This quarter was packed full of groundbreakings! After over a decade of planning, construction has finally commenced on the new St. Pete pier. Construction crews have started driving piles into Tampa Bay to support the over-water portion of the pier. It will take 6 months to complete the pile driving process, however construction on the pier deck is scheduled to begin as early as October.
In other groundbreaking news, located on Fourth Avenue North between Third and Fourth streets, the Museum of the American Arts of Crafts Movement site was fenced off this quarter for site preparation. The $70 million privately funded museum will occupy 137,000 square feet and stand 5 stories tall. The museum will include a 100-seat auditorium, a resource library, a children's education center, a 300-seat upscale restaurant, a cafe, retail store and event space. The expected opening date is May 2019.
Coming off of a record year in 2016, Downtown St. Pete’s real estate market is continuing to show signs of strength with the addition of new residential development. With land in downtown’s core at a premium, many developers are turning to urban infill townhome developments to meet the increasing demand.
Over the last few years, these townhome developments, usually consisting of 10 units or less, have begun popping up around downtown with much success. Last year, sold out townhome projects such as Del Mar City Homes, Quattro, and the Renaissance City Homes were completed, indicating strength in the high-end townhome market.
UPDATE‼️ We’ve just received another rendering of the tower proposed for 400 Central Avenue 🤩 This shows the tower facing Central Avenue (the render posted this morning shows the other side of the building). We’ve also learned that the development will include 325 condominiums, a 200-room hotel with event space, 800 parking spaces, ground-level retail, and possibly some office space ☀️
BREAKING❗️A “draft” rendering for the 400 Central Avenue was published in an advertisement in the New York Times this morning. The ad states that the tower will include luxury condominiums and a full-service boutique hotel with event space. Once complete, 400 Central will be one of the tallest buildings in Western Florida.
Tampa Bay Times was the first to report. Check out the full ad here: https://bit.ly/2FuIuRT
BIG CHANGES are underway for Historic Kenwood’s largest apartment community, Elements on Third ☀️ Between recent renovations and future new construction, this community is looking to become the solution for those wanting to live close to Downtown St Pete without the high price tag. 😏🙌 — Full story on StPeteRising.com