The owner of a St. Petersburg shopping center is planning a large-scale renovation to keep the property competitive with both e-commerce and other retail properties in a post-pandemic world.
InvenTrust Properties Inc., a real estate investment trust based in Illinois, has a new vision for Gateway Market Center at 7751-8229 9th St. N in St. Petersburg. Publix Super Markets Inc. and Target Corp. anchor the center, which spans 231,058 square feet.
The renovation will demolish the box that’s home to Bealls, whose lease has expired, said David Joss, vice president of construction and development at IVT. The Bealls demolition will allow for the construction of several smaller buildings on the site.
Construction is slated to begin in the first quarter of 2022 and is expected to take 18 months to complete. Alex Wright and Jonathan Holubik of Franklin Street have been hired to market the new spaces for lease. Joss said the company has not yet hired a general contractor.