New York City-based developer Atlas Real Estate Partners, led by Arvind Chary and Alex Foster, have made unsolicited proposals to purchase a 2.02 acre site, nearly 88,000 square feet, from the City of St. Petersburg near Tropicana Field for $5.5 million. The address in question is 910 2nd Avenue South within the Intown Redevelopment Area, which is comprised of two parcels of land bordered by Dr. M.L.K. Jr. St. S on the east, 3rd Ave. S. to the south, 10th St. S. to the west and 2nd Ave. S. to the north. The interior lots are currently under lease to the Tampa Bay Rays as a grade-level parking lot, but Atlas intends to build a 10-story mixed-use building with 310 residential units, co-working spaces, retail space and 430 parking spaces.
Atlas, who owns the 451-unit The Wayland across the street at 305 Dr. M.L.K. Jr. St. S., hopes to bring a diversified mix of residential units with the development of this project. Within the 310 proposed units, there would be 145 traditionally-sized one and two-bedroom apartments, 79 micro units, 43 units of short-term rentals, and 43 co-living units. 38 units will be dedicated to workforce housing at 120% of the average median income.
910 2nd Avenue South. Image courtesy of Atlas Real Estate Partners.
910 2nd Avenue South. Image courtesy of Atlas Real Estate Partners.
“Downtown St. Pete has experienced extraordinary rent growth, pricing out many of the service workers and young professionals who work in Downtown and make it such a vibrant place to live,” says Joe Stampone, Director of Investments at Atlas Real Estate Partners. “By providing a mix of micro units and co-living units, we’re able to offer naturally affordable living spaces priced at a 15%-30% discount to comparable studios in the submarket allowing us to house a wider income range.”
910 2nd Avenue South. Image courtesy of Atlas Real Estate Partners.
“We intend to provide around 20,000 square feet of retail along Dr. MLK Jr. Street, 3rd Avenue South, and 10th Street South, which will activate the areas with a mix of bars/restaurants, and neighborhood services and will integrate with surrounding developments,” says Stampone.
910 2nd Avenue South. Image courtesy of Atlas Real Estate Partners.
“Additionally, the project will have a distinct focus on public art and public open spaces to promote a sense of community. Atlas intends to hold the project for 10-plus years and develop a durable/timeless project under the opportunity zone guidelines and to provide a long-term solution to housing affordability through the development of micro and co-living units,”.
910 2nd Avenue South. Image courtesy of Atlas Real Estate Partners.
910 2nd Avenue South. Image courtesy of Atlas Real Estate Partners.
Residential amenities would include a fitness center, rooftop park and sky lounge, a community garden, clubhouse and a pool.
As a result of the offer being unsolicited, the the city is required to invite additional proposals from other private developers who may share a common interest in purchasing and redeveloping the site. All submissions compatible with the Intown Development Area will be considered and are due on the morning of December 10th.
Upon city approval, the developer may break ground some time in 2022, with construction lasting anywhere between 2 – 3 years, aiming for an approximate completion date of 2025. The project’s costs are estimated at $110 million.
Subscribe to YIMBY’s daily e-mail
Follow YIMBYgram for real-time photo updates
Like YIMBY on Facebook
Follow YIMBY’s Twitter for the latest in YIMBYnews
Are they building a new baseball stadium?