(1962–Present)
The Mirasol’s Conversion to Residential Apartments
In 1962, after decades of declining use as an outdated apartment-hotel, the Mirasol was sold to
Davis Islands Towers, Inc. for $150,000. At the time of purchase, the building had fallen into
significant disrepair and was no longer economically viable in its original form. Rather than
demolish the structure, the new owners undertook a comprehensive rehabilitation and
conversion to permanent residential apartments—a use that has defined the property for more
than six decades.
This chart shows the Mirasol's dollar value as a hotel versus apartments, highlighting a significant value increase as apartments.
A Comprehensive Preservation-Driven Rehabilitation
Contemporary newspaper accounts described a $500,000 renovation plan, an extraordinary investment for the era, aimed at modernizing the building while restoring its architectural character. The scope of work went far beyond cosmetic improvements and amounted to a near total reconstruction of the interior systems and living spaces, while preserving the historic exterior shell.
Key elements of the 1962–1963 renovation included
Site Improvements and Parking Construction
The 1962 apartment conversion fundamentally reshaped how the Mirasol functioned as a residential property. Prior to this conversion, the site did not include the on-site parking facilities that exist today. Both the parking lot along Adalia Avenue and the lot adjacent to Baltic Circle were constructed as part of the apartment redevelopment, along with the docking facilities. These site improvements were not automatic approvals. They required multiple permits, City review, and zoning actions—reflecting the City of Tampa’s active role in shaping the final
outcome.
Rezoning, Permit Review, and City Oversight
While the Mirasol property had been zoned residential since the 1940s, its various parcels
carried different residential classifications. As part of the 1962 redevelopment:
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The land beneath the original Mirasol building was rezoned from R-3 to R-4.
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The side parcels along Adalia Avenue and Baltic Circle were rezoned to R-3, reflecting
their adjacency to surrounding residential neighborhoods.
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Importantly, the Mirasol formally abandoned its grandfathered hotel and commercial
uses, transitioning fully to a residential apartment use under modern zoning controls.
The City initially denied the Mirasol’s request to construct a multi-family parking lot along
Adalia Avenue due to its proximity to single-family homes and the zoning of those parcels. The
owner appealed, and the City of Tampa Board of Adjustment ultimately granted conditional
approval, imposing strict design compromises, including:
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Increased setbacks along Adalia Avenue
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Fewer curb cuts
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Additional buffering and landscaping
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Construction of a wall and screening adjacent to 124 Adalia Avenue
Notably, the Adalia parking lot remains today exactly as approved in 1962–1963, unchanged
from the conditions imposed by the City more than 60 years ago.
Long-Term Stability and Proven Residential Value
Following its conversion, the Mirasol operated continuously as residential apartments for
decades, with no return to hotel or commercial use. Its financial history reflects the long-term
stability and desirability of that use:
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1979: Sold for $996,500
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1999: Sold for $5,000,000
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2016: Sold for $10,375,000
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2021: Sold to the current owner for $20,000,000, representing a 93% increase in value over five years
These transactions demonstrate that the Mirasol has been economically viable—and
increasingly valuable—as a residential apartment property, independent of any hotel or commercial use.
Why This History Matters
For more than 60 years, the Mirasol has functioned successfully as residential apartments, following a City-approved conversion that preserved the historic structure, respected surrounding neighborhoods, and replaced obsolete hotel uses with permanent housing. This long, continuous residential history—not its short-lived 1920s apartment-hotel phase—defines what the Mirasol is
today.