Downtown St. Pete apartments sold for $57.5 million

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Fusion 1560, a five-story apartment complex on the fringe of downtown St. Petersburg, has been sold to a group of Chicago investors.

Mesirow Financial Real Estate Value Fund paid $57.5 million for the complex at 1560 Central Ave. in a deal that closed May 7, according to a Pinellas County deed filed Wednesday.

JLL represented the seller, Des Moines-based Principal Real Estate Investors, in the transaction.

The deal breaks down to $176,923 per apartment. The community was built in 2011, according… …read more

House backs business in ‘waters’ war with EPA

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The Environmental Protection Agency would be required to withdraw a proposed regulation clarifying what bodies of waters are subject to the Clean Water Act under legislation passed by the House Tuesday.

That’s a victory for business groups that contend the EPA’s new definition of “waters of the United States” could include ditches, mudflats and other insignificant or temporary bodies of water, and give the government too much power over the use of private property.

“This legislation would… …read more

Tampa businessman ups bid on Rivergate Tower to $70 million

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A Tampa businessman says he’s increased his bid on Rivergate Tower to $70 million, but he’s not “getting much of a response” from CBRE Group Inc., which is marketing the property.

Tom Frederick, who was a partner in Zeno Office Solutions before selling the company to Xerox in 2013, bid $60 million on the tower in mid-April.

He said he was told shortly after that he was outbid by “at least three” other parties, so he upped his offer to $67 million.

On May 7, he upped it again, to $70 million. He… …read more

Channel district apartment tower developers tweak project

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Developers who have been working on an apartment tower in the Channel district for years are tweaking the project slightly, which could signal that construction is imminent.

Tampa-based Mercury Advisors has filed a substantial change request with the city that would remove two stories from the tower, add seven apartments and about 1,400 square feet of space. It would lower the building from 275 feet to 261 feet.

The current proposal would have 323 units in 21 stories and 38,233 square feet of retail… …read more

Exclusive: South Hillsborough mansion sales price jumps 11 percent in less than a year

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The sale of a waterfront mansion in South Hillsborough County shows the high demand and rising prices that define Tampa Bay’s luxury housing market.

The property at 1010 N. Dickman Island Ave. sold Friday for $2.775 million to an undisclosed buyer, said Jennifer Zales, a sales associates with Coldwell Banker Residential Real Estate.

Zales represented the seller, 1010 N Dyckman Avenue LLC, in the transaction. The sales price represents a jump of more than 11 percent in less than a year. The home… …read more

Businesses and city leaders push for redevelopment in the Skyway Marina District

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There’s a $1 million bounty for the developer who buys into the vision for the Skyway Marina District.

The district — a 1.5 mile corridor spanning both sides of 34th Street in south St. Petersburg — was once a thriving business area but in the last 20 years has become the city’s “forgotten place,” said Linda Bowler, executive director of the Skyway Marina Business Association. About one-third of the property in the district is vacant or underused, said Jack Dougherty, association president.… …read more

A passion for downtown Tampa drives new Channelside GM

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After Adam Vosding left Tampa Bay for Colorado last summer, it didn’t take him long to feel like maybe he shouldn’t have left.

Vosding, a 20-year veteran of Publix Super Markets Inc., moved to Colorado in July 2014, attracted by the lifestyle and the idea of being closer to his sister and her family.

But shortly after his move, he started seeing social media mentions of the activity in downtown Tampa, including Tampa Bay Lightning owner Jeff Vinik’s development plans.

“I felt like I left… …read more

Atlanta investors double down on Clearwater with $34M apartment buy

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An Atlanta investor is betting big on Clearwater’s rental market, acquiring the 276-unit Bay Meadows apartment community for $34.15 million.

Radco Companies announced the acquisition Thursday. The purchase price breaks down to $123,731 per apartment.

Bay Meadows is Radco’s second acquisition in Clearwater in three months. In February, Radco acquired the 228-unit City Park Clearwater apartments.

The group is planning to spend $3.55 million on renovations to the property, which is 97 percent occupied… …read more

Real estate flipper gets 11 years, ordered to pay $7 million

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A Florida man described as a “mastermind of real estate flipping” was sentenced to more than 11 years in federal prison and ordered to pay more than $7 million.

A federal judge in Tampa sentenced Stephen Mayer about three months after he was found guilty on nine counts of wire fraud and conspiracy.

Evidence presented during a nine-day trial showed Mayer bought distressed properties, then resold them at a higher price to “credit partners,” who never intended to live in the properties or… …read more

100-year-old Bayshore Boulevard mansion listed for sale at $13.9 million (Photos)

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A storied Bayshore Boulevard estate known locally as the Stovall-Lee house is on the market for $13.9 million.

Jennifer Zales, a sales associate with Coldwell Banker Residential Real Estate, listed 4621 Bayshore Blvd. for sale on Monday. Built around 1909 by L.T. Tousdale, then general manager of the Florida Brewing Company in Ybor City, the property was owned by Tampa Tribune founding publisher Wallace Stovall from 1915 to 1943.

Stovall sold the home to William E. Lee, and the family had it added… …read more