L3 Capital Buys 1246 Central Avenue for $12M

The three-story, 27,261-square-foot building at 1246 Central Avenue in St. Petersburg's EDGE District has sold for $12 million. PTM Partners sold the property, Phase I of the EDGE Collective, to Chicago-based L3 Capital. The deed was recorded October 6, 2026.

The building sits at Central Avenue and 13th Street. The ground floor houses Bosphorous Turkish Cuisine and Amorino Gelato in roughly 8,000 square feet of food and beverage space. The upper floors offer approximately 16,000 square feet of Class A creative office space. Amenities include a 7,000-square-foot communal garden, private suite balconies, an access-controlled elevator, and large windows.

The sale also included the Moxy hotel's 3,407 square feet of ground-floor retail at 1200 and 1210 Central Avenue, occupied by Floyd's Barbershop and Solidcore. The 163-room hotel itself was not included and remains in PTM Partners' EDGE Collective. CBRE's James Garner and Jim Shiebler represented both parties.

PTM Partners and DoveHill Capital Management bought the building, adjacent hotel land, and a 0.38-acre parking lot in 2019 for $13 million. The building previously housed Furnish Me Vintage, which closed in 2019. PTM renovated it as the first phase of the planned 500,000-square-foot EDGE Collective, with architecture by Storyn Studio. Construction wrapped in early 2025. L3 Capital plans to hold the property as an investment without major changes.