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Tampa Bay Area
Business Observer Wednesday, Oct. 27, 2010 9 years ago

Sage Partners LLC to develop Metro 510

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Tampa-based Sage Partners LLC purchased the St. Paul AME Church in downtown Tampa and some related property for $6.8 million.

BUYER: SP Three Ltd. (principals: Debra Koehler and Todd Turner), Tampa


PROPERTY: a portion of lot 1, Addie Subdivision, Tampa


PRICE: $4.6 million



BUYER: SP Two Ltd. (principals: Debra Koehler and Todd Turner), Tampa


SELLER: St. Paul African Methodist Episcopal Church of Tampa, Florida Inc.


PROPERTY: 506 E. Harrison St., Tampa


PRICE: $1.1 million



BUYER: SP Two Ltd. (principals: Debra Koehler and Todd Turner), Tampa


SELLER: The Downtown Cathedral Enterprises Inc.


PROPERTY: 1101 and 1103 N. Marion St. and 506 E. Harrison St., Tampa


PRICE: $1.1 million


LAW FIRM ON DEED: Stearns Weaver Miller Weissler Alhadeff & Sitterson PA, Miami


PLANS, DESCRIPTION: Tampa-based Sage Partners LLC purchased the St. Paul AME Church in downtown Tampa and some related property for $6.8 million.


Sage Partners plans to convert the one-acre property into affordable workforce housing. The company already broke ground next to the church on a six-story building, to be called Metro 510. The development will feature two floors of parking below four floors of residential, with a total of 120 units.


The project will feature an outdoor spray park, community garden, movie theatre area and an outdoor museum devoted to the history of the church. The 15,000-square-foot church is being converted into a community center that will house a fitness area, a computer lab, a library and a learning and play area for children.


The apartment building is being funded through tax credits from the Florida Housing Finance Corp., a federal stimulus grant and loans from the Tampa Bay Community Reinvestment Corp. and Bank of America.


Metro 510 is scheduled for completion in a year.


First Florida of Miami is the general contractor for the project and Urban Studio Architects in Tampa is the architect. The development is located near the Marion Transit Center facility and a block from a planned high-speed rail terminal.

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