St. Pete condo developer closes on site for $4.95 million
By Breanne Williams
Tampa Bay Business Journal
Published: Apr 14, 2022

The developer of the Reflection Condominiums on downtown St. Petersburg’s Mirror Lake has purchased the property from BridgePoint Church for $4.95 million.

The sale closed on April 1, according to a deed filed in Pinellas County. Reflection Condominiums will be built at 777 Third Ave. N. and will feature 88 condos in an 18-story tower. There will be 2,763 square feet of retail space available for rent, 27,691 square feet of common area as well as a 237-car parking garage.

The Hemmer Group — with principals Fred Hemmer, Angelo Cappelli, Chad Horne, Brian Spencer and Nick Hansen — is building the tower on a 0.70-acre property that has served as a parking lot for BridgePoint Church. There will be one- to three-bedroom units ranging from 1,167 square feet to more than 2,285 square feet. A rooftop amenity deck will have a resort-style pool with 360-degree views of downtown St. Petersburg.

ACRES Capital Corp. originated a $73.375 million loan to the developer for the project. The loan was arranged by Alex Anderson of Eyzenberg & Co. Drew Miller of ACRES’ Uniondale, New York, office originated the loan.

When the tower first went public, the condos were priced from the $500,000s to $1.5 million.

The Reflection Condominiums are designed by SMP Architects; Kast Construction is the general contractor, and KW Development Services handles reservations for the condos.