Bitcoin miner’s subsidiary plans to build 22-story residential tower near Mirror Lake • St Pete Catalyst

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A Las Vegas-based company bought multi-family buildings near the Mirror Lake neighborhood with plans to develop a 22-story tower.

The 5th Street N. and 3rd Avenue buildings across from the Mirror Lake Community Library were purchased in a $ 15.5 million deal by a subsidiary of BitNile Holdings Inc., an investment holding company that operates Bitcoin and makes acquisitions through its subsidiaries.

The sale was entered in county deeds this week.

BitNile announced that through subsidiary Ault Global Real Estate Equities Inc., – a subsidiary of the BitNile Ault Alliance spin-off, which focuses on real estate acquisitions – has purchased the five plots in St. Petersburg for development. of a high-rise multi-family tower.

The addresses of the acquired plots with several vacant buildings are 442 3rd Ave. N., 430 3rd Ave. N., 249 5th St. N., 233 5th St. N. and 3rd Avenue N., according to property records.

The group bought the property from Illinois-based Inland National Development, which previously planned to demolish buildings and develop a high-rise complex. The St. Petersburg Development Review Commission approved plans by Inland National Development in 2018 to build its $ 69 million 20-story tower. However, it never came to fruition.

The property is located in a historic district and has been approved for 22-story tower development, with 269 residential units and mixed retail on the first floor.

“We are pleased to be able to acquire this property in a growing metropolitan area, surrounded by historic buildings, a public library and various other municipal buildings, as a second acquisition through ACCORD [Ault Global Real Estate Equities Inc.]”Christopher Wu, chairman of Ault Alliance and CEO of AGREE, said in a press release.

Company executives said the development project will “transform the character of the neighborhood” and the investment will provide strong returns and long-term cash flow.

The proposed 301,000 square foot mixed-use tower development is estimated at $ 114 million.

Construction is expected to start in the second quarter and be completed in the second quarter of 2024.

Ault Global Real Estate Equities Inc. is partnering with multi-family development firm Schock & Haywood Development, which has experience in Florida markets. The architect is Behar Peteranecz, based in St. Pete.

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