Saint Petersburg
REAL ESTATE
Done Deals: St. Pete apartments sell for over $61M, New downtown restaurant and bar prepares for debut, Hilton hotel sells
Done Deals is a weekly column by St. Pete Rising spotlighting recent real estate market insight and significant deals happening in the Sunshine City and beyond. The following information is sourced from public records and trusted intel. Have real estate news to share? Send us an email at hello@stpeterising.com. The...
Property tax rates to decline amid soaring values
St. Petersburg property owners now hold $35.26 billion in taxable value. That will ensure a 10.43% increase in ad valorem revenue despite a fourth consecutive rate cut. A historic vote allowing the Tampa Bay Rays and Hines to oversee a $6.7 billion mega-project was not the only item on Thursday’s city council agenda. Mayor Ken Welch’s administration also proposed a 6.45% millage rate – the percentage used to calculate property taxes – in fiscal year 2025.
Excelsa Properties Acquires 477-unit Multifamily Community The Drake at St Pete in St Petersburg Florida
Excelsa Properties announced that it has acquired The Drake at St Pete, a 477-unit multifamily property located at 1699 68th Street North, St Petersburg, Florida. The acquisition represents the sixth multifamily property acquisition of Excelsa US Real Estate II, LP and the 19th multifamily acquisition across its portfolios. The property was jointly acquired by Excelsa US Real Estate II, LP and an Excelsa co-investment vehicle.
St. Pete Developer Seeks Zoning for 371-Unit Rental Community
Paradise Ventures hopes the city of St. Petersburg will approve a rezoning request to tear down two office buildings and build 371 apartment units with some ground-floor retail space. The 3.24-acre project is slated to be built at 4115 W. Spruce St. and 4107 W. Spruce. The office building at 4115 W. Spruce St. is home to Five Labs, a conference and educational space for the healthcare industry. The Five Labs location is 16,000 square feet.
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