A new retail strip is coming to Central Avenue in St. Pete

The corner lot of 22^nd Street S. and Central Avenue is currently used as a parking lot for Euphoria Salon and Day Spa Business, but soon a new retail strip will rise on the crushed shell lot. 2160 Central Ave will be the location of the new retail strip, which is dubbed “The Shoppes on Central”.

Nick Molina of Endangered Investments (Miami-based) purchased the lot last year under the LLC “The Shoppes on Central”. Molina purchased the property for $2,175,000. The lot is a total of 11,945 SF, at a purchase price of $182 per SF or 7,931,603 per acre. The plan is for an 8,756 SF retail strip that will house 6 different store fronts, with several having the ability to be combined to create more space for certain tenants. At the current planned building space there is a price of $248 per SF. Molina says a restaurant user would take the corner space, and an employee and retail customer parking lot will be available on the south side of the building. Tenants will be able to create their exterior design depending on the use of the space. Construction is expected to start in January and be completed by fall of 2023.

Source: The St. Pete Catalyst

Thank you for your interest. For more information on the St. Petersburg market contact:

Mike Cliggitt, MAI, MRICS, CCIM

813.405.1705 - Direct Line

findvalue@cliggitt.com

St. Petersburg - Appraiser, Advisor, Analyst

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Governor DeSantis signs bill aimed at lessening the amount of policies at Citizens Property Insurance

By cliggittvaluation • 14 May, 2024

HB 1503 was signed by Governor Ron DeSantis on Friday, along with a provision. The bill says that lightly regulated insurance companies will be able to soon take over policies from Citizens Property Insurance Corporation. Under the bill, the insurer must have an A-rating by the AM Best Rating Agency and they must have OIR approval for their takeout plan. Citizens’ properties that have a homestead exemption will not be available for takeover by surplus line carriers. Surplus lines are insurers that have not been admitted to the state market. Regulation does not approve their rates, and dispute over a claim with a surplus carrier must take place in a court outside of Florida. Despite being out-of-state insurers, surplus lines are still subject to Florida regulatory oversight in some areas. Surplus carriers will insure risker and more expensive homes that the domestic market won’t cover. Domestic carriers in the state have already been allowed to take over policies from Citizens once OIR approves. Customers at Citizens must opt out of the process if they do not want to join the new company, but the law states Citizens’ customers have to go to the private market if they are offered a rate that is within 20% of what Citizens’ rate is. Citizens has around 1.19 million policies (as reported by data on their website), and lawmakers have been working to reduce the number of polices under Citizens to reduce the risk of assessments of homeowners’ policies in the event a major hurricane or series of storms wiped Citizens’ out of their ability to pay claims. Citizens Insurance has seen policy counts jump in recent years as the private market has struggled. Thousands of homeowners have been left to find last minute coverage when their policy holder has gone bust or imposed large rate hikes. In 2021, Citizens had just over 540,000 policies – and that number has more than doubled.