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Landmark Snell Arcade tries Plan 2: more beds, not desks
By SHARON L. BOND, Neighborhood Times Business Editor
ST. PETERSBURG -- The Snell Arcade, with its castle-like facade, is one of those landmark office buildings that looks like it could be a cool place to live. Soon it will be. After almost 75 years as an office building, the arcade is converting to 11 residential condominiums with prices in the $300,000 range. Owner Peter C. Fischbach hopes to have a model ready by February. Already he has contracts on two of the units, the tiny penthouse and the third-floor unit where the nightclub and restaurant used to be. Prospective buyers so far have been people who are "a little bit techie," Fischbach said. The arcade, a 1928 Mediterranean Revival building at Central Avenue and Fourth Street, is one of several historic structures downtown that has proved to be comfortable as office space for technology types. "They are top executives in small firms, lots of professional people," Fischbach said of those interested in living in the arcade. "The town is doing so good. Everybody is so excited about it." In the past few years, St. Petersburg's downtown has undergone a renaissance with hundreds of residents moving into newly built luxury condominiums and apartments. BayWalk, an entertainment and retail center within walking distance of the arcade, opened two years ago. Construction is scheduled to begin on a Publix grocery store in February on the site now occupied by Dew Cadillac, also close to Snell Arcade. The arcade was built by C. Perry Snell, who developed many of the luxury homes on Snell Isle. It is on the National Register of Historic Places. Tenants include architects, communications and software companies and developers. They now are on a month-to-month leases. Fischbach said he will give 90 days notice when he needs the spaces to build condominiums. Fischbach will gut a large commercial space on the ground floor toward the back of the building and turn it into a parking garage for condo owners. He also is selling the six commercial spaces on the ground floor and said about 75 percent of the current tenants have options to buy. Prices for the commercial spaces range from $91,800 to $311,700. Current tenants include Bliss, Central City Bean, GreenBench flowers, Frank's Cigars, George's Chicken and JJ's Pizza. Fischbach, who has owned the Snell Arcade since 1994, said the basement probably will remain commercial. The condominium project is the second Fischbach has tried with the Snell Arcade. Last year he announced he would renovate the building into work/live condominiums. Buyers would have apartments on one side of a unit and office space on the other. That plan didn't catch on. "Everybody wants to live here only," Fischbach said Monday. After numerous inquiries, he decided to convert to residential condominiums. A 1,466-square-foot unit on the fourth floor has been gutted and construction will begin soon on a two-bedroom, bath-and-a-half condominium that will be offered for $315,190 and act as the model. It will have a loft-like interior with European-style kitchen, Fischbach said. Long windows surround the space, which is being designed by architect Tim Clemmons. The "city view" visible from the windows is particularly nice at night, Fischbach said. Sheryl Weinberg of Sarasota is designing the interiors. Two units will be built on the third floor, both of which will have large terraces. One will occupy the space where Jezebel's rooftop restaurant was, and the views from this spot give more of a feeling of height than the fourth floor model. The third-floor unit is filled with various architectural features for which the Snell Arcade is known, such as two small decorative towers, Moroccan tile floors, mosaic tile, iron coach lamps on the walls and a rather worn gargoyle. The home there will be a linear design that curves around the terrace. It will have two bedrooms, a large master bath and another half bath. The walls looking out on the terrace are glass. Large windows also look out on the street side. The outside space even has a small overlook balcony where the band used to play during the time when Snell Arcade had a nightclub called Spanish Bob's. It is said to have been a favorite of Babe Ruth's. The unit's interior measures 2,413 square feet and its terrace area is 1,416 square feet. It is under contract for $482,600, Fischbach said. The penthouse, which is made up of two rooms in the tower, one on the eighth floor and one on the ninth, is under contract for $99,200. It has 496 square feet inside and 909 square feet of terraces that wrap around the eighth floor. Plans for seven of the 11 units are mapped out. Fischbach said he will carve the other four out of the 10,000 square feet on the second floor. Units are set to go on sale after the first of the year. Signature Bank of St. Petersburg is financing the project.
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From the Times South Pinellas desks |
