock and Haywood Development led by Aaron Schock and Josh Haywood acquired the site in 2022 in a $15.5 million deal.
a rendering of the approved development | Ault Global Real Estate Equities
The property consisted of six vacated buildings constructed in the 1920s.
The city previously reviewed the former buildings for consideration to be added to the List of Eligible Properties for potential historic designation. However, the city determined they did not meet the criteria for historic designation.
In 2019, the city approved a plan from Inland National Development, the owner at the time, to redevelop the complex into a 21-story tower with 270 apartment units and ground floor retail, but the plans never came to fruition.
A construction timeline on the new tower has not been announced.
Animal rescue buys Pinellas Park building for expansion
a rendering of the proposed animal shelter | FLUFF Animal Rescue
FLUFF Animal Rescue, a non-profit organization dedicated to saving homeless dogs and cats, is expanding into a new Pinellas Park facility.
The rescue recently purchased the property at 7400 62nd Terrace North in a $2 million deal.
The site consists of a 7,800-square-foot building main building and a 1,300-square-foot warehouse.
"FLUFF has been searching for a larger property for over four years," founder Kimmy Chandler said to St. Pete Rising.
Erik Carlson of Michael Saunders & Company served as the listing agent. Jeff Clapacs of Commercial Partners Realty represented Chandler.
an aerial rendering of the proposed animal shelter | FLUFF Animal Rescue
FLUFF currently operates out of an 8,000-square-foot space at 9400 Seminole Boulevard, which will continue to operate as FLUFF's Stuff Re-Tail for Rescue.
Chandler said over the following month, FLUFF plans to build dog kennels to support 20 adult dogs and accommodate four pregnant dogs and their pups.
The theater/stage space in the Pinellas Park building will be utilized for FLUFF's education and training programs. Meanwhile, the extra rooms will be used for food and supply storage for the pet food bank.
Four rooms will serve as the new home to a vet clinic, which FLUFF will open to other 501c3 rescue organizations for spay/neuter services.
FLUFF will hold a monthly free or low-cost vaccine and microchip clinic open to pet parents.
"We are working diligently to open our adoption center, temporary dog kennels, meet and greet rooms, and office space as early as February 1," Chandler said.
The rescue also plans to add an outdoor/indoor “catio” space for 40 cats and kittens.
"There are discussions regarding an expansion of the 2.5-acre property. If this comes to fruition, we can create a much larger kennel space to accommodate up to 100 dogs and puppies," she said.
"Realistically, we plan to begin to house animals early next month, and should be able to accommodate adoptions by the end of February."
Be sure to follow FLUFF's Facebook for grand opening details.
Developer receives funding boost for affordable apartments
THE PROPOSED BAYOU COURT APARTMENTS, A NEW THREE-STORY BUILDING FEATURING 60 TWO-BEDROOM APARTMENTS | GRAVEL ROAD PARTNERS
This week, the Pinellas County Commissioners voted to provide $2.8M towards the Bayou Court Apartments affordable housing project at 4201 6th Street South.
Washington D.C.-based Gravel Road Partners, which purchased the site in 2022 for $1.7 million, plan to deliver a total of 60 units for mixed-income-earning residents.
A dozen units will be reserved for households earning at or below 50% of the Area Median Income (AMI).
Nine units will be for residents earning at or below 80% of the AMI, and the remaining 39 units will be for households earning at or below 120% of the AMI.
a site plan for THE PROPOSED BAYOU COURT APARTMENTS | GRAVEL ROAD PARTNERS
Affordability period restrictions will be enforced by a land use restriction agreement encumbering the property, according to city documents.
The group's $17 million development has several funding sources, including a $2.74 million commitment from the City of St. Petersburg.
The property owners expect construction to start in February and be completed by May 2025.
St. Pete-based Place Architecture, Park & Eleazor Construction, Osborn Civil Engineering, WGI Structural Engineering, and Carteret Property Management are on the development team.
Grand Central District building sells
A property at 2458 Central Avenue in the Grand Central District sold on Wednesday | St. Pete Rising
The mixed-use building at 2458 Central Avenue, home to Valhalla Bakery and Proper Meats, has a new owner.
Topflight Ventures III LLC has purchased the property from Frozen River LLC in a $1.4 million deal.
The building, constructed in 1926, features ground floor retail space and apartments on the second level.
The sale comes shortly after Valhalla Bakery owner Celine Beltgens announced the all-vegan bakery will permanently close its storefront on February 14th.
"Taking this step has been a hard pill for all of us to swallow but it’s no secret that small businesses [are] struggling like we’ve never seen before. Post covid supply issues, ingredients and packaging costs doubling, plus the economy wrecking everybody’s pocket books all play into this," Beltgens wrote in an Instagram post.
She also operates Valkyrie Donuts, located a few doors down at 2444 Central Avenue.
The bakery will consolidate operations into the Valkyrie Doughnuts' space and rebrand as Valhalla Bakery featuring Valkyrie.
"We will be working on some new ideas to maintain the same vibe and energy you all have grown to love, and we want to thank you for the memories you’ve helped us create in this space we’ve all grown to call home,” Beltgens said in the post, thanking customers.
Local gas stations are acquired
the subject Chevron gas station at 4850 Central Avenue | google streetview
An LLC connected to a North Carolina-based boutique investment firm has scooped up two local gas stations.
Under the Cameron SQRL name, Cameron Property Partners has purchased the property at 4850 Central Avenue, currently home to a Chevron gas station, in a $2.4 million deal.
They also acquired a Sunoco gas station site at 9590 Ulmerton Road in Largo in a $2.1 million deal from the same seller, Standard Development Company.
According to Cameron Property Partners' website, the group invests in "off-market opportunities whether pursuing an existing acquisition or a piece of land for development."
Its acquisition portfolio is heavy with gas stations/convenience stores throughout the U.S.
Cameron Property Partners assumed a roughly $1.788 million mortgage loan from Pinnacle Back for the Largo purchase. The buyer also took out a nearly $1.222 million mortgage loan from Academy Bank.
