Downtown St. Petersburg Real Estate Professionals Tour

Transcription

1 Downtown St. Petersburg Real Estate Professionals Tour Tuesday, May 20th, 2008 Hosted by the City of St. Petersburg

2 (Right on 1st Avenue South) (Left on 3rd Street) (Right on Central Avenue) 1. First Central Tower is one of the premier office towers in downtown St.Petersburg. Key business in First Central are include BB&T and the offices of Congressman C.W. Bill Young Detroit Hotel is a 111 year old hotel that was redeveloped into 24 condominiums in the heart of downtown. The renovations were in excess of $3-million. The Bank of America Tower is the last major office building constructed in downtown and remains the Core s top office address. It is 26 stories tall and the site has the ability to have a matching tower located on the western section of the existing parking lot. Rental rates at this facility were the first in the Bay area to eclipse $30/SF. (Right on 2nd Street South) (Left on 1st Avenue South)

3 (Right on 2nd Street South) (Left on 1st Avenue South) Signature Place is a new contemporary style condominium tower under construction at the Bay- View Tower site. The structure was designed by internationally acclaimed architect, Ralph Johnson, of Perkins+Will. The 34-story triangular tower will be the main building with a five-story parking garage, a six-story 40,000 SF office building and 15,000 SF of ground level shops and restaurants. The project is estimated at $125-million and will complete construction in (Right on 1st Street South) City Center Al Lang Field at Progress Energy Park

4 The red street lines along the tour mark the route for the Honda Grand Prix of St. Petersburg. Over 125,000 fans took to the streets of St. Petersburg to enjoy the race this year. On April 6th, Andretti Green Promotions and the City of St. Petersburg announced the Grand Prix s contract commitment had been extended and will run through 2013.The event is a great economic driver for the City of St. Petersburg. Each year the city s 1,048 hotel rooms are fully booked during the Honda Grand Prix race dates, providing pedestrian activity to the city s restaurants and retail shops. The Michael Andretti Foundation gives back to the community by hosting a silent auction gala, with proceeds benefiting three local children charities. There are over 24 million impressions annually via Andretti Green Racing Transporters displaying St. Petersburg along the world-wide racing circuit. (Right on 4th Avenue South) The Madison Complex was the first high-end rental neighborhood project for downtown St. Petersburg at a cost of $30-million. The 281-unit luxury residential project converted to condominiums shortly thereafter with current selling prices from $190,000 to $480,000. (Left on 4th Street South) The Madison The Sage, completed in 2007 at a cost of nearly $55 million, is a 110-unit condominium with a retail component on the ground floor. This development is one of the midpriced condo developments downtown.

5 (Left on 5th Avenue South) USF Retail and ParkingUSF recently completed construction on the new 700-space Parking Center One to accommodate the increase in students to the campus. On the ground floor is street-level retail for the area with Barnes & Noble being one of the larger tenants. The first USF-St. Petersburg on-campus student housing project, Residence Hall One, was constructed in the northeast part of the campus. The 7-story, 354-bed housing complex welcomed its first student residents in Fall Albert Whitted Airport will undergo major renovations to the entire airport facility. The new $4.4 million, 10,000-SF general aviation terminal opened in 2007 and includes a public viewing pavilion, restaurant and retail space. The terminal is located at the northwest corner near First Street South and Bayshore Drive. A $4.4 million control tower is planned in the near future.

6 (Continue Straight on Bayshore Drive SE, around Progress Energy Center for the Arts & into Albert Whitted Park) Mahaffey Theater at the Progress Center for the Performing Arts has finished an extensive renovation and will be Tampa Bay s new home for Broadway shows. Mahaffey Theater Near the theater is where the Salvador Dalí Museum will build their new $32-million facility. An adjoining plaza and waterfront park will be added. Albert Whitted Park is the newest addition to the City s waterfront park system that stretches for 7 miles from 30th Ave N through Lassing Park in the Old Southeast neighborhood (Restricted use by City Charter). The downtown park system has over 1,000 events annually and draws over 6-million visitors.

