Prominent developer purchases over four acres in St. Pete Beach, plans mixed-use condo project
/Kolter recently purchased over 4.5 acres of land on the east end of COrey Avenue in ST. Pete Beach | Google Maps
Delray Beach-based real estate developer Kolter Urban has acquired 4.5 acres of waterfront property on St. Pete Beach, with the intention of developing a mixed-use residential project on the site.
Kolter has developed numerous condo towers in downtown St. