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A Las Vegas-based firm has purchased multifamily buildings near St. Petersburg’s Mirror Lake with plans to develop a 301,000-square-foot, 22-story mixed-use tower.
The firm bought the parcels of land across from the Mirror Lake Community Library for $15.5 million. The purchase was made by Ault Global Real Estate Equities Inc., a subsidiary of digital asset investment firm BitNile Holdings Inc.
The company is planning on spending $114 million to build a tower, with 269 residential units and base-level retail space. Construction is set to finish by 2024.
Development executives said that the project is expected to “transform the character of the neighborhood.”
– Kelly Hayes, Extensive Enterprises Media