ANDER & Co
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Black Salmon and LD&D acquire St. Petersburg land parcel for $9.05mm
Property closing paves the way for JV’s future development of a mixed-use community in the downtown corridor featuring 251 luxury multifamily residences
ST. PETERSBURG, FL (Jan. 2, 2023) – Black Salmon, a national commercial real estate investment firm, and LD&D, a Miami-based real estate investment, development, and design firm, today announced the acquisition of a 0.77-acre parcel in St. Petersburg for $9.05 million. The closing was completed Dec. 22, with plans for the joint venture to develop Gallery Haus, a $115 million mixed-use multifamily project. This marks LD&D’s second closing in the Tampa Bay area in 2023 as part of the firm’s vision to contribute to the growth of a rapidly expanding market.
LD&D and Black Salmon acquired the asset from Apogee Real Estate Partners. Located at 155 17th Street South in the downtown corridor, plans call for a 23-story luxury multifamily building encompassing more than 10,000 square feet of amenity, coworking space, and 5,000 square feet of ground-floor retail. The property is slated to break ground in Q4 2024.
Designed by Baker Barrios Architects, Gallery Haus will be situated blocks from an array of restaurants, shops, museums, entertainment venues, and the downtown waterfront area. Directly across is the Rays’ Tropicana Field, which will be redeveloped into a $6.5B mixed-use development and stadium in partnership with development firm Hines, the biggest redevelopment deal in Pinellas County history.
“The Tampa Bay area of St. Petersburg continues to evolve, and we are proud to be a part of the city’s next era, positively serving new residents who desire to live here,” said Diego Bonet, managing partner of LD&D. “This project illustrates our continued commitment to the growth we’re seeing, especially in St. Petersburg, where relocation rates are 20 percent higher than the national average. Young professionals who work from home are actively pursuing areas with lower living costs and enhanced overall satisfaction in living standards.”
The project is in a prominent Downtown St. Petersburg Opportunity Zone and located on the Pinellas Trail with its 75-mile bike path connecting the downtown area to the beaches and up to Tarpon Springs. The development will be centered among art galleries, bars, and an array of cuisine options at the intersection of the Edge District and the Warehouse District. The Rays stadium district development further emphasizes mixed-use retail and experiential options centered around large collegiate or professional sports stadiums and their increasing growth in popularity across the US.
“The acquisition of this land parcel is a milestone in our partnership with LD&D as we continue our collective commitment to crafting residences that seamlessly blend luxury, innovation, and community,” said Camilo Lopez, Managing Partner and Co-CEO of Black Salmon. “This project represents our dedication to cultivating spaces for modern living in dynamic environments that resonate with evolving cities like St. Petersburg.»
In April, LD&D acquired a two-acre parcel located at 1101 East Harrison St. in Tampa for $10 million, paving the way for the development of a new $200 million mixed-use project including a luxury multifamily building, hotel, retail, and parking, further emphasizing the firm’s focus on the region’s growing business districts.
LD&D and Black Salmon also previously joined forces to develop the soon-to-open multifamily project Wynwood Haus in Miami. Drawing inspiration from its success, the new Tampa Bay project will mirror Wynwood Haus’ winning elements. It aims to replicate the thriving community model with a live-work-play lifestyle, redefining contemporary living in St. Petersburg, focusing on dynamic, amenity-rich residences.
As a prominent player in real estate investment, development, and design, LD&D — previously Lineaire Group, a partnership between LD&D and IGEQ — is behind many other notable ventures, including Surf Row Residences, 500 Datura, and other projects throughout Florida and New York. Black Salmon focuses on industrial and multifamily properties. Among these are Highland Park Miami, a $1 billion mixed-use project which will expand Miami’s Health District by 10 percent, Cassa Brickell, Ofizzina, and other prominent industrial projects throughout Florida, Georgia, and Texas.
LD&D, formerly Lineaire Group — a joint venture between LD&D and IGEQ — utilizes its economic and intellectual capital to elevate the built environment and deliver value to stakeholders and communities. Dedicated to creating real value for the regions they serve, LD&D’s method marries an institutional risk management approach with cutting-edge design, strategically developing a portfolio of projects from end to end. Their approach crafts seamless, value-generating assets that both enrich established communities and breathe life into new ones. For more information, visit www.ldnd.com
About Black Salmon
Black Salmon is a real estate investment and development company specializing in two key verticals, industrial and multifamily properties. Black Salmon’s goal is to preserve capital while creating long-term value to the firm’s investors and partners through strategic real estate investments. The company has a proven track record and ability to identify unique opportunities and successfully execute strategies, with a portfolio that spans across all asset classes and risk levels, ensuring a diversified approach. The firm has amassed a two-billion-dollar acquisition and development portfolio, including industrial, multifamily, hotel, office and senior housing properties located in major metropolitan areas, such as Austin, Atlanta, Miami, Orlando, Phoenix and San Francisco, along with a large development pipeline in South Florida. For more information, visit www.blacksalmon.com.