A weekly round-up of local real estate listings.
The Hotel Zamora on St. Pete Beach sold
Hotel Zamora, known for its rooftop lounge and spa on St. Pete Beach, sold for $34.65 million.
Devanand Mangar, owner of the upscale Spanish-Mediterranean-design hotel, has sold the property to George Sherman of Minneapolis-based development and property management firm Sherman Associates.
The 67,262-square-foot hotel at 3701 Gulf Blvd. is situated on over one acre and features a five berth marina with kayak and paddleboard rentals, a 360 degree rooftop entertainment area, restaurants, a whirlpool spa and a large swimming pool.
When the 72-room resort opened in 2014, it was the first hotel to be built on St. Pete Beach in more than two decades.
The site itself has a long history. It was once the site of a condo project that was facing bankruptcy. Mangar originally had a minority interest in the property and helped transform it into the hotel it is today.
Mangar said he has no plans to sell the resort; Sherman, with whom Mangar had previously formed a relationship through a potential land deal in Ruskin, approached Mangar with the offer.
“We never advertised the property,” Mangar said. “But I want to practice medicine again, it’s my calling and the stars are aligned with Mangar’s vision.”
Mangar, who practiced medicine at Tampa General Hospital for more than 30 years, said Sherman will likely update the hotel’s rooms and lobby.
Sherman took out a $28.5 million mortgage loan from Midwestone Bank to purchase the hotel.
According to Sherman Associates’ website, this would be the first Florida hotel in its portfolio. However, Sherman has a strong track record of making additional investments in communities where it has a presence.
UPC’s HQ building may be listed
United Property and Casualty Insurance Company, known as UPC Insurance, recently announced it would be withdrawing its retail business from Florida, among other locations, which would likely result in the company selling its St. Petersburg headquarters.
Earlier this year, United sold several of its St. Petersburg lots across from its headquarters at 800 2nd Ave. S. to an LLC affiliated with St. Pete-based Moyer Law Group for $4.2 million.
UPC has not responded to a request for comment on the future of its headquarters; however, the issue arose on its HQ building, as well as property it rents from the city, during a Community Benefits Advisory Committee meeting on Wednesday.
The conversation arose as the CBAC discussed the failed proposal by the Moffitt Cancer Center and TPA Group to purchase the 800 block that comprised part of the UPC leases from the city.
UPC once considered moving its headquarters to the site.
City officials said if UPC decides to sell its headquarters and terminate the lease on nearby municipal land, the city will regain control of the leased property.
Developers secure approvals for Motocave
The developers behind Motocave, coined as Pinellas County’s first auto condo community, have secured building permits and work on site is expected to begin next month, the development team announced this week.
That St. Pete catalyst was the first to report on the project taking shape at 2051 Gandy Blvd. in Saint Petersburg. Motocave will be built on 3.75 acres at the northeast corner of Interstate I-275 and Gandy Boulevard.
The concept was created by prominent real estate developers Bowen Arnold of Tampa’s DDA Development, Scott Clendening of St. Petersburg Commercial Partners Realty, and Matt Mosk of Mosk Development Co. of Largo, one of the largest industrial and commercial developers in Pinellas District.
When completed, it will have a total of 43 auto condos in five buildings totaling approximately 55,000 square feet. Units range from 918 to 1,591 square feet and are customizable.
The team said 40% of the units were sold.
The project is funded by Valley Bank, which has a longstanding relationship with Motocave partners Mosk, Arnold and John Schilling.
“Condominium space is an emerging asset class with several recently completed successful projects across the state. This is an exciting opportunity for us as a banking partner to be part of one of the first projects in the Tampa Bay area,” said Trey Korhn, Valley Bank’s first senior vice president and head of commercial real estate, in a press release. “However, it’s the track record of these long-term clients and the opportunity to work with them on this opportunity that really makes them so compelling.”
The construction period is expected to be around 12 months.
Berkadia arranges a broken condo deal
Berkadia secured a $27.69 million loan to acquire 161 of 248 units in Harbourtowne at Country Woods, a fragmented gated community in Palm Harbor.
The borrower was the New York multi-family real estate developer ESG Kullen.
“ESG Kullen was able to capitalize on their successful track record in the broken condominium space and identified a highly desirable broken condominium community in a high growth market with a significant asset level of upside opportunity,” Berkadia Miami Managing Director Christopher Apone said in the announcement the company. “Her extensive experience in this investment space and in the Florida markets provided a range of debt financing options with a bank settlement that offered the best combination of flexibility and leverage while yielding a highly competitive interest rate compared to traditional debt lenders. ”
The community at 1697 Nantucket Court has units that average between 675 and 1,300 square feet.
New hotel in the works for Clearwater
Plans for a new waterfront hotel in Clearwater have been submitted.
The project, called Harbor View Resort and Marina, is being developed by Clearwater investor Huijun Yang.
The project includes the construction of a modern hotel complex with an on-site restaurant, tiki bar, pool and boat docks at 411 East Shore Drive.
The four-parcel site is currently used as a parking lot and has a pond that a stormwater proposal says will be demolished.
Units in the future resort condo start at $430,000 and condo owners can use it as a vacation home for up to 90 days per year, according to the project’s website.
The developer works with Waterfront Realty.
St Pete’s Granda Gates sold
The Granada Gates apartment complex at 450 76th Ave. N. was sold for $12 million.
EJB Granda Gates LLC has sold lots 79 through 99 to Tampa-based Villadova Holdings.
The buyer took out a $13.87 million mortgage loan with Lake Michigan Credit Union.