BitNile Holdings Subsidiary Acquires Property for $15.5M for Multifamily Project in Florida - Land.Net News
BitNile Holdings, Inc. (NYSE American: NILE), a diversified holding company (“BitNile” or the “Company”) announced today that its subsidiary, Ault Alliance, Inc. (“Ault Alliance”) has, through its subsidiary Ault Global Real Estate Equities, Inc. (“AGREE”), acquired a property in St. Petersburg, FL for $15.5 million that will be used for the development of a high-rise multi-family project. The property is located in the heart of downtown St. Petersburg, between Mirror Lake and the Tampa Bay, nestled in an historic neighborhood that provides pedestrian access to Tampa Bay and a multitude of retail, hospitality and office experiences. The implementation of AGREE’s strategy augments Ault Alliance’s portfolio by diversifying it with additional commercial real estate cash flow and investment opportunities. BitNile has previously announced its intention to spin off Ault Alliance to its stockholders.
The property is currently zoned and entitled with planning approval from the city of St. Petersburg for development of a 22-story tower, with 269 residential units and mixed retail on the first floor. The total project is estimated to cost $114 million. AGREE is partnering with Schock & Haywood Development, a multi-family and hospitality development firm with experience in the California, New York, Georgia and Florida markets. Construction is expected to begin in the second quarter of 2022 with completion estimated in the second quarter of 2024, subject to financing.
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