7 ( Loop around Albert Whitted Park, continue around Bayshore Drive SE, Left on 1st Street S) Bayboro Harbor Marine Science District SRI International, one of the world s leading independent research and technology development organizations, has selected the Port of St. Petersburg as the site of a new $10 million, 30,000 SF marine technology research facility. SRI-St. Petersburg plans to grow to 100 jobs over the next five years with the addition of another 70,000 SF facility, and anticipates reaching a total of 200 jobs in the next ten years. SRI-St. Petersburg will be affiliated with the USF s College of Marine Science and its Center for Ocean Technology. (Right on 6th Avenue South) USF-St. Petersburg Campus was established in 1965 with a City investment of $14.5- million in property and infrastructure. Currently the campus has nearly 5,000 students attending classes with a projected 12,000 to be utilizing the facilities in the coming years.

8 (Left on 3rd Street South) The Poynter Institute for Media Studies, which owns the St. Petersburg Times as well as other publications across the nation, has its nonprofit journalism institute located here. In 2002 they completed a $6.3-million expansion that added classrooms, meeting rooms and an outdoor amphitheater, totaling 26,000 SF - nearly doubling the size of the facility. Salvador Dalí Museum holds the largest collection of works by Dalí. On average they have 900 to 1,000 visitors a day. In 2004, they were granted approval by City voters to build a new state of the art facility next to the Mahaffey Theater. This site will become part of the USF-St. Petersburg Campus. Harborage Marina is a downtown development site of 3.71 Acres. The Property is adjacent to the Harborage Marina and Bayboro Harbor, a full service marina owned by the city of Saint Petersburg with access to open deep water. Bayboro Station is the former ca.1910 power generating plant for St. Petersburg that was renovated into 81,000 SF of office space in the mid 1990s. Today, tenants include the University of South Florida St. Petersburg College of Business and the National Oceanic and Atmospheric Administration s National Marine Fisheries Service.

9 (Right on 13th Avenue South) (Right on 4th Street South) (Right on 11th Avenue South) (Left on 3rd Street South) (Left on 7th Avenue South) (Right on 4th Street South) United States Geological Survey (USGS) is housed in the old Studebaker and Getting Buildings. They located here as a result of a collaboration among USF Marine Science Department and Progress Energy. They constructed an annex in 1997 and another recent addition to the facility doubled the size of their offices to 116,000 SF. (Right on 6th Avenue South) The $12-million Children s Research Institute opened in The joint effort between All Children s Hospital and USF brings worldrenowned researchers and 90 new employees. All Children s Hospital, a 216-bed teaching hospital affiliated with USF, was founded in Today it is one of two freestanding children s hospitals in Florida and the only one on the west coast. Announced in January 2005 and currently under construction, ACH is undertaking a $403-million project which will include the hospital, parking garage, an auxiliary energy plan and a 270,000 SF medical office building.

10 Bayfront Medical Center is a private non-profit hospital that employs more than 2,100 persons. They have nearly 600 physicians on staff at the 502-bed facility that was established in 1906 as St. Petersburg s first hospital. Today they are constructing a new 2- story 11,600 SF surgical center expansion. Bayfront Medical Office is a 107,000 SF facility with a 600+ vehicle parking garage on Sixth Avenue South across from Bayfront Hospital. (Right on 6th Street South) (Left on 4th Avenue South) The Orion is a six-story, 33-unit condominium project the was completed in Units range from 1,400 to 1,800 SF in size, and the project will include nearly 5,000 SF of office. (Right on 8th Street South) Casablanca Condos is a nine-story development with 32 units that recently completed construction at an estimated cost of $3.2 million. (Right on 3rd Avenue South)

11 University Village, developed by the Sembler Company, is a 51,000 SF Publix tenant anchored shopping center located in the CBD of St. Petersburg. The project costs were estimated at $8.1-million. Other tenants include Great Clips, East Bay Dry Cleaners, Subway, GNC, and Pacific Wave restaurant. (Left on 3rd Street South) (Left on 2nd Avenue South) Historic YMCA building built in 1926 of Concrete block and plaster. Much of the original tile work and carved woodwork is intact. Eligible for National Historical Designation. Transfer of Development Rights are included in price. The Wachovia Bank Branch Building is another example of the smaller office building leasing opportunities that are present in downtown. (Right on 7th Street) (Right on 1st Avenue South) The St Petersburg Times Building

