An apartment building under construction in St. Petersburg’s Edge District has sold for $28.2 million.
The Metro, located at 77 11th St. N, sold Feb. 1 from a St. Petersburg developer to a California real estate investment firm, according to Pinellas County records.
Mark DeMaria, the CEO of DevMar Development, said the plan was always to sell as the building came closer to opening. The project was in the works as an 11-story boutique hotel before the pandemic, but when financing for that project dried up, developers later switched course and converted it to a 7-story multifamily apartment building with 100 units.
“Multifamily properties are in very high demand right now, so we just got contacted by this group, and they were interested in the project,” he said.
Built at a cost of $16 million, the building will be managed by Mint House, a New York firm that specializes in short- and long-term rentals. It will include a small amount of retail space on the ground floor. After announcing a planned opening in January, DeMaria said the building is now scheduled to be ready in early May.