New Safety Harbor building owners plan to restore boutique hotel
By Breanne Williams
Tampa Bay Business Journal
Published: May 18, 2023

The new owners of a mixed-use building near the Safety Harbor Waterfront Park plan to return the building back to its roots with the launch of a boutique hotel.

The three-story building, located at 101 Philippe Parkway, was sold to Orlando-based Concord Syndicate on April 21 for $8.45 million, according to a deed filed in Pinellas County. Hooman Hamzehloui, co-founder of Concord Syndicate, told the Tampa Bay Business Journal the team, comprised of he and Dr. Wade Foster and the team at Concord, have begun renovating the building and will be changing the façade and redoing the roof.

Gulf Coast Jewish Family and Community Services currently leases the top two floors. The Tampa Bay Times reported that a 17-year-old boy living in the shelter at the site led by the nonprofit died earlier this month. Pinellas Sheriff Bob Gualtieri told the Times the investigation indicated the teen died after having an epileptic seizure.

When Gulf Coast Jewish Family and Community Services’ lease expires, Hamzehloui said they intend to initiate phase two of the renovations and turn the top two floors back into a boutique hotel with 36 rooms. They are currently in the early stages of talking to some different options for boutique hotel flags, but Hamzehloui said there is a “good chance” they will “do it themselves.”

The original hotel had 57 rooms. When it was converted to an assisted living facility approximately 10 years ago, the rooms were made larger and converted into 36 suites. Hamzehloui said they will keep that layout which will “drastically shorten the renovation time.”

This is the first deal of their new private equity fund, he said.

He said they’ve spoken to tenants about the changes and that people are “really excited about where the building is going.” Rents for the retail space had been averaging around $26.52 per square foot. Hamzehloui said they’ll soon be signing two leases at just over $50 per square foot triple net for 10 years and a lease for $60 per square foot.

“We know the location by itself — regardless of if we have a global flag for the hotel or not — we know the demand is there and the return on investment will be there,” Hamzehloui said. “Everyone is still excited about this project and we just know we have a really special property.”

Safety Harbor’s strong demographics drew the team's eye, and when the opportunity to restore the landmark property to its “original glory” presented itself, Hamzehloui said they were eager to move forward. When the building first opened in the late 1920s, Hamzehloui said it was called the St. James Hotel and was known for its luxury offerings. The new hotel will include the St. James moniker.

“When we dug in during our due diligence, we saw how undermanaged it was, and our specialty is taking undermanaged properties and turning them around,” Hamzehloui said. “One of my favorite things in real estate is you make money the day you buy it, so you have to buy it right. This is a trophy asset, and we plan on owning it for many years to come.”