Vertica Commercial Advisors (VCA), the commercial brokerage subsidiary of Vertica Partners, represented 2800 ST PETE, LLC in the assemblage of 10 parcels of land totaling 1.07 acres in the Grand Central District, just outside of Downtown St. Petersburg, Florida. The sale includes all 8 parcels of land on the north side of 1st Avenue South, between 28th Street and 29th Street, as well as 2 vacant lots located at 2800 Central Avenue.
The developer is planning on building a 72 unit True Living Loft rental concept. Each apartment will have1 bedroom, 1.5 bathrooms and average nearly 800 square feet. The units will have a mezzanine level where the bedroom and bathroom are located, while the main floor will contain a living room, kitchen and half bath. The project will contain a fitness center and roof deck lounge for cooking and entertaining. The units will also be fitted with a Home Use smart technology system controlled by the resident’s smart phone. This is a cutting-edge project for a cutting-edge neighborhood. There will also be approximately 5,000 square feet of commercial space on Central Avenue. The project is expected to break ground in 2Q 2018 with a targeted mid-2019 completion.
According to VCA partner, T. Sean Lance “Assemblages of land are always extremely difficult and to be able to put together this many parcels, in this area, was very challenging. The Grand Central District was specifically sought out due to it’s proximity to the CBD, high barrier to entry, walkability and diversity of galleries, specialty shops and restaurants. We have a long-standing relationship of successful transactions with this developer and look forward to announcing additional projects with them in the area in the near future.”
“Downtown St. Petersburg is one of the most vibrant and robust downtowns in Florida and the expansion westward into this area is a natural progression as land is becoming increasingly scarce. Additionally, newly developed boutique rental projects like this of 50-100 units are very rare, but we feel it is the right scope and scale for the neighborhood.” stated Max Boehmer, partner at VCA.
Connie Carberry of Regal Real Estate Services represented the sellers of 2800 Central Avenue and lots 12-16 on 1st Avenue South.
Vertica Partners is a vertically integrated investment, advisory and development firm based in Tampa, Florida. Vertica Commercial Advisors primarily focuses on land, multifamily investment sales and institutional residential aggregation. Vertica’s principals have nearly $1.6 billion in transaction history and have provided advisory services on more than $3.5 billion in development projects throughout the southeastern United States.