Sembler, a leading retail developer based in the area, has acquired a long-vacant Walmart in St. Petersburg. Sembler purchased the 115,900-square-foot property at 3993 Tyrone Blvd. for $6.7 million on January 25, according to Pinellas County records, which values the property at $5.26 million for tax purposes. Walmart, which owned the site since its opening in 1990, retained control even after closing the store in July 2014 to open a new one nearby.

Sembler, which also owns the adjacent Lighthouse Crossings shopping center developed 35 years ago, now considers both properties as a combined 20-acre site. While there are no immediate redevelopment plans, Sembler CEO Greg Sembler mentioned the firm is exploring various options for the Walmart site and Lighthouse Crossings, focusing on a long-term vision for the land. The shopping center’s anchor tenant, PetSmart, closed its store in February.

Sembler’s current listing describes the location as, “Close proximity to Kohl’s, Target, and Tyrone Square Mall in a high-income market with $82K in 3 miles.” The company also states the property, “Attracts customers from southern St. Petersburg to southern Seminole pulling on over 70,000 AADT in traffic counts at the intersection.”

Sembler’s acquisition opens the door to potential new developments, with speculation that the large site could attract a mixed-use project, possibly involving multifamily housing in partnership with another developer. Another option for the property could be a Publix Super Market, given Sembler’s strong relationship with the grocery chain, which frequently serves as an anchor tenant in Sembler’s shopping centers across Florida. However, Publix has stated that it currently has no plans for the location.

Fences went up a couple of months ago and since that time, there’s been little to no activity on or around the property. The multi-unit retail site was also once home to PetsMart, Subway, Mario’s Pizza, and various other companies.

(Image credit: Reddit DeadMalls)