The former Raytheon site in St. Petersburg that has been vacant for years has been purchased, and will be redeveloped into retail, multi-family housing or mixed use, as the Commercial Development Company (CDC), which bought the 29-acres of land makes final plans for its use.
“Commercial Development Company
has a strong track record of bringing underutilized sites back to productive use,” says John Kowalik of CDC.
While the company is eager to get started on the project, environmental issues that have plagued the site had to be dealt with first. According to Kowalik, Raytheon
has remediated the issues, making the site suitable for redevelopment.
In order to maintain environmental compliance, Raytheon will also remain on site of the property to ensure that the groundwater treatment and recovery system (GRTS) they installed in 2014 operates efficiently.
The property located between Tyrone Square Mall and the Azalea Park neighborhoods is densely populated, which Kowalik says is great for vertical development. The company has already been contacted by potential tenants and developers showing interest in the property.
While plans for what exactly will be going in the area will not be determined for another few months, Kowalik says the area is prime for even more growth, which is why the company chose to invest.
“We seek to invest in areas where we see the most potential for growth, and the St. Petersburg
market is already in a growth-phase and we are eager to see the economic and social benefits this redevelopment brings to the area.