Miami firm pays $13 million for a prime area in St. Pete’s Edge District.

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The three-story building will be preserved and “likely repositioned for local businesses,” Daou said ‘ An undated photo, probably from the 1940s, of the Gas Plant Building in St.

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ST. PETERSBURG ‘ An historic building and a parking lot in the heart of St. Petersburg’s thriving Edge District have been bought for $13 million by a South Florida firm that plans to redevelop the site.

No details have been announced, but the property on Central Avenue between 11th and 13th Streets could be eligible for tax breaks as an “opportunity zone” ‘ an investment vehicle created under the 2017 federal tax act to provide incentives for investing in low-income areas. Qualifying projects can include hotels and other developments that create jobs.

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As part of the transaction, Miami-based PTM Partners purchased a nearly century old building now home to Furnish Me Vintage, a popular store that specializes in midcentury furniture, retro artwork and vintage records. The store’s owners could not immediately be reached but have indicated in the past that they would find another location.

Publisher: Tampa Bay Times
Date: TB_Times
Twitter: @TB_Times
Reference: Visit Source