Coquina Key Plaza, a St. Petersburg strip mall located near the corner of Sixth Street S and 45th Avenue, will be at least partially converted to apartments, according to the company that recently bought the property.
Stoneweg US, a St. Petersburg real estate investment company, purchased the shopping center for $7.3 million on March 19, according to Pinellas County Property Appraiser records. The company said in an announcement Tuesday that it envisions the parcel as a “mixed-use development that features both retail space and workforce housing units.”
It was not clear whether that meant parts of the existing plaza will be demolished, and Stoneweg US declined to elaborate. The plaza currently contains a CVS pharmacy and Save A Lot grocery store, among other businesses.
The company also announced Tuesday that it has purchased 15 acres of vacant land between Lake Maggiore and Tampa Bay, at 3049 6th St S, also with the intent of constructing new apartments. Sharmane Bailey, a spokeswoman for Stoneweg US, said that sale closed on April 14 for $6.4 million.
Bailey said the company is roughly estimating about 200 to 400 units at each property, which would be available to renters making between 80 and 120 percent of the area median income. In Pinellas, that translates to between $59,040 and $88,560 for a family of four.
“Providing sustainable, resilient, and community-centric workforce housing to renters is an essential part of our DNA and critical to our corporate mission,” said Patrick Richard, CEO for Stoneweg US, in a statement. “The acquisition of Lake Maggiore and Coquina Key provides an additional opportunity for us to provide renters in our St. Petersburg hometown with attainable and optimal living solutions which is key for us.”