Treasure Island shopping plaza to be redeveloped
By Breanne Williams
Tampa Bay Business Journal
Published: Jul 10, 2023

A shopping plaza in Treasure Island has sold to a private investor who intends to redevelop the site.

The plaza, located at 118 107th Ave., sold for $5.85 million to an entity linked to Florida investor Shlomo Melloul, according to a deed filed in Pinellas County. The sale closed on June 30, and the sales price breaks down to approximately $292 per square foot.

Evan Cannan and Reid Thedford of Marcus & Millichap represented the buyer in the transaction.

The property is located one block from the beach and just north of the Treasure Island Causeway. It sits on more than an acre of land and is zoned for mixed-use development.

Cannan told the Tampa Bay Business Journal there are two possible redevelopment plans for the site. Melloul has multiple beachfront real estate properties in his portfolio.

“The buyer is an opportunistic investor who likes to buy beachfront commercial real estate and capture the upside in the long run,” Cannan said. “That’s his profile and a lot of investors’ profiles right now.”

Cannan has worked with the buyer for several properties. The zoning for the Treasure Island location permits mixed-use, and Cannan said the site is approved for 12,000 square feet of retail on the bottom floor of a mixed-use building with 40 residences above.

The tentative plan would be for a five-story building that is pulled out onto 107th Avenue, which would make the area more walkable. If this plan is pursued, a three-story parking garage would be built behind the building. The property may also include a rooftop pool for residents.

Should they choose not to pursue a mixed-use project, the developer will redevelop the site into a “nice shopping center.” Regardless, Cannan said, “Something will be done.”

The buyer is still early in the process, but they have met with architects and the city a few times, according to Cannan. He said the city has made several steps to make Treasure Island more walkable and “spruce up” the community, and the site's redevelopment would be a part of that.

Cannan said there is a “smaller buyer pool” for these types of investments but that the buyers looking for these deals are aggressive and “know what they want” in an investment. He said the buyers actively searching for these opportunities have the expertise to navigate the expenses of owning properties near the beach.