Kucera Properties, a leading Florida real estate firm with quality commercial and residential holdings, including its Class A high rise Priatek Plaza, today announced plans for a build-to-suit opportunity on property it owns downtown with the potential to feature more than 250,000 square feet of space at an estimated price tag of more than $85 million.
Kucera Properties is in the process of partnering with global comprehensive real estate services firm Cushman & Wakefield as overall project manager, led by Tim Callahan, C&W Managing Director.
Rising on Kucera’s property bordered by 3rd Street to the west, Central Avenue to the north and 1st Avenue South to the south, the Class A mixed-use structure estimated for completion in 2017 includes plans for a four-star flagged hotel.
“This is our vision for the newest addition to the inventory of preeminent structures in our incredible city that will add immensely to the positive experience for everyone who chooses to live, work and play in downtown St. Petersburg,” said Darin Kucera, Managing Partner of Kucera Properties. “Taking this bold step is evidence of our belief in the vibrant future of downtown and the continued strength of the local, state and national economy. This new venture here in St. Petersburg is one of the first steps in executing our firm’s strategic plan for all of Florida.”
Acknowledging there are numerous details to be finalized, Kucera said plans call for:
- Construction to begin in 2016 on a one-third acre parcel the firm owns adjacent to its Priatek Plaza Class A high-rise
- 250,000-300,000 square feet leased to one or two anchor tenants
- 40,000-50,000-square-foot floor plates, a trend in downtown structures that makes them wider rather than taller
- 30,000-50,000 square feet of space for speculative leasing
- Some residential space
- 600+ spaces for parking
- Four-star, flagged hotel yet to be named
- Ground floor retail along Central/3rd Street/1st Avenue South
- Estimated construction cost between $85 and $100 million
- Creation of hundreds of additional full-time jobs downtown and generation of significant sales tax and other tax revenues beneficial to the city and county
- Announcements about financing, the developer, architectural team, more precise timeline on completion, tenant mix, final amenities and other details to be provided in coming weeks
For more information, please visit www.kuceraproperties.com.