The private equity firm signed a 10-year lease for 13,460 square feet of space on the 16th floor of the 17-story building at 150 Second Ave. North in Downtown St. Petersburg.

The Bradley, located at 51 Northwest 26th St., will include 175 micro studio, one- and two-bedroom units ranging from 480 square feet to 1,000 square feet and will also feature approximately 32,000 square feet of commercial space.

Work on both phases involved a total of $166 million in public and private investment, CAMBA Housing Ventures states.

The financing, which fully capitalizes the 59-unit project, was provided by New York City-based Madison Capital. Construction is underway, with the foundation nearly complete.

Also at the property, the company successfully terminated its lease with the building ownership for 122,000 square feet that had previously been on the market for sublease by the membership warehouse operator.

The new ownership plans to demolish the existing building between Eight and Ninth avenues and construct a new nearly 350,000-square-foot mixed-use property in its place.

The hotel is part of the multi-phased Water Street Tampa development project that will include more than 9 million square feet of commercial, residential, hospitality, educational, entertainment, cultural and retail space on 50 acres.

MMG officials state it plans to undertake an extensive renovation of the property this year to enhance its curb appeal and tenant mix.