Downtown St. Petersburg Creative Revival « Smith and Associates Blog

Downtown St. Petersburg Creative Revival May 27, 2010
By David B Moyer

In 2005, the real estate boom had the 600th block of Central Ave in downtown St. Petersburg ready for the next big new construction tower.

In 2007, Crisip Arcade was an empty space in St Petersburg, home to no tower – another hole created by a slow market.

In 2010, the rejuvenated block is home to studios and creative businesses that have inspired the Arts District.

The Crislip Arcade is a rebirth of a 1920′s shopping block which provides shades and shops along Central Avenue. Nestled between bars, restaurants, and businesses, artists who call St Petersburg home now have a space to showcase their poetry, song, art, and photography. It took a lot of like minds to create such an amazing turn of events including inspired artists, a willing landlord, a creative city council, and cooperative code/city departments. A major change in real estate focus also allowed an opportunity for all of this to take place.

The property changed hands from a developer who envisioned a high rise to an owner willing to take the investment at a lower price and wait out the market. The city stepped in and offered to renovate the property and give it a new use while the new owner also upgraded the block. “It is a much more realistic world,” says Bob Glaser, President/CEO of Smith & Associates Real Estate. “People are starting to own property at the right price range. (Rents) are almost equal to the debt service. There are probably other sites in the Bay area that would qualify.”

This is a great example of how you can take advantage of what is existing and use it to improve the downtown area. What an amazing thing for the city and for all to be a part of. For the many artists and creatives who call St Petersburg home, there is now an all-new place to flourish.