T
hird Lake Partners has expanded its downtown St. Petersburg portfolio with a $10 million land acquisition from the city, just east of Tropicana Field. The property includes the former parking lot for an office building at 800 Second Avenue South, which Third Lake purchased in 2022 for $10 million. The Tampa Bay Rays occupy the building temporarily due to hurricane-related damage at Tropicana Field.

    The City of St. Petersburg approved the sale after rejecting a plan by Moffitt Cancer Center and a competing bid from Alexander Goshen that fell through. As part of the deal, Third Lake must begin construction within five years and maintain a vehicle corridor for potential access to a new Rays stadium in the nearby Historic Gas Plant district.

    Proceeds from the sale will help repay a loan for the Deuces Rising townhome project and fund other housing initiatives in the city. While details on Third Lake's planned redevelopment are unclear, the acquisition positions the company to further develop the area with its additional parcels along Third Avenue South.

    The Tampa Bay Rays and Hines are moving forward with a $1.3 billion stadium-anchored mixed-use development in the Historic Gas Plant District, featuring 5,400 residential units, office and medical space, and retail. Other recent land acquisitions include Kolter Multifamily's purchase of a 17-acre college campus in South St. Pete and Onyx+East's secured development rights for 60 residential units in the Old Pasadena enclave.