Melting Pot dips back in to St. Pete Central Avenue. A local developer, Paradise Ventures, has struck a deal with The Melting Pot to anchor a redevelopment of a 1920s building along Central Avenue in downtown St. Petersburg. The developer paid $3.4 million for the two-story, 16,000-square-foot building in December 2019 and has leased 4,900 square feet to The Melting Pot. The remainder of the 8,000-square-foot first floor will be leased to another restaurant tenant.
The Covid-19 pandemic, along with other market issues, delayed the renovation, but Paradise CEO Mike Connor stated that the company has decided to gut the building and begin an in-depth renovation. The development team includes D-Mar Construction and St. Pete’s Place Architecture, and the work is expected to be completed in August or September. Melting Pot will likely open in early 2024.
As for the other restaurant space, Connor stated that Paradise is “being somewhat selective” as they want to find the right tenant for the approximately 2,700-square-foot space. They are looking for an operator with at least one location under their belt and are currently talking to an established group that has a new concept.
Image Studios has approximately 6,400 square feet of office space on the second floor. If a tenant from the ground floor needs additional office space, they can lease the remaining 1,600 square feet upstairs. If not, Paradise Ventures may open a satellite office in the space, or they will build it out speculatively for another tenant. The renovation also includes adding balconies to the second level. TBBJ