Local real estate contractors Fred Bullard Sr. and his son are exercising their right to purchase part of the Sundial parking lot.
The Bullards have leased the downtown St. Petersburg space at 117 2nd St. N. from the city for the past 22 years and will now seek to purchase the retail component in the parking structure.
Retail tenants include Starbucks, One Night Stand Bar, Tranquility Day Spa, Mio Grill and Cafe, The Optic Shop, Diagnostic Imaging, Pure Natural Nail Lounger and a BayCare Primary Care Center, according to the latest property maps. . Tenants should not be affected by the purchase as it will be under the same controlling entity.
On Thursday, the St. Petersburg City Council, meeting as the community redevelopment agency, passed a resolution that would ultimately lead to the dissolution of the city’s stake in the parking lot.
Council supported the partial termination and asked the mayor to authorize the termination of the Final Disposition Agreement (FDA) on behalf of the CRA. The resolution passed by a majority, with council member Richie Floyd casting the only negative vote. Floyd explained that he was opposed to the purchase because he is against giving up city-owned assets.
“We want to make sure that’s not a barrier to filing the property and quite honestly from a city perspective it’s a huge plus for us to get out of this deal as much as possible. All development arrangements in this repository have been processed, supported and are in place,” said city staff.
The resolution point is tied to the agreement that has been in place since the late 1990s. related to the development of Sundial, located at 153 2nd Ave. N., a movie theater complex and the city’s MidCore parking garage.
“When we entered into the Final Disposition Agreement (FDA) and the head lease, part of that agreement gave them the right to purchase this property, so the authority was already granted to them under the lease. and the FDA,” the staff said.
“The ARC is an actual signatory to the current FDA, which is no longer something done. It’s a technical step,” said Brad Tennant, the assistant city attorney, noting the necessary CRA approval.
The expected purchase price for the ground floor retail business was not disclosed; however, the city told the St. Pete Catalyst the purchase price is estimated at around $2 million. The purchase price is based on the assessed value of the property and the leasehold improvements.
The option for Bullard Realty to purchase the retail portion comes as the entire Sundial complex experiences a renaissance.
Florida-based Paradise Ventures bought the Sundial shopping complex from longtime owner Bill Edwards earlier this year in a $21.13 million deal.
Paradise Ventures plans to fill vacant retail and restaurant spaces.
Today, the mall’s tenants include Sea Salt, Ruth’s Chris Steakhouse, Chico’s, White House Black Market, Tommy Bahama, Diamonds Direct and the Man Cave barber shop, according to the Sundial website.
There are several large vacant spaces, including spaces formerly occupied by FarmTable Kitchen and Locale Market.
“Right now we’re looking at ideas for the backyard,” Paradise CEO Mike Connor said. Catalyst.
Connor said they are also in the process of executing leases with two or three new initial tenants, which will be announced once the contracts are signed.
Paradise Ventures is “in no rush” to secure contracts and make abrupt changes to the retail complex, as the group wants to take its time lining up the right tenants.