Low Vacancy Rates and High Rent on Beach Drive Will Help The Shops

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A recent article from the Tampa Bay Business Journal discusses how rental rates on Beach Drive in Downtown St.Petersburg have gone from $30 to $50 a square foot over the last few years. This steep increase follows high demand on the popular street that has little to no vacancy. According to the article the average retail rental price for the rest of Downtown St.Petersburg is $16.93, almost a third of the going price along Beach Drive. These high rental rates on Beach Drive must be good news for Bill Edwards, owner of the The Shops at St.Pete. Opening sometime this year, The Shops are one block west of Beach Drive and across the street from the Ovation condo tower. It makes sense to think that The Shops will benefit from the lack of available space on Beach Drive. Although I doubt The Shops will be able to fetch $50 sq/ft they will probably be well above the $16.93 sq/ft in the rest of downtown.

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PROJECT NEWS: Modera Prime 235 (Bayway)

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The apartment building formerly known as Bayway Aprtments have a new name: Modera Prime 235. This property is being developed by Mill Creek Residential of Dallas, TX and will consist of studios, one bedroom, and two bedroom units.

The development features a parking structure, two rooftop lounges with city views, a pool, and a two story fitness studio.

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PROJECT UPDATE: Rowland Place

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From the Rowland Place's Facebook: 

It starts with a great foundation!

Rowland Place's first concrete pour creating its solid foundation was completed last week. Now, it’s only "up" from here!

One thousand five (1,005) square yards of concrete make up the foundation at Rowland Place. The Rowland Place construction team worked 14 hours straight and the results are “rock solid.” Stay tuned to watch Rowland Place develop into the newest in Luxury Urban Living!

Rowland Place is a six story, 20 unit currently under construction near Beach Drive. Its units will sell for between $500,000 and $800,000. It is being developed by JMC Communities.

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For more information on Rowland Place visit their website.

To view more of our articles written about Rowland Place, click here.

YES for Greenlight!

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Pinellas County is Florida's densest county with over 920,000 people crammed into 280 square miles. It averages out to around 3,274 people per square mile. Why is this important? Because Pinellas County has simply run out of room. There is very little  land left to be developed, so the main source of future growth has to come from redevelopment.  

St. Petersburg, with nearly 4,000 people per square mile, anchors Pinellas County with close to a quarter of a million residents. Like Pinellas County, St. Petersburg is also built-out. There is little to no room left to build new roads or expand our highways. Therefore increasing density and mass transit are the only way to responsibly continue to grow.

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A Second Grocery Store in Downtown St.Pete?

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Walkable neighborhoods have always helped bring life to urban centers. Millennials, or people born between 1980 to the early 2000s, tend to favor more urban environments than their predecessors. These Generation Y'ers are bringing rapid growth to once decaying urban centers. But, millennials have needs- they prefer to live in neighborhoods where they don't have to use a car and can walk to a majority of their errands. The University Village shopping center in Downtown St. Petersburg has helped ease the millennials in their transition from suburban to urban living. Anchored by Publix, among other retailers, this shopping center is the only grocery store in the downtown area.

But could Downtown St.Petersburg be getting a second grocer?

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St Pete, FL: Miami has a rival for the finer things

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Check out this article written by The Independent, a British newspaper published in London:

Intriguing in both name and location, St Petersburg is the antidote to the suggestion that – beyond the cosmopolitan confines of Miami – Florida has plenty in the way of warm weather, soft beaches and gravity-defying rollercoaster rides, but little discernible culture.

It sits at the south-eastern corner of the Pinellas Peninsula beneath Tampa, midway up the west coast of the Sunshine State. As such, it is lapped not by the Atlantic or the breakers of the Gulf of Mexico, but by the gentle waves of Tampa Bay. This sense of calm transfers itself to streets that are dotted with museums and galleries, as well as inviting places to have dinner.

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Silhouette Condos are no more.

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According to an article from the Tampa Bay Times: "Chuck Prather bought the Mansion by the Bay late last month for $2 million, property records show, with plans to restore it as an annex half a block from his boutique Beach Drive hotel."  Prather is owner of the newly opened Birchwood Inn on Beach Drive. According to the article Prather will use the Mansion by the Way house for parking, storage, and an office.

The Silhouette Condos were suppose to be built on this site but developer Lee Allen said the offer was "too sweet to pass up". Across the street from the now dead Silhouette Condos is where JMC Development is planning to build Rowland Place.

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TBT: Photos of St.Pete construction projects

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From the Tampa Bay Times-

"Downtown St. Petersburg seems to have grown a forest of construction cranes in the past few weeks. Several large projects are rising on what were once vacant lots or parking lots. All of the projects, which are in various stages of building, will be rentals and are scheduled for completion later this year or in 2014. Photographer Chris Zuppa took these aerial photos on June 29 to show progress on each."

See more photos of Downtown St.Petersburg construction projects here.