Ybor City real estate consulting firm Sight Properties, in conjunction with former Tampa Bay Buccaneers player Simeon Rice, has renovated a 1920s apartment building that's been vacant for more than five years.
The two-story, 12-unit, 10,000-square-foot complex now known as
Il Nascondiglio is located at 4211 North A St. in Tampa and was allegedly used by Al Capone back in the day. The building underwent a $270,000 renovation and restoration.
“They don't build apartments like this anymore,” says Michael Mincberg of
Sight Properties. “The shape of the building, amount of windows, interior hallways and woodwork that gave the building its charm would not make financial sense to rebuild. It reminded myself and Simeon of the apartments we see in Chicago and we really felt we could give it a swanky feel.”
The property was foreclosed on by a private lender and was purchased for $330,000; the adjacent lot with enough space for 12 townhomes was purchased for an additional $165,000.
Vanguard Real Estate brokered the deal and will be managing rentals.
According to Mincberg, almost every piece of original wood in the building was rotted due to a failed renovation by the previous owner. Rebuilding the structure piece by piece, central air conditioning and all new plumbing and electrical work was installed, as well as a new roof, drywall, stucco, windows and paint.
The exterior of Il Nascondiglio -- Italian for “the hideout” -- now has a Mediterranean feel with the interior highlighting some of the building's historical features, but with a contemporary twist. The renovation took approximately four months.
Rice acted as an equity partner and was involved in the entire creative process of the renovation and restoration from the finishes and design to marketing of the building. Mincberg says Rice would give final approval.
“This wasn't a huge project, but it will have a huge affect on its block: This was the worst building and many of the residents would find squatters in the property,” Mincberg says. “Il Nascondiglio has become the gem of the block -- and to rebuild the urban corridor, you have to do it one house or one block at a time.”
Sight Properties has several projects underway that stray from the standard cookie cutter project. Focusing on single family and multifamily units, Sight has projects in the works north of Kennedy Boulevard in Tampa and in downtown St. Petersburg.
Writer:
Alexis Quinn Chamberlain
Source: Michael Mincberg,
Sight Properties
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