A prominent three-storey Art Deco building in downtown Lake Wales, Florida, has been acquired by US developer Michael Andoniades, a principal of the family-owned Andoniades and Blackmon development firms based in St. Petersburg, as reported by Lake Wales News.

Lake Wales News reported that the former Friedlander Department Store and True Value Hardware building, located at the corner of Park Avenue and First Street, was purchased from local investment firm Scenic West LLC for a reported $450,000 (€414,000). Scenic West had acquired the property from the Friedlander family in May 2023 for $369,000 (€340,000).

No development plans for the structure have yet been announced, though the building's Art Deco architectural details are considered significant, and the acquisition follows the buyers' established pattern of restoring historic commercial and hospitality properties.

The Andoniades and Blackmon families have previously restored multiple buildings across St. Petersburg, including the Avalon and the Hollander, two historic boutique hotels that attracted wider industry attention following their completion. The two families are also currently undertaking the restoration of the Harder Hall in Sebring, a resort hotel that had stood vacant for decades after several earlier restoration attempts failed.

The Lake Wales acquisition places the development team in close proximity to another major heritage project in the city. The nearby Walesbilt Hotel, which fronts the same two streets as the acquired building, is being restored by Restoration St. Louis and is expected to become part of the Marriott Tribute Collection of historic hotels.

The acquired building sits along streetscapes that have recently undergone extensive reconstruction and public realm improvement as part of the Lake Wales Connected plan, providing a strengthened context for heritage-led regeneration in the downtown core.

The Polk County Property Appraiser lists an estimated market value of $361,470 (€332,700) for the property, placing the sale price above the assessed valuation.

Read the full acquisition report and building background here.