Monday, December 11, 2017
Business

Apartment complex advances with purchase of Tampa Bay Times parking lot

ST. PETERSBURG — One of several proposed downtown apartment projects is a big step closer to reality. NRP Group, based in Cleveland, has closed on the purchase of an entire city block bounded by Fourth and Fifth streets and Third and Fourth avenues S, where it plans to build a 300-unit, upscale apartment complex.

"We hope to close on our construction loan in January and begin construction the first part of the year," said Kurt Kehoe, NRP vice president of development. He expects it will take about two years to complete the $55 million project that will be named the Sol.

The apartments will be one- to three-bedroom units ranging from 600 to 1,200 square feet. Monthly rents will be from $800 to $1,800. The complex will be four stories wrapped around a parking garage. It will be Mediterranean style with stucco walls and a barrel-tile roof.

The property is currently a parking lot owned by Times Publishing Co. NRP approached the parent of the Tampa Bay Times about buying the land, though it wasn't on the market. It paid Times Publishing $6 million for the land, which has a taxable value of $2.5 million, according to the Pinellas County Property Appraiser's Office.

The two parties have worked out a deal calling for the Times to have control of 300 spaces in the apartment complex's parking garage.

"I think one of the most exciting things is we're able to be a part of the economic growth of downtown St. Petersburg," said Times spokeswoman Jounice Nealy-Brown. "It's nice to be in an area that is seeing signs of vitality and interest in growth."

Three more apartment complexes are in various stages of development nearby. Campbell Landings at Sixth Street and Fourth Avenue S will be four stories with 96 apartments. Bayway Apartments across from Hotel Indigo at 234 Third Ave. N is slated to have 324 units in eight floors. And a Miami developer plans to build a 13-story tower with 300 units south of the downtown Publix.

Katherine Snow Smith can be contacted at [email protected] or (727) 893-8785.

Comments
Tampa: Hundreds protest Trump’s decision on Jerusalem

Tampa: Hundreds protest Trump’s decision on Jerusalem

TAMPA — Hundreds rallied near the University of South Florida on Friday night to protest President Donald Trump’s recent declaration that the United States will recognize the divided city of Jerusalem as the capital of Israel.The protest was organize...
Published: 12/08/17
Updated: 12/09/17

Duke outage leaves 7,700 without power near Pinellas Park

PINELLAS PARK — Up to 7,700 customers across Pinellas Park, Lealman and Kenneth City lost power in a Thursday night outage, according to Duke Energy.The outage impacted a cloverleaf-shaped area of customers, with pedals extending in the cardinal dire...
Published: 12/08/17
Express lanes set to open on Veterans. They’re free -- for now.

Express lanes set to open on Veterans. They’re free -- for now.

TAMPA — Drivers on the Veterans Expressway will gain an extra lane from Gunn Highway to Hillsborough Avenue starting Saturday.But there’s a catch: Once drivers enter the lane, they won’t be able to leave it — not until a designated exit about six mil...
Published: 12/08/17
St. Petersburg chamber of commerce charts ‘Grow Smarter’ economic development strategy

St. Petersburg chamber of commerce charts ‘Grow Smarter’ economic development strategy

Times Staff WriterST. PETERSBURG — What started more than five years ago as an exploratory conversation among a handful of business leaders blossomed Friday into a full-blown community discussion of how to nurture business while working to make sure ...
Published: 12/08/17
Visit St. Pete/Clearwater makes Orlando tourists a top target

Visit St. Pete/Clearwater makes Orlando tourists a top target

In a decision driven by some major data crunching, Visit St. Pete/Clearwater next year will focus its tourism advertising on three target markets: Orlando, New York City and its Tampa Bay home."Research is going to dictate our behaviors and direction...
Published: 12/08/17
Having JW Marriott run Water Street Tampa’s new 519-room hotel expected to help Tampa pursue more upscale conventions

Having JW Marriott run Water Street Tampa’s new 519-room hotel expected to help Tampa pursue more upscale conventions

TAMPA — JW Marriott, a luxury hotel brand new to Tampa, will run the new 519-room hotel that the Water Street Tampa project is building next to the Marriott Waterside Hotel & Marina, developers announced Friday.Construction on the 26-story hotel is ...
Published: 12/08/17

Gravel spill shuts down parts of northbound Howard Frankland Bridge

TAMPA — Authorities are cleaning up a load of gravel spilled onto the northbound Howard Frankland Bridge on Friday afternoon, shutting down at least two lanes of traffic.The incident was reported at 2 p.m. on the stretch of the bridge drivers approac...
Published: 12/08/17
A longer wait: Some now try nearly 3 years to get disability insurance

A longer wait: Some now try nearly 3 years to get disability insurance

By the time Teralyn Fleming could finally plead her case to get federal disability insurance, she had been waiting two years and three months. The wait was not a peaceful one — a blood clotting disorder pushed her out of the workforce in 2015 ...
Published: 12/08/17
Why has bitcoin’s price shot up so fast?

Why has bitcoin’s price shot up so fast?

SAN FRANCISCO — Bitcoin has been in a bull market like few the world has ever seen.At the beginning of the year, the price of a bitcoin was below $1,000. It hit $5,000 in October, then doubled by late November. And on Thursday, less than two weeks la...
Published: 12/08/17
U.S. employers added 228,000 jobs in November, unemployment rate stays at 4.1 percent

U.S. employers added 228,000 jobs in November, unemployment rate stays at 4.1 percent

WASHINGTON — U.S. employers added a robust 228,000 jobs in November, a sign of the job market’s enduring strength in its ninth year of economic recovery. The unemployment rate remained at a 17-year low of 4.1 percent, the Labor Department reported F...
Published: 12/08/17