What's Happening?
A Dallas-based investment firm, 90Ten, has acquired three buildings on the 1100 block of Central Avenue in St. Petersburg's EDGE District. The property, previously owned by PTM Partners, includes a three-story
building housing the LGBTQ+ bar Enigma, a two-story building with The Candle Pour and Electric Gold Tattoo Co., and a one-story building leased by Sweetgreen. The sale price was not disclosed. Tripp Russ, managing partner at 90Ten, expressed a desire to retain current tenants and fill two vacant spots with local or national retailers. PTM Partners, the previous owner, had purchased the block in 2024 for $14.75 million and still owns two other buildings and a vacant lot nearby, where they plan to develop residential and retail spaces.
Why It's Important?
The acquisition by 90Ten signifies continued investment and development in St. Petersburg's EDGE District, a vibrant area known for its cultural and commercial activity. The firm's plans to maintain existing tenants and attract new retailers could enhance the district's appeal and economic vitality. This development reflects broader trends in urban real estate where investment firms are capitalizing on the potential of mixed-use properties in thriving neighborhoods. The move could also impact local businesses and the community by potentially increasing foot traffic and economic opportunities.
What's Next?
90Ten's next steps involve securing tenants for the vacant spaces and possibly introducing new retail concepts to the area. The firm's approach to tenant selection will likely influence the district's commercial landscape. Meanwhile, PTM Partners' ongoing development plans for additional residential and retail spaces could further transform the area, potentially attracting more residents and businesses. Stakeholders, including local businesses and community members, will be watching these developments closely to assess their impact on the district's growth and character.
