Miami Developers LD&D And Black Salmon Acquire 0.77-Acre Development Site In St. Petersburg For $9.05M
155 17th Street South
$9,050,000
Units
251
Asset Type
Development Site
Closing
Jan 3, 2024
AI
Miami developers LD&D and Black Salmon have purchased a 0.77-acre development site located at 155 17th Street South in St. Petersburg for $9.05 million. The buyers plan to construct a luxury apartment tower called Gallery Haus on the site, with an estimated cost of $115 million. The tower will be 23 stories high and will consist of 251 units. The development will feature various amenities, including coworking space and ground-floor retail. The location of the tower is strategic, as it is near the planned $6 billion multiuse redevelopment of the Historic Gas Plant District by the Tampa Bay Rays and Hines.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $9,050,000
- Date: 01/03/2024
- Address: 155 17th Street South
- Market: St. Petersburg
- Buyer: LD&D and Black Salmon
- Seller: John Stadler - Apogee Real Estate Partners
- Asset Type: Development Site
- ACRES: 0.77
The seller of the development site is John Stadler, represented by Apogee Real Estate Partners. LD&D and Black Salmon, the buyers, are Miami developers who are expanding their portfolio with the acquisition of this property.
Players
La Crosse Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.75%
Cash-on-Cash
-0.50%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93