REBusinessOnline

Allied Group Plans to Convert Two Retail Properties in Metro Tampa to 154-Unit Seniors Housing Community

ST. PETERSBURG, FLA. — Allied Group Holdings has completed the acquisition of two retail buildings in St. Petersburg, with plans to redevelop the properties into a seniors housing-anchored mixed-use project. The buyer acquired Maximo Mall, a 2.8-acre, 39,000-square-foot retail center, and the adjacent Maximo Plaza, a 2.5-acre, 10,600-square-foot, single-tenant retail building leased to Ace Hardware. The properties are situated in the Waterfront Skyway Marina District of St. Petersburg, three miles from downtown and one mile from the beach. Local private lender LV Lending provided $3.6 million in financing for the transactions. Camilo Niño, Ricardo Uribe and Alen Hernandez of LV Lending led the financing.

Allied Group Holdings plans to redevelop the site into an eight-story, 154-unit assisted living facility. Construction is scheduled to begin in first-quarter 2021. Additional retail development will take place along U.S. Highway 19 at the same time. Jack Dougherty of Allied Group Holdings is also the developer of Marina Walk, a $50 million waterfront apartment complex under construction on the site of the former Flamingo Resort across the street from this new project.

Content Partners
‣ Arbor Realty Trust
‣ Bohler
‣ Lee & Associates
‣ Lument
‣ NAI Global
‣ Northmarq
‣ Walker & Dunlop

Subscribe to the newsletter
Conferences


Webinars on Demand


Read the Digital Editions

Northeast Multifamily & Affordable Housing Business

Midwest Multifamily & Affordable Housing Business

Western Multifamily & Affordable Housing Business

Texas Multifamily & Affordable Housing Business

Southeast Multifamily & Affordable Housing Business

Heartland Real Estate Business

Northeast Real Estate Business

Southeast Real Estate Business

Texas Real Estate Business

Western Real Estate Business

Shopping Center Business

California Centers

Student Housing Business

Seniors Housing Business

Featured Properties