Done Deals: 25-story tower advances, Art House hits construction milestone, Clearwater estate lists for $37.5 million

Done Deals is a weekly column by St. Pete Rising spotlighting recent real estate market insight and significant deals happening in the Sunshine City and beyond. The following information is sourced from public records and trusted intel.

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Proposed St. Petersburg hybrid condo-hotel tower moves forward

The tower will reach a height of 325 feet and will feature nearly 4,900 square feet of retail space | Valor Capital

St. Petersburg's first-ever hybrid condo-hotel tower is moving forward following the denial of an appeal against the project set to rise on 4th Street South.

During a St. Petersburg City Council meeting earlier this week, officials cast a 2-6 vote rejecting an appeal against Clearwater-based real estate firm Valor Capital's plans to build a 25-story, 152-unit building that would operate as a condotel - a hybrid between a residential condominium and a hotel - at 332, 340, and 344 4th Street South in downtown St. Pete.

However, two conditions must be met to assuage the primary concerns from neighbors and city officials: A restriction on amplified sound from the Sky Bar rooftop amenity deck and a 30-day minimum rental period for the units.

The hybrid use allows flexibility for the individual owners to offer their units as a short-term rental or to reside there permanently.

Gina Driscoll and Lisset Hanewicz voted to approve the appeal and deny the project approval.

Karen Carmichael, vice president on the board of directors of the neighboring 13-story Sage Condominiums, filed the appeal, objecting to the tower’s hybrid condo-hotel use and claiming the project’s size is inconsistent with the neighborhood.

City planner Corey Malyszka and others have compared the project to Mint House.

The $55 million project will be named Roche Bobois Residences as the team is working with the Paris, France-based luxury furniture designer Roche Bobois | Valor Capital

Mint House, located at 77 11th Street North in St. Petersburg’s EDGE District, was previously approved as an apartment project but was later converted to a hotel use. Mint House allows both short-term and long-term stays, however does not offer ownership opportunities.

"At the end of the day, it [short-term rentals] are destroying cities," Hanewicz said, recommending the council to approve the appeal and send the project back to the Development Review Commission for review.

Driscoll also said Valor Capital's plans were "cloudy" and the developer wasn't transparent with the concerned residents regarding the intended use.

The new tower will have 4,893 square feet of ground-floor commercial space and a 130-space screened parking garage.

Floors 5 through 24 will house a mix of studios, and one-, two-, and three-bedroom units.

Valor Capital CEO Moises Agami previously told St. Pete Rising that the $55 million project will be named Roche Bobois Residences as the team is working with the Paris, France-based luxury furniture designer Roche Bobois.

During the meeting, Councilmembers Ed Montanari and Brandi Gabbard complimented the design of the building.

Valor Capital has developed several condos in Clearwater, including The 36-unit SkyView condominiums and the 80-unit Serena by the Sea project.

Work commences for the Art House amenity deck

Art House’s 9th floor amenity deck will feature a resort-style pool and spa, cabanas, open gathering spaces, and more | Kolter Group

The construction team developing the 42-story Art House condominium tower in downtown St. Petersburg has reached a new milestone.

Work has now commenced on the 9th floor amenity deck of Art House, which is under construction at 235 1st Avenue South.

The project is being developed by Delray Beach-based Kolter Group, the developer behind ONE St. Petersburg and Saltaire.

According to a recent announcement from the Kolter Group, the team has completed the concrete pour and infrastructure work for all the parking decks and has started active pours on the ninth level, the amenity deck known as Cloud 9.

Once complete, Art House will soar to 450 feet and will feature 244 condominiums, including 12 penthouse units | Kolter Group

Cloud 9 will feature a resort-style pool and spa, cabanas, open gathering spaces, a club room overlooking the pool terrace with a private dining room, a state-of-the-art fitness center with high-tech cardio and strength training equipment, a theater with plush lounge seating, and other offerings.

Construction started in June 2022 and the team expects to complete the project by 2025.

Once complete, Art House will soar to 450 feet and will feature 244 condominiums, including 12 penthouse units.

The development team includes general contractor Coastal Construction, SB Architects of Coral Gables, ID & Design International as the building’s interior designer, and Kimley-Horn as the landscape designer. Smith & Associates is the exclusive broker for Art House.

Large Clearwater Beach estate lists for $37.5 million

The 3,434-square-foot home at 1198 Mandalay Point on Clearwater Beach is a member of the exclusive Mandalay Point community

A 42.57-acre waterfront estate in Clearwater Beach is on the market with an asking price of $37.5 million.

The 3,434-square-foot home at 1198 Mandalay Point is the northernmost property in the exclusive Mandalay Point community.

The 11-home gated neighborhood is bordered on the north by Caladesi Island State Park.

The three-bedroom, four-bathroom home offers a heated lap pool and dockage. The current owners, the family of Clearwater philanthropist and hotelier Carolyn Hunter, built the home in 1987 with Clearwater-based premier builders Clark and Logan, according to the listing.

The home, which is 20 feet above sea level and is accessible by private road or by boat, features an atrium with 20-foot ceilings overlooking the pool and bay.

Mary Hickok with Coastal Properties Group/Forbes Global Properties is the listing agent.

A developable condo site on Gulf Boulevard hits the market

A shovel-ready luxury condominium development site in Treasure Island has hit the market at $3.1 million.

The 0.42-acre vacant waterfront property at 11295 Gulf Boulevard is the site of the previously-approved 12-unit Treasure Island Palms Resort development.

The planned six-story building would feature 11 units ranging from 839 to 899 square feet and a single 1,252-square-foot penthouse unit.

Every floor would feature balconies overlooking the Intercoastal Waterway.

While the units would be vacation rentals, condo owners could reside in the units year-round instead of 30 days per year, according to the listing.

Per the plans, owners can manage the condos themselves or retain a property management company.

The amenities would include covered surface parking and a pool and lounge area.

Daniel Lee, founding commercial director with Keller Williams Realty in Palm Harbor, is the broker.