Vertica Commercial Advisors (VCA), a subsidiary of Vertica Partners, represented a local seller in the disposition of a nearly ¼ acre Opportunity Zone site for $740,000 or $70 per square foot. Vertica Founding Partners, T. Sean Lance and Max Boehmer had the exclusive right to sell the property and the buyer is planning a mixed-use project on site.
According to Lance, “This is a rare vacant hard-corner site in the booming Grand Central District of downtown St. Petersburg. The buyer is proposing a 25,000 square foot mixed-use project (www.2800Central.com) consisting of 14 condominiums with 2 penthouses and 2 ground floor commercial spaces, with 80’ of frontage along Central Avenue and will be a great addition to the neighborhood. The price per square foot of the site sales is one of the highest land prices achieved in the district.”
The buyer is St. Petersburg based Ash Developers, who has recently completed another similar project at 2641 Central Avenue 2 blocks away, underscoring their commitment to the area.
“The amount of new development and new tenants to the area is truly transforming the district. Vertica is also currently under contract with a buyer on the adjacent 0.88 acre site to the south for a residential development which will be closing next quarter, further adding to the growth of the neighborhood.” stated Boehmer.
Jessica Dwyer of Klace & Company Real Estate represented the buyer.
Vertica Partners is a vertically integrated investment advisory firm based in Tampa, Florida and has already completed nearly $30 million in land sales in 1Q 2021. Vertica’s principals have nearly $2 billion in transaction history and have provided advisory services on more than $5 billion in development projects throughout the southeastern United States.