Tampa, FL. (November 19, 2018) – Denholtz Associates is proud to announce that their renovation project at their 238,699-square-foot office building located at 490 First Avenue in St. Petersburg, Florida has been awarded the 2018 Commercial Real Estate Women (CREW) Tampa Bay Construction Renovation Excellence Award. Completed earlier this year, the two-year, $9 million renovation project overhauled the exterior and interior of the iconic building to transform the underutilized, outdated single-tenant-oriented building into an exciting, modern multi-tenant office building befitting the diverse range of companies throughout the area.
Prior to their acquisition of 490 First Avenue in 2016, Denholtz Associates recognized the unrealized opportunity presented by the eight-floor, 240,000-square-foot Class-A office situated directly in St. Petersburg’s booming downtown. At the time of acquisition, the building stood at only 46 percent occupancy with a single tenant, The Tampa Bay Times, utilizing just 110,000 square feet of the iconic building. As the building had been the long-time home of The Tampa Bay Times, the space was configured to accommodate for a large, single tenant with a few smaller leasable spaces available. Unfortunately, this style of construction did not match the prevailing demographics of the area and the type of tenants looking for spaces in the market.
Recognizing these shortcomings, Denholtz Associates immediately began an interior and exterior capital improvement plan that would provide the flexibility and amenities most in-demand from today’s tenants to increase the building’s marketability. The renovations included a full lobby renovation, addition of a fitness center and cafe, remodeling of restrooms and the addition of an ADA-Compliant restroom, addition of common corridors, and a complete update to the buildings’ landscaping and exterior fixtures.
490 First Avenue presented a number of significant challenges directly related to its age and design. As the building is, in fact, three separate connected buildings constructed between 1924 and 1988, there were three systems that were married together but not uniform. With three varying types of construction and systems, the renovation project sought to marry these three buildings into one cohesive, seamless building. This began with creating uniform systems throughout the building including the replacement of HVAC systems, upgraded sprinkler piping, new LED lighting, and new ceilings.
“Renovating a 240,000-square-foot office building is never an easy task. Couple that with almost 50 percent occupancy at the building and architecture and systems dating back 100 years, 490 First Avenue presented a wide range of challenges that made this renovation project unique in its scope and complexity,” said Steven Denholtz, CEO of Denholtz Associates. “This project would not have been possible without The Tampa Times and Convergent Capital and we would like to thank them for their shared vision in helping us return 490 First Avenue back to its previous prominence as a focal point of downtown St. Petersburg.”
The success of the renovation was realized early on as Taylor Media, the fastest growing private media company in the country, negotiated a long-term lease for 22,682 square feet of office space at the building last year. Taylor Media’s office build-out was also selected as a finalist for one of CREW Tampa Bay’s Excellence Awards in the Interior Renovation category. Since their acquisition, Denholtz has been able to increase total occupancy by almost 50% and the space is now nearing full occupancy with a diverse roster of tenants now calling 490 First Avenue home.