Bitcoin miner’s subsidiary plans to build 22-story residential tower near Mirror Lake • St Pete Catalyst
A Las Vegas-based firm has purchased multifamily buildings near the Mirror Lake neighborhood with plans to develop a 22-story tower.
The buildings on 5th Street N. and 3rd Avenue, across from the Mirror Lake Community Library, were purchased in a $15.5 million deal by a subsidiary of BitNile Holdings Inc., an investment holding company that mines Bitcoin and makes acquisitions through its subsidiaries.
The sale was recorded in the county’s deeds this week.
BitNile announced that through the subsidiary Ault Global Real Estate Equities Inc., – a subsidiary of BitNile’s spin-off Ault Alliance, which focuses on real estate acquisitions – purchased the five parcels in St. Petersburg for the development of a hi-rise multifamily tower.
The addresses for the acquired parcels with multiple vacated buildings are 442 3rd Ave. N., 430 3rd Ave. N., 249 5th St. N., 233 5th St. N. and 3rd Avenue N., according to property records.
The group bought the property from Illinois-based Inland National Development, which previously planned to demolish the buildings and develop a hi-rise complex. The St. Petersburg Development Review Commission approved Inland National Development’s plans in 2018 to build its $69 million, 20-story tower. However, it never came to fruition.
The property is located in a historic neighborhood and has been approved for the development of a 22-story tower, with 269 residential units and mixed retail on the first floor.
“We are pleased to be in a position to acquire this property in a growing metropolitan area, surrounded by historic buildings, a public library, and various other municipal buildings, as our second acquisition through AGREE [Ault Global Real Estate Equities Inc.],” Christopher Wu, president of Ault Alliance and CEO of AGREE, said in a news release.
Company executives said the development project will “transform the character of the neighborhood” and the investment will provide strong returns and long-term cash flows.
The proposed 301,000-square-foot, mixed-use tower development is estimated to cost $114 million.
Construction is expected to begin in the second quarter and will to be complete in the second quarter of 2024.
Ault Global Real Estate Equities Inc. is partnering with multifamily development firm Schock & Haywood Development, which has experience in Florida markets. The architect is St. Pete-based Behar Peteranecz.
