Coquina Critical Plaza, a St. Petersburg strip mall found in close proximity to the corner of Sixth Street S and 45th Avenue, will be at least partly converted to residences, according to the company that lately bought the home.
Stoneweg US, a St. Petersburg authentic estate financial commitment organization, acquired the browsing center for $7.3 million on March 19, according to Pinellas County Home Appraiser documents. The company mentioned in an announcement Tuesday that it envisions the parcel as a “mixed-use growth that capabilities both equally retail room and workforce housing models.”
It was not crystal clear no matter if that intended areas of the present plaza will be demolished, and Stoneweg US declined to elaborate. The plaza at the moment is made up of a CVS pharmacy and Preserve A Good deal grocery retailer, between other companies.
The organization also declared Tuesday that it has acquired 15 acres of vacant land amongst Lake Maggiore and Tampa Bay, at 3049 6th St S, also with the intent of setting up new apartments. Sharmane Bailey, a spokeswoman for Stoneweg US, explained that sale closed on April 14 for $6.4 million.
Bailey stated the company is roughly estimating about 200 to 400 units at just about every home, which would be accessible to renters creating between 80 and 120 percent of the location median money. In Pinellas, that interprets to amongst $59,040 and $88,560 for a spouse and children of four.
“Providing sustainable, resilient, and group-centric workforce housing to renters is an necessary aspect of our DNA and critical to our company mission,” stated Patrick Richard, CEO for Stoneweg US, in a statement. “The acquisition of Lake Maggiore and Coquina Vital offers an further possibility for us to deliver renters in our St. Petersburg hometown with attainable and exceptional dwelling alternatives which is important for us.”