You are currently viewing Bitcoin mining company to build a 22-story apartment tower near St. Petersburg's Mirror Lake – Tampa Bay Business Journal – The Business Journals

Bitcoin mining company to build a 22-story apartment tower near St. Petersburg's Mirror Lake – Tampa Bay Business Journal – The Business Journals

A Las Vegas bitcoin miner subsidiary has purchased a variety of properties near Mirror Lake in St. Petersburg with intentions of building a 22-story multifamily tower on the site.
Las Vegas-based BitNile Holdings Inc, which mines bitcoin, purchased 0.94 acres worth of multifamily properties at the southeast corner of Third Avenue N and Fifth Street N through its subsidiary Ault Global Real Estate Equities Inc. (AGREE) for $15.5 million, according to Pinellas County property records.
The company is known for making acquisitions via subsidiaries. In December, the subsidiary AGREE acquired three hotels located in Middleton, Wisconsin and one hotel in Rockford, Illinois, in a $69 million deal.
In St. Pete, the former owner, Illinois-based Inland National Development, planned to build a high-rise complex on the site, according to documents filed with the city of St. Petersburg. The plan was approved in 2019 by the city council for a 22-story tower with 269 residential units and retail on the ground floor.
A news release regarding the new project referenced the original plans approved by the city council for a 22-story tower. According to the city’s development and planning staff, no revised/modified plans have been submitted yet.
St. Pete-based Behar Peteranecz is the architect for the development. Ault Global Real Estate Equities is partnering with Schock & Haywood Development, a multifamily and hospitality development firm, for the project. Construction is expected to begin in August, with estimated completion in the second quarter of 2024.
“We believe this development project will provide AGREE and thereby the company with strong returns and attractive long-term cash flows,” Christopher Wu, president of Ault Alliance and CEO of AGREE, said in a statement. “We are also pleased to partner with Schock & Haywood Development, whose principals have a solid track record of developing multifamily properties.” 
The land sits across from the Mirror Lake Community Library, and in total, the tower will be approximately 301,000 square feet. The project is estimated to cost $114 million.
Milton “Todd” Ault III, founder and executive chairman of BitNile, said the project will “transform the character of the neighborhood.”
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