As the dust settles from Red Mesa Cantina’s dramatic closing last month, the downtown St. Pete property is getting a new tenant, and with it a new Mexican street food spot.
Atlanta-based hospitality group Rreal Tacos has acquired the over century old three-story building at 128 3rd Street South, taking over the longtime home of Red Mesa Cantina and planning a multi-concept dining and nightlife destination in the heart of St. Pete.
The deal comes after Red Mesa Cantina closed following an abrupt bankruptcy filing, ending the restaurant’s 16-year run as a staple of the city.
With plans to transform the 16,000+ square foot property into a vertical hospitality complex spanning all three floors, Rreal Tacos says the project will include three distinct concepts under one roof, five bars, and the capacity to seat over 800 guests.
The ground floor is expected to open first in early 2027, with the full build rolling out in phases. Rreal Tacos says it plans to invest eight figures into the project and eventually employ more than 250 workers once all floors are open.
According to property records, the building was last purchased in 2000 by its last owner, One Progress Plaza, for $8,743,000. Details of Rreal Taco’s purchase were not disclosed, and the Pinellas County Property Appraisers’ website has yet to reflect the sale.
Rreal Tacos CEO Damian Otero said the company wants to preserve the character of the historic structure while reimagining its use for a new era of downtown St. Pete hospitality.
“This building has watched over downtown St. Pete for more than a hundred years,” Otero said in a statement. “We didn’t buy it to change what it is, we bought it to honor it, fill it with life and hospitality for the next chapter of its life.”
Founded in 2015, Rreal Tacos, in which the extra “R” is a personal nod to founder Adrian Villarreal, whose last name includes two R’s, is known for its Atlanta street-style tacos and authentic handmade tortillas. The company has expanded across the Southeast without franchise backing or outside investors, positioning itself as a fast-growing player in adaptive reuse of historic downtown spaces.
The acquisition also continues the company’s expansion into Florida following a planned downtown Tampa location opening later this fall.
Additional details on design, concepts, and opening timelines are expected closer to construction.
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This article appears in June 18 – 24, 2026.