Channel district fractured condos sold to partnership with local ties

/in /by

Rental units in The Slade, a fractured condominium in downtown Tampa’s Channel district, have a new owner.

A joint venture of Cardinal Point Management, based in St. Petersburg, and Boston-based Long Wharf Real Estate Partners LLC paid $40 million for the 214 rental units and approximately 11,500 square feet of retail space, Cardinal co-founder Greg Williams confirmed Wednesday.

The units will continue to be operated as apartments, Williams said. The remaining 80 units in the building are individually… …read more

Why Chinese economic problems are the tip of the iceberg

/in /by

In recent years, Chinese citizens have confused a rising stock market with a healthy one, and an economic system with a sustainable one.

Today, many of the problems occurring in China are reflective of much bigger issues.

Consequently, moving forward, China’s brand of one-party capitalism will incur inescapable difficulties.

And because China is the world’s second-largest economy, what happens in China no longer stays in China.

Stock market volatility

Outside of Chinese bank accounts, which… …read more

Vinik: Downtown Tampa multifamily could be heading toward ‘overbuilt’ situation

/in /by

Strategic Property Partners, the real estate company controlled by Jeff Vinik and Cascade Investment LLC, is keeping a cautious eye on multifamily development in downtown Tampa.

Vinik, who owns the Tampa Bay Lightning, said Monday that multifamily projects in Tampa’s urban core may be getting ahead of demand.

As of March, there were 1,389 units under construction and another 2,900 in various stages of planning in downtown Tampa and the neighborhoods that ring the urban core, according to data from… …read more

Exclusive: 41-story condo tower, hotel in downtown St. Pete to break ground ahead of schedule

/in /by

When Kolter Group started planning One St. Petersburg, a 41-story condominium tower on Second Street North, its executives knew the deal could be pushing the limits of a market the size of St. Pete.

But pre-sales have surpassed Kolter’s expectations, and the West Palm Beach-based developer will break ground on the 253-unit tower and adjacent 173-room hotel in the first quarter of 2016 — 90 to 120 days ahead of schedule, said Bob Vail, president of Kolter Urban.

“We had a lot of people say, ‘Are… …read more

Doubling down on Seminole Heights

/in /by

At first blush, Wesley Burdette’s development plans in Seminole Heights sound nothing short of aggressive.

He’s under contact to buy .87-acre site at the corner of North Florida and East Wilder avenues, where he’ll build about 50 apartments and some retail space.

In December, the first residents will move into the Warehouse Lofts, a 54-unit apartment building that Burdette is behind. He’s also under construction on a four-unit townhouse development at North Florida and West Giddens avenues.

While… …read more

Old Northeast shelter to be demolished, redeveloped into townhouses

/in /by

A former shelter for domestic abuse victims in Old Northeast will be demolished next week to make way for eight luxury townhouses.

Aspen Venture Group, based in St. Petersburg, closed on the site at 426 11th Ave. NE in August, according to Pinellas County property records. The townhouses, named The Sanderling, will range in price from $500,000 to $600,000, according to Smith & Associates Real Estate, which is marketing the property.

Gary Hess and Christopher Pitre, agents with Smith & Associates,… …read more

Canadian philanthropist lists Redington Beach home for sale at $7.9M (Photos)

/in /by

A 7,500-square-foot home in Redington Beach with sweeping views of the Gulf of Mexico from nearly every room is listed for sale at $7.9 million.

Tracey Gardiner, an agent with Coldwell Banker Residential Real Estate’s Belleair office, took the property to market about 10 days ago.

At $7.9 million, it is one of the highest-priced homes on the market in Pinellas County, according to Coldwell Banker. It was completed in 2002 and has 120 feet of beach frontage.

The seller is a corporate entity tied… …read more

New mixed-use development in the works in Seminole Heights (Renderings)

/in /by

The developer behind the Warehouse Lofts in Seminole Heights is zeroing in on a nearby site for his next project — a mixed-use building at the corner of North Florida and East Wilder avenues.

Wesley Burdette said Tuesday he is under contract to acquire the .87-acre site at 5023 N. Florida Ave., where he’ll demolish the old warehouse on the site and build a five-story apartment building with ground-level retail and a rooftop lounge. Like the Warehouse Lofts, it will include an on-site dog park.

While… …read more

New Compass exec wants to change the way you see homeownership

/in /by

It’s not often we find a job that perfectly combines professional experience and personal hobbies, but in her new role as vice president of product for New York-based Compass real estate brokerage, Christina Allen found exactly that.

Allen, who previously worked at LinkedIn, will develop digital products to change how people buy and sell houses. It’s also an opportunity for her to employ her own real estate experience. Compass connects agent to homebuyers and sellers through its mobile app.… …read more

Construction spending at seven-year high; worker shortage limits gains

/in /by

Construction spending hit $1.1 trillion in September, its highest level since March 2008.

That’s according to an analysis by Associated General Contractors of America, which pointed out the number would have been even higher if it weren’t for a shortage of construction workers.

“Overall, demand for construction continues to grow at a very robust rate,” said AGC Chief Economist Ken Simonson. “It appears, however, that many firms performing private nonresidential work could not find enough… …read more