12 (Left on 2nd Street South) 100 Bay Central is currently available for lease. The old headquarters for Progress Energy Florida has recently been reclassified as Class A office Space. (STOP) (Left on 1st Street North) Tropicana Center is a recently approved 950,000 SF mixed-use development in the Downtown Core comprised of 585 dwelling units, 151 hotel rooms and 102,000 SF of retail. JMC Communities completed the Hampton Inn Suites in January This 92-unit hotel was one of first constructed and financed after 9/11. The project was constructed at a cost of $5-million.

13 Midcore Retail/Garage was built in conjunction with BayWalk in The space parking garage has 61,000 SF of ground floor retail to enhance the pedestrian flow and provide much needed retail space to downtown. The Ovation is being developed by Sembler & JMC Communities. It will be a 26-story condominium tower with Estate Condos (3,600 to 5,200 SF) on top of a parking garage and 18,000 SF of ground floor retail. Construction costs are estimated at $80 million. (Left on 2nd Avenue) The First Bank Building is another St.Petersburg office tower with leasing opportunities. BayWalk opened November 2000 with 3- million visitors its first year and continues to draw 3-million annually. The entertainment complex and parking garage was a collaborative effort using public and private funds. The City assembled two full blocks and was responsible for the 1,300 space parking garage and the infrastructure for the project (total cost to City was approximately $12.8-million). The private sector comprised of the Sembler Company and Muvico were responsible for the building of the entertainment complex and the management and leasing services. The private sector contributed over $31.4-million to Bay- Walk. The Wachovia Tower is a premier office tower in St. Petersburg, tenants include UBS and Ruden McClosky. (Left on 2nd Street North)

14 (Right on 1st Avenue North) Jannus Landing is part of the 111-year old Detroit Hotel building. It is the oldest and largest completely outdoor concert venue in the state. It plays host to a wide variety of regional and national acts. The former Florida International Museum site is the new 200,000-SF Florida HQ location for Progress Energy. City Council unanimously approved the plan for the $250- million project by Progress Energy and the Kessler Group. Progress Energy is located on the western portion of the site, and Kessler will build on the eastern section the Grand Bohemian Hotel & Residences (292 hotel rooms/22 residential units). The site will have two towers, a 16-story Class-A office tower and a 32-story hotel (including 30,000 SF of meeting space) and condominium tower. (Right on 3rd Street North)

15 St. Petersburg College has redeveloped the former Maas Brothers building into 111,000 SF in classrooms and administrative space for a new downtown campus as well as the 12,000-SF Florida International Museum on the first floor. A recently completed deal will also locate American Stage and the Florida Orchestra headquarters in a fivestory, 46,500-SF Art Complex next to SPC that will be constructed across from Williams Park. In addition, SPC will take over operations at the Palladium Theater (255 5th Avenue North) to expand its own productions, while still continuing to offer community theater and concerts. The Florida Orchestra will make the Palladium its main rehearsal hall. The Plaza is a new development by Walker Whitney Construction Company, construction on the 14-story structure just completed. The Plaza has 56 residential units and parking. The Palladium (Turn Left on 9th Avenue North) (Turn Left on 4th Street North) 4th Street Retail

16 Courtyard Marriott/Pennslyvania Hotel. The Pennsylvania Hotel, originally built in 1925, has undergone a complete renovation of the existing structure and had a new tower added to the north of the original. It is now a 128-unit Marriott Courtyard boutique hotel. Synovus Bank Building (Turn Right on 3rd Avenue North) (Continue Around Mirror Lake on Mirror Lake Drive) The Lyceum (Turn Right on 4th Street North) Municipal Services Center of the City of St. Petersburg. Here you will find many City services including Economic Development and Development Review Services.

