Archives for November 2015

Mixed Use Hotel & Condo Tower Breaking Ground Early

Downton St Pete CondominiumDue to strong pre-sales, a 41-story condominium tower on Second Street North, “One St. Petersburg”, is set to break ground earlier that expected – another sign that the area’s real estate market is on the upswing. The mixed use project consists of a 253 unit residential condo tower and adjacent 13 story hotel (Hyatt is said to have committed) with 173 rooms. Ground breaking is set for early 2016, 3-4 months ahead of schedule. Completion of the hotel tower is scheduled for early 2017, and the condo tower in 2018.

So far 88 condos have been reserved, with prices averaging $1 million each. Amenities include a 40,000 sf, elevated resort deck with fitness center, pool, cabanas,  and spa.

The project will create 350-500 construction jobs, and 150 full-time jobs when complete. The project will also generate over $6 million in impact and building fees, and taxes on materials. Upon completion it will provide an annual increase of $500,000 in additional hotel bed tax revenue, and a $5.5 million increase an annual property tax revenue.