A weekly roundup of local real estate offers.
Kissin’ Cuzzins is for sale
The longtime St. Petersburg restaurant at 951 34th St. N., open since the 1960s, is now up for sale.
The Rice family is asking $2.49 million for Kissin’ Cuzzins, both the business and their property, according to a listing by Coldwell Banker Realty.
The purchase price includes the land, the 34,000 square foot building, the business, all the commercial kitchen equipment, the security system, the furniture and the light fixtures.
The business and property are for sale as Gerry Rice, son of Kissin’ Cuzzins founder, prepares to retire after working in the family business for more than 50 years, according to the listing.
‘Anyone who knows Gerry knows his passion is to fish several times a week and he does – and for over 10 years he has dreamed of fishing more and traveling too. And, now it will do just that,” Bill Tourtelot of Tourtelot Group, which represents the seller, wrote in the listing.
In an interview with the St. Pete CatalystTourtelot described his personal connection to the business and that he too understands the legacy of the generational family business as he continues to operate the family real estate company, founded by his grandparents in 1928.
“I’ve been eating at Kissin’ Cuzzins since 1962, when my parents used to go there after church, as many people have over the years,” he said of the loyal clientele.
For years, the restaurant was only open for breakfast and lunch, with Gerry Rice usually only working one day a week.
The listing indicates that the business produces an annual net income of over $450,000.
Tourtelot said he conducted a best use of the site analysis and found that operating the business as is would bring the most value.
Redington Beach hotel is selling, will undergo renovations
The DoubleTree Beach Resort by Hilton Hotel Tampa Bay – North Redington Beach is now under new ownership and will undergo a complete renovation.
The seven-story complex at 17120 Gulf Blvd. was sold to South Carolina-based OTO Development, part of the Johnson Group, for $65.92 million.
The buyer also took out a $69.8 million mortgage from the Fifth Third Bank National Association.
The 125-room hotel, built in 1987, offers beach views of the Gulf of Mexico and is home to Mandos Restaurant and Tiki Bar.
The transaction was brokered by The Plasencia Group.
OTO will immediately implement large-scale efficiencies in operations, revenue management and marketing support. The physical renovation is expected to begin in late summer 2023 and will include a total refresh of all common areas, upgrades to guest rooms and upgrades to the exterior. The hotel will remain open during the renovations and, once complete, will continue under the DoubleTree by Hilton flag, according to the company’s press release.
“We are so intrigued by this DoubleTree, which has long been beloved for its convenient location and resort-style amenities,” Corry Oakes, CEO of OTO Development, said in the release. “There is an incredible opportunity to combine the attributes of an individual hotel with the large-scale operational efficiencies of our business.”
Closing of a restaurant in the Edge district
Karma Juice Bar and Eatery is closing its Edge District space at 1113 Central Ave.
The closure will be effective from August 1.
Flyers at the restaurant indicate that its new location at 1804 4th Street N. is open and another new location will open on Beach Drive.
The juice bar moved to the Central Avenue location in 2019 following a fire in its former space at 209 1st Ave. N, now home to the Lily Rose Jewelry Co. crystal and jewelry store.
Permits filed for Deuces Rising
The City of St. Petersburg and Mills and Associates Inc. have filed a stormwater management permit for the construction of a townhouse and commercial development as part of the Deuces redevelopment.
The project, which is across from the Manhattan Casino, is a proposed 3.16-acre community on the north and south sides of Fairfield Avenue between S 22nd Street and S 23rd Street. The development would involve 24 affordable townhouses, two commercial buildings and temporary commercial parking.
The proposed Commerce Park/Deuces Rising development area was previously used for residences and other commercial/industrial businesses before being purchased by the City of St. Petersburg for development. The city has since called on the Sankofa group to lead the project.
Sankofa’s multi-pronged project, which will also include a digital and technology business incubator, is expected to kick off later this year.
The entire project was estimated at $16 million; however, that number has climbed closer to the $25 million range, according to a report presented in May.
Sanfoka said it hopes to complete the development by 2023, with tenants moving in after that.
Too much talk: What the public wants
Earlier this month, St. Petersburg Mayor Ken Welch launched the first of three community feedback sessions regarding the future of the 86-acre Tropicana Field/Gas Pant District site.
“Nearly 40 years ago, after the Gas Plant community was uprooted for the successful pursuit of baseball, now you have the opportunity to deliver on the promises of jobs and equitable development,” Welch said at the first meeting. of July 12. the longstanding issues surrounding the gas plant redevelopment have always been our Tampa Bay Rays. For greater certainty, this RFP [request for proposals] will call for a modern home for the Rays, but I want to send the right context with you tonight – it’s not just a stadium project, it’s a community redevelopment project.
The city had a roster of speakers from the Humanity of Pinellas and West Pasco counties, the Foundation for a Healthy St. Petersburg, and city staff, including Brian Caper, the city’s public-private partnerships manager. , showing an aerial image of Tropicana Field and the more than 50 underutilized acres surrounding the stadium and comparing it to how other cities in the United States have redeveloped their stadium sites.
There have been two community sessions so far, with the most recent taking place on July 19 at the St. Petersburg College-Gibbs campus.
On-screen questions for the in-person audience to answer asked what would be the most significant character-defining element of the redevelopment and one word to describe the future site, what is the most effective strategy for creating affordable housing, and what should be taken into account when creating business and labor opportunities on the site.
For the first question, city staff received similar responses in both sessions with words such as “homeownership,” “mixed-income housing,” “innovation,” “workspace,” and “home-owned.” the city”.
In terms of how to overcome demands for affordable housing and the workforce development component, responses from the crowd varied with suggestions for creating social housing, work programs and attracting jobs that pay a living wage – as well as allowing flexible commercial leases and meeting transportation needs.
The final session will take place on July 28 at the University of South Florida’s St. Petersburg campus and will be streamed.
St. Pete restarts Tangerine Plaza redevelopment process
The city of St. Petersburg is accepting new proposals for the redevelopment of Tangerine Plaza, which once housed a Sweetbay supermarket and a Walmart neighborhood market. Residents living near the site, located at 1794 22nd St. S., were left without a neighborhood grocer when it closed a few years ago. The city purchased the square after the Walmart Neighborhood Market closed in 2017.
The city was in the process of negotiating a term sheet with potential developer Sugar Hill Group LLC to open a grocery store in the gated plaza as well as affordable housing, an esports gaming and retail business; however, the city is now restarting the process and opening the floor to other developers after receiving a new proposal from Sugar Hill.
The Sugar Hill Group, whose partners include Louis Murphy, Roy Binger and New Urban Development, said it would build 115 affordable family units and 10,000 square feet of commercial or retail space.
The Sugar Hill Group is proposing to enter into a 75-year ground lease with the city. The ground lease payment will be $1.5 million in the form of a capitalized lease payment. Sugar Hill would also have the right to negotiate the purchase of city-owned land for the duration of the ground lease. The total development cost would be approximately $37.3 million, including debt, financing and equity. Sugar Hill would work with Red Stone Equity Partners to purchase up to $19 million in tax-exempt bonds to build the property and provide permanent financing, according to a letter from Red Stone.
New alternative proposals from developers wishing to undertake the rental, purchase or development of the site must be submitted to the city by 10 a.m. on August 17.