Over a thousand new residential units will be coming to Downtown St. Pete over the next couple of years. With over 15 developments either under construction or proposed, the combined impact of these projects is creating Tampa Bay’s best community to live, work, and play.
Showing confidence in the Downtown St. Pete market, investor Jeff Craft with NV Holdings is embarking on multiple projects in and around St. Pete’s urban core.
The first of these projects, Del Mar City Homes, is currently under construction at 433 3rd St S. Del Mar is a development of 5 four story contemporary townhomes each containing 2,750 square feet. Each residence will feature modern finishes, a two-car garage, and a rooftop deck.
One unique feature about Del Mar is that the building will feature no setbacks, meaning it will be built to the property line, showing just how valuable land in downtown has become.
“Land prices have absolutely skyrocketed in Downtown St. Pete” said Craft, but despite that he expects urban infill to continue citing the “high quality of life” that living downtown provides.
Two of the five units at Del Mar have been pre-sold with one recently being listed on the market for $750k.
In addition to Del Mar, NV Holdings is working on another Downtown St. Pete project being developed at 646 1st Ave S. This project will feature 6 three-story high-end townhomes each having a large rear courtyard with a detached garage and guest apartment. Development for 646 1st Ave S is early in the permitting stage and is expected to begin construction early next year. Units will be priced in the high 800’s to low 900’s.
But before 646 1st Ave S starts, another project will break ground just north of downtown. A 9-unit townhome development fronting Crescent Lake will begin construction at the end of August with completion in February 2016. Being further from downtown these units will cater more toward young families and the price point for these units will begin in the low 600s.
Peregrine Construction Group is the general contractor for all three projects. Peregrine is becoming a common name in Downtown St. Pete; in addition to these projects they are also constructing The Arlington at 8th St N and Arlington Ave N.
Townhome developments like those being developed by NV Holdings are continuing to pop up in and around downtown. The demand for these units remains strong as more people continue discovering Downtown St. Pete.
For more information about these projects contact Jennifer Rutemiller with Keller Williams at 813-300-2020.