17 Snell Arcade Condos a trademark of downtown, was built in 1928 by Perry Snell. The site housed office space on the upper floors with retail on the first floor. In 1982, the Arcade was listed on the National Register of Historic Places. Today its office space is being converted to residential units generally ranging in price from the low to mid $300,000. The McCrory s/alden rehabilitation project accommodates 12,000 SF of retail on the ground floor with the upper floors of this project dedicated to residential /office condominiums. (Turn Right on Central Avenue) Kress Building/Florida Craftsman Gallery are both renovations of historic buildings performed since Holocaust Museum is the second most visited museum in the City. The museum has grown from a 4,000 SF facility in 1990 to a 30,000 SF facility and recently purchased the building currently occupied by Vector Realty in the same block. The Holocaust Museum is the fourth-largest of its kind in the US. Bella Brava/Table Alexander Hotel/Office Building

18 The Arts Center The Arts 1010 Central is a Miles Properties project located in the growing Central Avenue corridor near Tropicana Field. The five-story residential condominium has 114 units and ground floor retail. The project cost an estimated $20 million with construction completed in ( Turn left on 11th Street South) Tropicana Field Marbleside Office Building BRT

19 McNulty Lofts is one example of the residential boom in downtown St. Petersburg. This project, developed by Echelon at a cost of over $60-million, originally was planned to be an office tower on top of an existing garage. Echelon changed their plans and subsequently constructed 85 residential units that consist of a mix of one bedroom (943 SF) units to two-level penthouses (2,381 SF). All the units were sold prior to the start of construction. McNulty Station is an example of unique office space leasing opportunities that exist in downtown St.Petersburg. (Left on Bayshore Drive) The Historic St. Petersburg Yacht Club totally rebuilt their facility and constructed a new parking garage. They were the original sponsor of the historic and prestigious (now discontinued) St. Petersburg - Havana race. They now sponsor a race from the area to Isla de Las Mujeres Mexico during the Regatta del Sol al Sol. The World Famous Pier is the landmark for the City of St. Petersburg. Originally built in 1899 by Peter Demens, the pier was the focal point for the city. The current Pier-head structure was constructed in the 1960 s. In 1988 the Pier was completely renovated and took the image you see today. Discussions are underway on a $50-million reconstruction and a re-visioning of St. Petersburg s iconic Pier (Left on 2nd Avenue NE) (Right on Beach Drive) The Cloisters was the first of the new downtown condominium projects that started in the late 1990s. This 14-story project has 32 residential units that originally were priced from $350,000 to $550,000. Recent sales range from $510,000 to $2,150,000. On the ground floor is retail that fronts Beach Drive.

20 Parkshore Plaza is the other Opus South project for downtown. This site consists of a 29-story tower with approximately 120 condominium units, ranging in price from $539,000 to $3.5- million, surrounded by a three- story structure providing 25,000 square feet of retail space with a small mix of studio-style residential units. The $100-million development includes parking to accommodate all aspects of the project and has a completion date of late Beach Drive is one of two Opus South projects for downtown St. Petersburg. This project will feature a 316 contemporary structure with 91 condominium units surrounded by a low rise structure consisting of retail that fronts on Beach Drive and 4th Avenue North while townhomes will be located off of 5th Avenue NE. Construction is underway at a cost of $85-million. (Right on 5th Avenue NE) The Renaissance Vinoy Resort was completed in 1926 at a cost of $3-million. It was the largest hotel in St. Petersburg at the time and soon became the social meeting place for the community. In 1975 the resort sat boarded up for 15 years. In 1990, a $93-million restoration began on the facility. The existing historic structure was restored and renovated, a 105- room annex was added, a 74-slip marina constructed, and several amenities were added to the property. Museum of Fine Arts - one of 7 museums located in the immediate downtown area. In March 2008, the museum s new 36,000 SF north wing will open. A Dale Chihuly glass exhibit concluded at the end of May 2004 setting attendance records with over 100,000 visitors. The museum recently celebrated its 40th anniversary with an exhibit reflecting London during the time of Monet.

21 END & BEGIN 3 35 BREAK & Downtown St. Petersburg Real Estate Professionals Tour Route Tuesday, May 20th,