Friday, April 20, 2018
Business

Downtown St. Pete's Coronet Apartments sold for nearly $6 million

ST. PETERSBURG — The owner of the Cordova Inn and The Station, a popular coworking spot, has bought another vintage downtown building for $5.975 million.

Steven "Flip" Gianfilippo's 300 Central LLC closed this month on the 10-story, 40-unit Coronet Apartments at the corner of Central Avenue and Third Street S. Though the 82-year-old building is nondescript, it sits in a prime downtown location between a planned mixed-used tower to the west and the ONE St. Petersburg condo tower and Hyatt hotel under construction to its east.

The small size of the lot — 40 by 100 feet with no parking — likely would preclude the Coronet's being razed for yet another tower but the renovation potential is substantial.

"We have tended to look for buildings that have some historical quality with good bones and in a great location, and we felt like this was another great addition," Gianfilippo said Tuesday. "It will take some time to figure out what the best use for it is, but it will become part of the lifestyle brand we have downtown and mix in well with our co-work space and boutique hotel."

As one of the more affordable apartment buildings left downtown, the Coronet has some older and disabled tenants, but "I've seen more young people and millennials than anybody else," Gianfilippo said. "We don't have any plans to cancel anything, it's status quo for now."

All of the apartments except for the penthouse are occupied; ground- floor space that once was home to the Bar Milo cocktail lounge is vacant.

The Coronet is just a block from the Station House, a 103-year-old building at 260 1st Ave. S that Gianfilippo and a partner bought four years ago for $3 million and extensively renovated. The five-story arched building — once part of a fire station complex -- now houses co-work suites, conference rooms, a coding school and tea-and-coffee bar. Gianfilippo recently inked a deal for Tampa Bay's second Ichicoro Ramen restaurant to go into space that previously was the Cafe Alma restaurant.

Gianfilippo also owns the 1920s-era Cordova Inn at 253 2nd Ave. N and an arcade in the 600 block of Central where he may add a cafe or bar and make space for tech companies.

Susan Taylor Martin at [email protected] or (727) 893-8642. Follow @susanskate

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