Dallas-based investment firm 90Ten has acquired several retail properties along Central Avenue in the EDGE District of downtown St. Petersburg, according to an April 16 announcement. The purchase, totaling $8.5 million, includes storefronts at 965, 1027, 1029, and 1033–1041 Central Avenue.
The acquisition is notable as it continues a trend of investment and development in the downtown area, which has seen increasing interest from both local and out-of-state investors. The EDGE District is known for its walkability and vibrant mix of businesses that contribute to the community’s character.
Tripp Russ, managing partner at 90Ten, said in a conversation with St. Pete Rising: “We love the charm of the block, the walkability, and retail. For us, we want to keep tenants in place and the buildings there.” Russ also said: “We want to continue to add investment and welcome businesses. Our plan is just to be a good long-term partner to the community and a steward of the real estate.”
The company plans to preserve features such as the historic building at 965 Central Avenue while considering new tenants for vacant spaces previously occupied by Flagship Bank. Leasing has not yet begun for this location but Russ indicated it could suit retail or fitness users.
Additionally, Russ confirmed that within one or two months they expect to close on another nearby parcel comprising a grass lot east of Ashe Couture Boutique and a parking lot west of former Flagship Bank’s site. “It’s a pedestrian hazard and cuts through the site. We want to keep the flow of retail along Central Avenue,” he said regarding future plans for these lots.
This latest transaction marks 90Ten’s second major investment in St. Petersburg following their $10 million purchase across from these sites late last year—a move that brought more commercial space under their management including buildings housing Enigma nightclub and Sweetgreen restaurant.
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“We’re spending a lot of money in this market. I think we can do something really special here,” Russ said.
