Tuesday, November 20, 2018
Real Estate

St. Petersburg’s State Theatre saved in $2.1 million deal

ST. PETERSBURG — The State Theatre has been saved.

After months of renovations and capacity problems due to a series of fire code violations, the popular concert venue at 687 Central Ave. was sold Tuesday to a family trust run by St. Petersburg real estate broker Kevin Chadwick.

PREVIOUS COVERAGE: St. Petersburg’s State Theatre for sale after struggles with fire code violations

Originally listed in December for $1.9 million, it sold for $2.1 million, a figure that includes both the property and the assets of the independently operated club inside. Chadwick — who already owns a three-story office building and parking lot on the 600 block, just northeast of the State Theatre — said he plans to invest up to an additional $1 million in safety and cosmetic upgrades.

"I really feel it’s important to restore it back to a true historic landmark, and then once you’re there, create a unique venue," said Chadwick, 57, who owns 10 Keller Williams real estate franchises around Tampa Bay. "It has to be authentic, and so the only way to do that is to truly pay attention to the detail of what it was when it first opened."

The venue will continue to host live music, he said, but also private events and maybe even return to its early days as a movie house. That’s what it was the last time Chadwick went there as a patron, at age 12. It’s also where his parents had their first date.

"We’re still going to have fun concerts, but it’s going to be a venue that’s going to have multiple purposes," he said. "It’s also going to be a theater, it’s going to be an event hall where you might have private parties. You’re going to feel really comfortable if you want to throw a real fun bash."

PREVIOUS COVERAGE: Amid fire code violations, the State Theatre struggles to keep shows

There were some concerns that the State’s concert days were done. In November 2016, a fire marshal’s inspection uncovered some 30 violations ranging from outdated fire alarms and sprinklers to a green room riddled with safety issues. Then in September, the fire marshal slashed the venue’s capacity from more than 700 to less than 400, forcing some concerts to move to larger venues, and limiting the number of new shows the club could book.

"It’s a great performing venue that a lot of people were concerned would not be around if someone didn’t take some action," said Jon Wittner, managing director for KW Commerical Tampa Bay, who brokered the deal for Chadwick. "It’s a rare, wonderful midsize concert venue that St. Pete could ill afford to lose."

In December the club’s owners, Anthony and Frank Dagostino, exercised a clause in their long-term lease agreement that allowed them to put the club and property up for sale as a package.

Until this week, the State had zero concerts listed on its upcoming calendar. On Monday, promoters No Clubs announced they’d booked a Sept. 28 show there by singer-songwriter Andy Grammer, at an expected capacity of 600.

No Clubs is run by promoter Tony Rifugiato, who until Tuesday was also an owner of the property, but not the club business inside.

"As long as it meets a criteria we will put some of our shows there," Rifugiato said in an email. "It is part of the St. Pete fabric and shouldn’t be ignored."

Chadwick said he will spend the rest of the summer getting the building fully up to code and restructuring its backstage dressing areas. By the end of the year, the building will get a renovated facade and new marquee. Next spring should see interior renovations, including three new bars.

"When you walk through the front door of the theater, you’re captivated to want to be part of it," Chadwick said. "I think it’s a perfect legacy property for my family. It’s in dire need of somebody who cares and wants to restore it, and we have plans to truly do some great things for it."

Contact Jay Cridlin at [email protected] or (727) 893-8336. Follow @JayCridlin.

Comments
Safety tips for Realtors: forget the taser and spike heels, always follow, never lead a client

Safety tips for Realtors: forget the taser and spike heels, always follow, never lead a client

ST. PETERSBURG — Chips Wells, crime prevention specialist for the St. Petersburg Department, has daughter who’s a Realtor. Among the advice he gave her: Forget the spike heels when showing a house to a stranger. "I want you to wear shoes...
Published: 11/09/18
Hotel developer closes on block next to Tampa City Hall for Hyatt project

Hotel developer closes on block next to Tampa City Hall for Hyatt project

TAMPA — HRI Properties has closed on its $7.6 million purchase of a city-owned block next to Tampa’s City Hall and says it plans to start construction later this month on a dual-branded Hyatt Place and Hyatt House hotel project.In 2016, Tampa put out...
Published: 11/09/18
Have a household income of $59,000 a year? There might be an apartment in Water Street Tampa’s first residential building for you

Have a household income of $59,000 a year? There might be an apartment in Water Street Tampa’s first residential building for you

TAMPA — Water Street Tampa broke ground Thursday on its first residential project — a pair of apartment towers rising 21 and 26 stories with:• Floor-to-ceiling windows in every apartment that open onto balconies eight feet wide.• Roofs topped with ou...
Published: 11/08/18
Investor Ben Mallah pays $20 million for Holiday Inn Westshore

Investor Ben Mallah pays $20 million for Holiday Inn Westshore

TAMPA — Largo real estate investor Ben Mallah likes to say that while the other kids were out playing football, he was inside playing Monopoly.That hasn’t changed. Last week Mallah paid $20 million to buy the Holiday Inn Westshore, his second recent ...
Updated one month ago
As more shops open in St. Pete’s booming downtown, should Chamber of Commerce find a new home?

As more shops open in St. Pete’s booming downtown, should Chamber of Commerce find a new home?

ST. PETERSBURG — Shoppers can find an array of unusual and upscale items in downtown St. Petersburg:Purses made in Italy of genuine crocodile skin. Hand-enameled jewelry and Russian nesting dolls. Stiletto heels, slinky cocktail dresses and original ...
Updated one month ago
‘Zombie’ homes fading away in the Tampa Bay area

‘Zombie’ homes fading away in the Tampa Bay area

"Zombies’’ are gradually disappearing from Tampa Bay’s housing scene.As of the end of September, the area had just 410 zombies, or vacant homes in some stage of foreclosure, according to ATTOM Data Solutions. That was 6.7 percent of all homes in fore...
Updated one month ago
From bunkers to tunnels, Mafia history stirs underworld exploration in Ybor City

From bunkers to tunnels, Mafia history stirs underworld exploration in Ybor City

TAMPA — A real estate listing touts the features of a 2,068-square-foot home for sale on North 12th Street: Three bedrooms, two bathrooms, a basement, a courtyard with Mediterranean-style shed, and beneath the shed, "its own bunker."Welcome to Ybor C...
Updated one month ago
In second major deal, Water Street Tampa to pay $2.75 million for critically needed parcels of land

In second major deal, Water Street Tampa to pay $2.75 million for critically needed parcels of land

TAMPA — One business day after paying $13 million for the site of the ConAgra flour mill, the development company for Water Street Tampa on Monday got the green light to spend another $2.75 million more on land it needs for its finest hotel and talle...
Updated one month ago
Affordable housing ‘nearly impossible’ to build to now in Tampa Bay area

Affordable housing ‘nearly impossible’ to build to now in Tampa Bay area

Construction began on nearly 3,000 homes in the Tampa Bay area in the third quarter of this year but the new-home market shows definite signs of slowing down. Moreover, "truly affordable housing (is becoming) an impossibility in this market," a new ...
Updated one month ago
Water Street Tampa developers buy ConAgra flour mill for future expansion of their $3 billion project

Water Street Tampa developers buy ConAgra flour mill for future expansion of their $3 billion project

TAMPA — In a deal that will sweep away one of downtown Tampa’s last vestiges of heavy industry, the development company for Jeff Vinik and Cascade Investment on Friday paid $13 million to buy the ConAgra flour mill just north of their 50-acre Water S...
Updated one month ago