St. Petersburg Plans to Sell City-Owned Property to Third Lake Partners for $10 Million
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St. Petersburg's mayoral administration is poised to sell a city-owned property at 298 Dr. MLK Jr. St. S.
to Third Lake Partners for $10 million, following an unsolicited offer of $6 million made in March 2023. The property is strategically located across from the Historic Gas Plant District, which will soon feature a new Tampa Bay Rays ballpark. Previous offers for the site included a rejected $5 million proposal from Moffitt Cancer Center, which aimed to construct a cancer center and residential tower but was deemed insufficient by Mayor Ken Welch. After negotiations, Third Lake Partners increased their offer, leading the city to seek approval from the council. Councilmember Copley Gerdes emphasized the need for the city to maximize the property's value.
If the sale is approved, the city plans to transfer $6 million to its Economic Stability Fund and direct $4 million to the Housing Capital Improvement Fund to support future developments. The site has a complicated history, including a 99-year lease that expires in 2086, which incurs significant annual costs for the city. The upcoming council meeting will address the proposal, providing an opportunity for further discussion among officials.