Excerpted from CoStar story.
A mixed-use retail and residential development featuring a historic bank building is close to completion in the trendy Edge District near downtown St. Petersburg, Florida, a burgeoning apartment market and one of the few walkable corridors across Tampa Bay.
Builders in major cities across the country have turned to urban developments as a way to alleviate traffic congestion, reduce dependence on cars and put residents close to jobs and entertainment.
“Millennials find that as being very ideal,” said Jack McCabe, a real estate consultant in Deerfield Beach, Florida.
Icon Central at 855 Central Ave. N. features 368 luxury apartments and more than 30,000 square feet of retail. About 18,000 square feet of the retail will be in the refurbished Union Trust Company Bank building. The entire project is being built by The Related Group, a powerhouse condominium and apartment developer based in Miami.
The first retail spaces will be ready for tenants by the end of May, and the apartments are expected to follow at the end of June, said Alex Wright, senior director of Franklin Street, the brokerage firm handling the retail leasing. No tenants have been announced.
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