Make us your home page
Instagram

No vacancies at Signature

After three years and steep price cuts, all 56,000 square feet of office and retail space at the base of St. Petersburg's iconic Signature Place has finally sold.

Once occupied, the space will house 13 businesses with about 100 employees, said developer Joel Cantor, who pioneered the $170 million project that transformed the city's waterfront skyline.

"Everything will sell if it is priced right," he said.

The 244 residential units in the 36-story building sold out last year.

Businesses owning space in the complex include ZGrille, Bull Fitness, the Mahaffey Co., Gulf Atlantic Communities, RKM Commercial Real Estate and Wee Galleries.

Signature Place, at First Avenue S and Second Street, is considered one of the most innovative projects in the bay area. Most of the residential units have a view of the bay, courtesy of the building's slim, sail-shaped profile.

But in the economic downturn, it took deep prices cuts to attract buyers.

The first commercial customers of Signature Place paid more than $200 per square foot for office space. Recent buyers paid about $100 per square foot.

St. Petersburg's downtown office vacancy rate for the best office space hovered at 26 percent at the end of June. In Tampa, it was about 20 percent.

Colliers International brokers Alan Feldshue and Melanie Jackson handled the sale of commercial space at Signature Place. About 18,000 square feet will be devoted to retail; 38,000 square feet will be used for offices. The commercial space had been on the market since 2008. None sold in 2009 or 2010. Nearly two-thirds sold this year.

"We didn't anticipate this market," Jackson said. "We adjusted the prices to today's market."

The building drew buyers because other downtown office buildings lack new, vacant spaces between 1,000 and 8,000 square feet that can be bought, Feldshue said.

"It's a better value to own than lease," he said. Feldshue and Jackson also credit the selling to a partnership with space planners and architects who helped sell the vision for the empty spaces and quickly provided cost estimates for potential customers.

Jeffrey Bullock recently moved his Bull Fitness into 5,000 square feet at the bottom of the building, facing Tampa Bay. The space and build out cost about $700,000. He expects to lure clients from the nearby residential towers. The grand opening is in October.

"We're close to people with financial means," Bullock said.

Mark Puente can be reached at [email protected] or (727) 893-8459.

No vacancies at Signature 09/29/11 [Last modified: Thursday, September 29, 2011 9:09pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. Tampa's Walter Investment Management restructuring, could file for bankruptcy

    Corporate

    TAMPA — Tampa-based Walter Investment Management Corp. is restructuring to cut down some of the mortgage firm's $700 million debt, Walter announced Friday night. The firm, according to its investor relations page, focuses on subprime and "other credit-challenged" mortgages.

    Walter Investment Management is restructuring to reduce its $700 million debt, the company announced late Friday. Pictured is Anthony Renzi. CEO. | [Courtesy of LinkedIn]
  2. Carrollwood fitness center employs scientific protocol to help clients

    Business

    In 2005, Al Roach and Virginia Phillips, husband and wife, opened 20 Minutes to Fitness in Lakewood Ranch, and last month they opened the doors to their new location in Carrollwood.

    Preston Fisher, a personal fitness coach at 20 Minutes To Fitness, stands with an iPad while general manager/owner Angela Begin conducts an equipment demonstration. The iPad is used to track each client's information and progress. I also included one shot of just the equipment. The center recently opened in Carrollwood. Photo by Danielle Hauser.
  3. Olive Tree branches out to Wesley Chapel

    Business

    WESLEY CHAPEL — When it came time to open a second location of The Olive Tree, owners John and Donna Woelfel, decided that Wesley Chapel was the perfect place.

    The Olive Tree expands its offerings of "ultra premium?€ extra virgin olive oils (EVOO) to a second location in Wesley Chapel. Photo by Danielle Hauser.
  4. Massachusetts firm buys Tampa's Element apartment tower

    Real Estate

    TAMPA — Downtown Tampa's Element apartment tower sold this week to a Massachusetts-based real estate investment company that plans to upgrade the skyscraper's amenities and operate it long-term as a rental community.

    The Element apartment high-rise at 808 N Franklin St. in downtown Tampa has been sold to a Northland Investment Corp., a Massachusetts-based real estate investment company. JIM DAMASKE  |  Times
  5. New York town approves Legoland proposal

    News

    GOSHEN, N.Y. — New York is one step closer to a Lego dreamland. Goshen, a small town about fifty miles northwest of the Big Apple, has approved the site plan for a $500 million Legoland amusement park.

    A small New York town, Goshen approved the site plan for a $500 million Legoland amusement park. Legoland Florida is in Winter Haven. [Times file  photo]