Hoping to replicate the success of ONE St. Petersburg, a 41-story condo tower which became the city’s tallest building last year, Kolter Group is preparing to launch pre-sales for its next Downtown St. Pete condo project.
First announced in January, Saltaire (previously referred to as Bayfront St. Petersburg) is a proposed 35-story condominium tower which is slated to be built on the current surface parking lot of the Hilton St. Petersburg Bayfront Hotel located at 300 1st Street South.
Reservations for units at Saltaire open to the general public on May 9th. However, owners of units at ONE St. Petersburg are able to reserve units beginning May 2nd, according to an email that was sent to residents last week. ONE St. Petersburg’s 253 units sold out over six months before completion, and some of the units have already been resold for returns in the 30-40% range.
At just over 400-feet, Saltaire’s 200+ units are expected to fetch a higher average sale price than units at ONE, although no pricing has been announced. But given the popularity of ONE, Saltaire will feature many of the same amenities and finishes.
The developer’s website introduces the project as “a lifestyle of uncommon style and sophistication featuring spacious luxury residences with sweeping views of Tampa Bay, a refined collection of resort-style amenities and services and an enviable location in the heart of it all.”
An updated rendering of the building shows a modern tower with a glass facade and deep balconies, a popular feature for the units of ONE St. Petersburg. The base of the building also appears to feature multiple entrances for the parking garage from 1st Street, likely providing separate access for residents and guests of the Hilton Bayfront Hotel.
In order to purchase the site for development, Kolter is required to replace the hotel’s parking that will be lost to construction -- a total of 205 spaces. In addition to residential units and parking, the building will also feature ground floor retail space.
Construction of the building is expected to take 30 months to complete, meaning the building will likely not open until 2022. If sales of ONE St. Petersburg units are any indication, interest in Saltaire is likely to be very high, potentially setting up a frenzy of reservations when sales go public next week.
To sign up for more information on the project, visit Saltaire’s website.