Two Miami-based enterprises have joined forces to undertake the development of a $115 million mixed-use tower located in downtown St. Petersburg.
Black Salmon, a commercial real estate investment firm, and LD&D, a real estate investment, development, and design firm (formerly Lineaire Group, a collaboration between LD&D and IGEQ), have acquired a 0.77-acre parcel from Apogee Real Estate Partners at 155 17th St. S. The transaction, recorded in Pinellas County on Dec. 22, saw the group secure the property for $9.05 million.
Apogee Real Estate Partners, based in St. Petersburg, had previously proposed a 23-story tower with over 200 apartments for the same property.
“We made changes to Apogee’s previously approved plans, which we submitted to the city last year and were approved shortly after we closed on the land,” Diego Bonet, managing partner of LD&D, told the Business Journal. “We will be developing a 23-story building comprised of 253 units complemented by ample amenities that go beyond Gallery Haus’ 5,000 square feet of retail.”
LD&D’s project, named Gallery Haus, is set to include over 10,000 square feet of amenity and coworking space. The groundbreaking for this development is scheduled to take place in the fourth quarter of 2024.
“The Tampa Bay area of St. Petersburg continues to evolve, and we are proud to be a part of the city’s next era, positively serving new residents who desire to live here,” Bonet said. “This project illustrates our continued commitment to the growth we’re seeing, especially in St. Petersburg, where relocation rates are 20% higher than the national average. Young professionals who work from home are actively pursuing areas with lower living costs and enhanced overall satisfaction in living standards.”
Baker Barrios Architects is the design firm behind Gallery Haus, situated along the Pinellas Trail and neighboring Vertical Ventures. Additionally, it is in close proximity to the redevelopment project of the Historic Gas Plant District, the current location of Tropicana Field.
“The acquisition of this land parcel is a milestone in our partnership with LD&D as we continue our collective commitment to crafting residences that seamlessly blend luxury, innovation and community,” Camilo Lopez, managing partner and co-CEO of Black Salmon, said in a release. “This project represents our dedication to cultivating spaces for modern living in dynamic environments that resonate with evolving cities like St. Petersburg.”
LD&D has further initiatives in the pipeline, with plans for a $200 million mixed-use project in Tampa’s Encore district.