A shopping plaza located at 118 107th Ave. in Treasure Island recently sold for $5.85 million on June 30th. The buyer is an entity that is linked to Florida Investor Shlomo Melloul, indicated in the recorded deed. Evan Cannan and Reid Thedford of Marcus & Millichap represented the buyer in the transaction. The sale equated to an average of approximately $292 per square foot.

Situated just a block away from the beach and north of the Treasure Island Causeway, the plaza occupies just over an acre of land that is designated for mixed-use development. Evan Cannan shed light on future plans for the property, sharing with the Tampa Bay Business Journal that two possibilities are being considered for the site. The first plan entails a five-story building that extends to 107th Ave, enhancing the walkability of the area. The first floor would be for retail space, with the top 4 floors providing apartment units. Additionally, a three-story parking garage would be positioned behind the building providing parking options for residents. A rooftop pool is also discussed in the first plan. Alternatively, if a mixed-use development is not pursued the owner will transform the site with an upgraded shopping center.

The investor, Melloul, has met with the city and architects' multiple times already. Treasure Island is seeking to foster a more walkable community and revitalize the areas appeal. Regardless of whichever direction the investor decides to go with in regard to redevelopment, he is committed to making significant transformations to the site to ensure it reaches full potential.