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Bitniro Holdings. (New York Stock Exchange:Nile), a diversified holding company (“Bit nile” or”company“) today announced its subsidiary Ault Alliance, Inc. (“Otter Alliance“) through its subsidiary Ault Global Real Estate Equities, Inc. (“agree“), acquired a property in St. Petersburg, Florida for $15.5 million. The property will be used to develop a high-rise multi-family residential project. The property is located in the center of St. Petersburg, between Mirror Lake and Tampa Bay. It provides walking access to Tampa Bay and numerous retail, hotel and office experiences. The implementation of the AGREE strategy diversifies and expands Ault Alliance’s investment portfolio by increasing commercial real estate cash flow and investment opportunities. BitNile has previously Announced its intention to spin-off Ault Alliance to its shareholders.
The property is currently zoned and approved by the city of St. Petersburg for the development of a 22-story tower with 269 residential units and mixed retail on the first floor. The entire project is estimated to cost 114 million U.S. dollars. AGREE is working with Schock & Haywood Development, a multi-family and hotel development company with extensive experience in the California, New York, Georgia and Florida markets. Construction is expected to start in the second quarter of 2022 and is expected to be completed in the second quarter of 2024, subject to financing conditions.
Tampa/St. Petersburg is a growing metropolitan area with a high occupancy rate. The latest U.S. Census data shows that the population of St. Petersburg has increased by 8.2% in the past ten years. The average occupancy rate is about 98% (according to the apartment market data provider Axiometrics). According to data from Axiometrics, although effective multi-family housing rents in St. Petersburg have increased by 31% year-on-year, the market is still……
The full story can be found on Benzinga.com
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