Reflection, a proposed 18-story condo tower, exceeds $20M in reservations in two months
/Two months ago when sales launched for Reflection St. Pete, a condominium tower planned near Mirror Lake in downtown St. Petersburg, many saw the location as pioneering.
Situated west of the downtown core, the area was untested for an 18-story condominium tower of this size. The thesis for the development is that there is demand for upscale condominium units within close proximity to the Central Arts District and the booming EDGE District. It appears they were right.
Despite COVID-19 and potential economic uncertainty, sales have exceeded initial expectations with over $20 million in reservations so far.
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St. Petersburg has a rule that protects our waterfront. If the city wants to lease public waterfront land for longer than a short term, voters decide. That rule is worth keeping, and a "yes" vote on Charter Amendment #2 does not weaken it.
Here is what it changes. Under the City Charter, Port leases are capped at 10 years unless voters approve more in a citywide referendum. Charter Amendment 2 would raise that cap to 25 years, the same limit Albert Whitted Airport has had since 2004, when voters raised it from five years. Giving the Port the same terms as its neighbor is sensible.
Here is what it does not change. The ballot language says the amendment "would not change the permitted use of the Port." It does not approve residential development at the site, and it does not approve any redevelopment of the Port. It changes one number, the maximum lease length. Every lease would still go through the city administration and City Council. The amendment does not hand anyone a blank check. It lets the city negotiate from a stronger position.