Owners have big plans near Lake Maggiore
By PAUL SWIDER
Published February 28, 2007
ST. PETERSBURG - Condominiums could loom near the shoreline of Lake Maggiore if a landowner's plans are realized.
Fifteen acres between Dr. Martin Luther King Jr. and Sixth streets S could someday include 90 condos facing the lake to the west, with apartments, townhomes and a small commercial strip on the remaining property owned by Intraurban Investments.
The land, between 30th and 32nd avenues, held the Bay and the Bay to Lake mobile home parks before Intraurban's Bob DePugh bought the property last year.
"We're excited about this development," said DePugh, who had the land rezoned to allow medium-density residential that could someday provide up to 270 living units.
He is also seeking to rezone a 200-foot strip of the land along Sixth Street for a small commercial center.
DePugh has listed the property for sale but says he's renting units, so DePugh didn't have the same issues others have faced with relocating and compensating mobile home residents who own their homes.
He said he bought out the few owners left in the park for more than what state law requires.
DePugh paid $2.1-million for the northern parcel but only $2.2-million for the southern even though it's twice the size.
He said that transaction included the land but also a long-term lease, the sale of which was not recorded in public records as part of the deal.
The final plans for the parcel are awaiting the commercial rezoning, DePugh said.
He anticipates eventually building townhomes, priced well below $300,000, on the remainder, he said.
The 270-unit capacity listed for the property assumes a density bonus that would flow from building 45 units of workforce housing.
Those density calculations also stem from the city's new land development regulations, which were again delayed until June while Pinellas County conducts public hearings.
DePugh said his plans apply only to the 15 acres he owns and calls Bay Park.
He said he has no designs on two other mobile home parks just to the south.
City officials say they have fielded no rezoning queries about the Lake Shore or the Wilder, but have heard from investors about the possibility of rezoning another park at the other end of town.
The Hollywood Mobile Home Park stretches from Fourth Street to King Street at 72nd Avenue N and is listed for $14.9-million.
The 17.5-acre park contains 235 spaces and would need to be rezoned to allow anything other than mobile homes, though its real estate listing talks of retail, hotels, condos and more, including the phrase: "Affordable housing is needed."
DePugh's property was rezoned in October at the same time as the Al-Da-Ky Trailer Haven, at Fourth Street and 52nd Avenue N.
That property has been cleared for the 165-unit second phase of Bay Breeze Cove, a townhome development that has already built 171 units on another old mobile home park just to the south.
Paul Swider can be reached at 892-2271 or firstname.lastname@example.org or by participating in itsyourtimes.com.
15 acres between 30th and 32nd avenues S and between Sixth and Dr. Martin Luther King Jr. streets.
Asking price: $14.9-million
Hollywood Mobile Home Park
17.5 acres at 72nd Avenue N between Fourth and Dr. Martin Luther King Jr. streets.
Asking price: $14.9-million
[Last modified February 28, 2007, 01:40:51]
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