The buyer has plans to open a cutting-edge coworking space in the 7,296-square-foot property
ST. PETERSBURG, Fla. (September 20, 2016) – Colliers International Tampa Bay has handled the sale of the historic Green-Richman Arcade situated on the 600 block of Central Avenue in downtown St. Petersburg for $1.2 million.
The buyer, GF FH ARCADE LLC, owns several properties in downtown St. Petersburg, including Station House, a five-story, mixed-use property with dining, event and coworking space. The Green-Richman Arcade property will be used to expand Station House’s inventory of innovative co-working office suites.
Kevin Yeager, Senior Associate of Retail and Office Services with Colliers International Tampa Bay, represented the seller in the transaction, Four Partners, LLC.
The Green-Richman Arcade was built in 1925 and was one of 11 shopping arcades in St. Petersburg’s downtown core from the 1920s through the 1940s. The building was listed on the National Register of Historic Places in 1998. Today, it is one of three remaining historic arcades in the city. It most recently served as office space for Hands On!, a company that designs science centers and museums around the world.
“This is a perfect example of a historical building being repurposed for the modern office demands of the 21st Century,” said Colliers’ Yeager. “The buyer has plans to honor the arcade’s historical charm and architectural style while transforming it into a focal point for modern office space in the heart of St. Petersburg’s Central Arts District.”
Coworking space at the Green-Richman Arcade is expected to be available within the next few months. The property is located at 689 Central Ave., in St. Petersburg.
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