DDA Development buys Salvador development site

BUYER: DDA-Salvador LLC, Tampa
SELLER: Algirdas and Livia Bobelis, Second & Five LLC, Bokada LLC, Ira Innovations LLC, FBO Bintaras Degesys IRA and Algirdas Bobelis as trustee of the Bobelis Family Land Trust dated 1/2/1997
PROPERTY: 143 and 155 Fifth Ave. S., 440 Second St. S. and 136 Delmar Terrace S., St. Petersburg
PRICE: $3.9 million
PREVIOUS PRICE: $612,500, February 2008; $600,000, September 2005; $520,000, September 2004; and $100,000, January 2001
LAW FIRM ON DEED: Sanders Law Group PA, St. Petersburg

PLANS, DESCRIPTION:
DDA Development purchased nearly an acre of land west of The Dali Museum and the Mahaffey Theater in downtown St. Petersburg for $3.9 million.

The four-parcel block features a mixture of '60s- and '70s-era apartment buildings with roughly 30 units. DDA Development plans to demolish the three buildings with the goal of starting development in March or April on The Salvador, a new 13-story condominium project.

The Salvador Dalí inspired development will feature 74 residential units ranging in size from 964 to 2,795 square feet. It will also feature an 11,000-square-foot amenity deck, two-story lobby, fitness center, clubhouse, gated dog walk area, heated saltwater pool and ground-floor rock and bamboo water garden. The Salvador will have two ground-floor retail spaces.

Units will range in price from $335,000 up to $1.4 million. Smith & Associates Real Estate is the exclusive listing agency for The Salvador.

“There aren't many other big sites like this left in downtown,” says Bowen Arnold, manager of DDA Development. “Kolter paid about $17 million for a site two blocks away from us. There's the American
Land Ventures [330 3rd Street South] project going up a block away. We really feel like there's a lot going on downtown, and we think we got the land at a really good price.”