A secret – and sprawling – space underneath one of St. Pete’s most historic buildings may soon get new life. Smith & Associates Real Estate announced the sale this week of a Snell Arcade commercial condominium housed underneath the beautiful Snell Building on the corner of 4th St and Central Ave.

The 8,582 square foot basement had been in use for years as the office of Volunteers of America, but in past lives has also served as a restaurant and even retail space. Volunteers of America of Florida sold the space to the Miami-based Tricera Capital, opening the door for something new to fill the historic space inside a building that’s on the National Register of Historic Spaces.

Tricera Capital already owns several prominent properties along Central Avenue that are home to some of the city’s most loved businesses and restaurants, including the majority of the south side of the 600 block, a long swath of the 400 block, and several buildings and developments-in-the-works in the EDGE and Grand Central Districts.

Patrick and Chris Calhoon, the commercial brokers with Smith & Associates Real Estate who executed both sides of the deal, said Tricera Capital views this as an investment in the firm’s continued growth in St. Pete. The price of the sale was $1.8 million.

New life for a historic location

While it remains to be seen what will be made of the historic space, options are aplenty. The basement was part of the Snell Building’s initial construction in 1927, and still maintains many of the art deco touches the building is known for. With such a premium location – and with the massive 400 Central project going up across the street – we’ll be keeping our eyes on any updates, be it business offices or a retail/restaurant concept.

The Snell Building is nearing its centennial birthday and is currently home to businesses such as Green Bench Flowers, Beans & Barlour, and Schakolad Chocolate Factory. Green Bench Monthly, in a historic look back, noted that developer C. Perry Snell (for whom the upcoming Perry’s Porch on the St. Pete Pier is also named) purchased the lot for $100,000 in 1914 and began construction on the building in 1926.

Back in the early days, there was even once a rooftop bar on the building – Spanish Bob’s.

“From ornate exterior carvings and European tiles and statuary to an Italian tile mosaic of Baldassare Longhea’s Santa Maria della Salute in the Arcade, it’s easy to see how Snell spent $750,000 to construct the building in 1926,” Green Bench explained. “The Snell Building is currently on the National Register of Historic Places.”