St. Pete land that was once part of alleged Tampa Ponzi scheme will become apartments
By Breanne Williams and Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Apr 18, 2023

A Chicago developer planning to build a 22-story apartment tower in downtown St. Petersburg has closed on the land for the project — land that was previously held by a Tampa investment firm accused of running a Ponzi scheme.

A corporate entity linked to Focus purchased .92 acres along Third Avenue South for $20.25 million on April 14, according to Pinellas County property records. The transaction included 511, 533, 543 and 551 Thirds Ave. S and 226 Sixth St. S.

Focus secured an $11.13 million mortgage from Lakeside Bank, according to property records.

The seller was a court-appointed receiver for assets owned by Tampa-based EquiAlt LLC. In early 2020, the U.S. Securities and Exchange Commission charged EquiAlt CEO Brian Davison and managing director Barry Rybicki with fraudulently raising $170 million from 1,100 investors across the U.S., many of whom were elderly.

The property Focus purchased is home to one office building and a surface parking lot. Focus also took out an approximately $11.13 million mortgage from Lakeside Bank.

St. Pete City Council, meeting as the Community Redevelopment Agency in December, unanimously approved plans to build the $72 million development. The tower will have 11,560 square feet of commercial space, 335 apartments and a 382-space garage, according to plans filed with the city.

The apartments will range from studios to two-bedroom units, and many are expected to be less than 750 square feet. Approximately 5% of the total units will be set aside as workforce housing.

Amenities will include a 2,240-square-foot fitness center, a dog washing room and a 2,240-square-foot coworking space.

St. Petersburg-based Place Architecture is the project's architect.