On Tuesday, St. Pete’s Development Review Commission approved the site plan to construct The Nolen, a 23-story condominium tower planned for 146 4th Avenue Northeast in downtown. The Nolen is being developed by Bowen Arnold and John Schilling at DDA Development. The luxury condominium building is expected to have 31 units and will be 288 feet tall.

The property is currently occupied by two structures and a surface parking lot. One of the structures was built in 1912 and operates as the Watergarden Inn at the Bay, a bed & breakfast, and was designated a historic structure in 1994.

As part of the redevelopment, the structure will be moved to a vacant lot at the northeast corner of 8th Avenue North and Dartmoor Street North in Uptown. The lot is less than a mile away from the current location.

The condominium market in downtown St. Pete continues to be red hot with high demand and low supply. For buyers, new units can’t be built fast enough.

Saltaire, a 35-story building under construction at 300 1st Street South, is over 70% reserved. And Reflection, an 18-story project planned for 300 8th Street North, is over 50% reserved. The buildings are not expected to be completed until 2022 and 2023, respectively.

The latest high-rise condominium project planned for downtown St. Pete is The Nolen.