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Miles doing Due Diligence on Synovus block

Locals know the Synovus block as where they used to park when having dinner at The Keystone Club. The block runs from 4th St N to 3rd St N and from 3rd Ave N to 4th Ave N – and currently has only one building, which is on the southwest corner of the block, currently housing Synovus Bank of Tampa Bay.

The transaction hasn’t closed yet, as Miles is still doing its due diligence, but Synovus is planning to sell the property to Miles Development. Miles has a track record with condos in St Petersburg, first with 1010 Central, which recently opened, and then with The Sage, scheduled to open this fall.

Miles is planning three phases of development for the block: Phase I: a 12-15 story office building, a hotel with 130 rooms and a parking garage connecting the two. Phase II: "an upscale urban grocery store on the southeast corner" and Phase III: Renovating or rebuilding the existing bank building as either more office space or possibly condominiums.  Phase I is planned for completion in 2-3 years – the rest further out.

Residents of the many downtown St Petersburg condominiums – and those working in downtown St Pete – are really anxious for a large, unique grocery store. Most often requested is a Trader Joe’s or a Whole Foods. The Synovus block and Jimmy Aviram’s Topicana block at Second St and Central Avenue are both potential spots for this, having enough ground to plan for the needed parking.

A tip of the hat to Paul Swider.

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