Third Lake Partners Buys $10 Million Lot Near Tropicana Field

Third Lake Partners has expanded its portfolio in St. Petersburg with a $10 million downtown land acquisition from the city.

The property, just east of Tropicana Field, includes the former parking lot for an office building at 800 Second Avenue South, which Third Lake purchased in 2022 for $10 million, the Tampa Bay Business Journal reported.

The building is occupied by the Tampa Bay Rays as a temporary space due to hurricane-related damage at Tropicana Field.

The City of St. Petersburg approved the sale of the lot in September, following a rejected plan by Moffitt Cancer Center and a competing bid from Alexander Goshen, which fell through. The size of the lot wasn’t reported.

As part of the deal, Third Lake is required to begin construction within five years and maintain a vehicle corridor for potential access to a new Rays stadium in the nearby Historic Gas Plant district.

Proceeds from the sale will help repay a loan for the Deuces Rising townhome project and fund other housing initiatives in the city. Third Lake hasn’t disclosed details of its planned redevelopment, but the acquisition positions the company to further develop the area, supported by its additional parcels along Third Avenue South.

The Tampa Bay Rays and Hines are moving forward with a $1.3 billion stadium-anchored mixed-use development in the Historic Gas Plant District, which will feature 5,400 residential units, 750 hotel keys, 1.4 million square feet of office and medical space and 750,000 square feet of retail.

Other recent land acquisitions include Kolter Multifamily’s purchase of a 17-acre college campus in South St. Pete, which could potentially include multifamily housing and affordable units under Florida’s Live Local Act.

Onyx+East has secured development rights to bring 60 residential units to a 5-acre patch of the Old Pasadena enclave.

— Andrew Terrell