Phillips Development and Realty LLC has paid $4.2 million for a nine acre development site in St. Petersburg’s Skyway Marina District. The duo plan to build a $70 million mixed use project featuring roughly 300 apartments, 13,000 sqf of retail along with 100,000 sqf of self-storage space. The site, sold by Home Depot, is located at the intersection of U.S. Highway 19 and 30th Avenue South. The retailer’s plans to build a store on the location fell through during the economic crisis. To help growth in the area, the city has pledged $1.6 million in improvements and will spend $1 million in public improvements directly adjacent to the Phillips site to facilitate development there. The scheme is expected to begin construction within the next nine months.
“It is areas like this that we focus on,” says Donald Phillips, managing director of the Tampa-based company that bears his name. “The Skyway Marina District is screaming for retail, luxury living and involvement from the St. Petersburg art scene.”
