Yesterday, St. Pete Rising broke the news of a proposal for a 22-story luxury apartment tower at the former Onyx nightclub site in Downtown St. Pete. Today, directly west of that block, there is another proposal for a 9-story luxury rental building being developed by The NRP Group.
The NRP Group is no stranger to Downtown St. Pete. They also developed Beacon 430, which is one block south of this project. In September 2015, Beacon 430 sold for $84.5 million — which works out to around $259,000 per apartment at the 324-unit property.
Their new proposal features an 8-story building with 366 luxury rentals and a 9th floor amenity deck. Construction should begin this month with move-ins expected around September 2017. The building will feature studio, 1-bedroom, 2-bedroom, and 2-bedroom/den units. The building will wrap around an internal parking garage that will have parking for residents as well as 200 for Tampa Bay Times employees.
Some may question the future demand for multiple large apartment projects in Downtown St. Pete, which now surpass 2,000 units currently under construction or proposed. However, the NRP Group’s Kurt Kehoe is “very confident of the demand for luxury rentals with excellent walkability and premium amenities.”