St. Petersburg apartment building sells for near record $107 million

The Hermitage apartments in downtown St. Petersburg have sold for $107.6 million, a near record price per unit for a rental project in the Tampa Bay area. The eight-story, two-year-old building at +just east of the city’s thriving Edge District was purchased by Dedicated Hermitage LP, which has a Toronto, Canada, address. The Hermitage’s new owners paid $309,267 per unit,…

St. Petersburg’s Fusion 1560 sells for $81.1 million in mega apartment deal

Fusion 1560, a 325-unit complex that was in the vanguard of St. Petersburg’s apartment boom, has sold for $81.1 million to a giant Chicago firm that manages Tampa’s International Plaza. The price is nearly $25 million more than Fusion sold for three years ago, a sign of the rebirth of the city’s once seedy Edge District. And at nearly $250,000…

Tampa Bay emerges as one of nation’s hottest industrial markets

Warehouses lack the glamour of luxury homes, but they are helping make the Tampa Bay area one of the nation’s hottest emerging industrial markets. The bay area vaulted from No. 28 to No. 10 last year in net leasing of distribution and light industrial space, according to a new report by Colliers International. Overall vacancy rates dropped to 6.3 percent…

New apartment building planned for St. Petersburg’s growing Edge District

A South Florida company has started work on a 218-unit apartment building in St. Petersburg’s increasingly vibrant Edge District. The five-story Bainbridge 930 Central Flats on Central Avenue will have studio, one- and two-bedroom apartments renting for about $1,160 to $2,500 a month. They will be in the heart of a once-tired area on the fringe of downtown that is…

22 story apartment tower proposed for just off Tampa’s Bayshore Boulevard

A synagogue, a garden club and a venerable breakfast spot could be getting a striking new neighbor, a 22-story apartment tower. Tampa-based Skyway Capital Partners submitted preliminary plans this week for the 168-unit tower on W Bay to Bay Boulevard, a block from Bayshore Boulevard. “Its really a different product type from what’s coming on the market in that this…

Did home sales in Tampa Bay jump ahead of the Fed’s interest rate hike?

With Florida’s real estate market “definitely tightening,” as one economist put it, home sales in the Tampa Bay area showed decidedly mixed results in November. In Pinellas and Hillsborough counties, year-over-year sales of single-family homes were essentially flat, although sales of condos and townhomes jumped substantially — 13 percent in Hills­borough and 16.6 percent in Pinellas. Pasco and Hernando counties…

City block frozen in time could soon be ripe for development

A key block on Central Avenue with two vacant, deteriorating buildings that have long been a blockade to progress may finally have a future as a prime development site. A lucrative 99-year lease that doesn’t expire until 2058 between the property owners and a real estate investment trust has given the owners little incentive to sell. They stand to collect…

Developer Kucera Properties planning downtown St. Petersburg tower

Kucera Properties announced plans Tuesday for an $85 million to $100 million project that could include either high-end residences or a mixed-use tower with a four-star hotel in downtown St. Petersburg. Construction could start next year on what is now a 46-space parking lot at Central Avenue and Third Street that serves Priatek Plaza, the third-tallest building on Florida’s west…