The downtown sector of St. Pete continues to be a key point of interest for residents, investors and entrepreneurs alike. On July 14, Smith & Associates Real Estate, a Tampa Bay owned and operated Real Estate firm, completed the sale of the Coronet Apartments, a 10-story apartment building located at 300 Central Avenue for $5,975,000.
Built in the mid-1930s
Patrick Calhoon worked as a transaction broker with The St Petersburg based Seller, LV Spirits LLC, and the Buyer, 300 Central, LLC.
Built in 1935 and located at the intersection of 3rd Street North and Central Avenue, the building was originally used for office and retail space. After several renovations and additions, it became the Coronet Apartments and now includes 40 apartment residences and ground floor commercial space.
300 Central Avenue is in the heart of the burgeoning downtown St. Petersburg market – close to the ONE St. Petersburg condo and hotel tower and the yet to be developed 4th Street block by Red Apple
– Patrick Calhoon, listing agent
Space offers limitless potential for development
Calhoon also notes that the location offers unparalleled potential. The space seems primed for a ground level dining spots and, with heightened interest in the Burg’s booming downtown, more residential units could certainly assist in bolstering the city’s local economy. Plans for the location include a hotel with a rooftop bar.
The sale of 300 Central Avenue is another indicator that Downtown St. Petersburg is in-demand.
– Bob Glaser, President & CEO of Smith & Associates Real Estate.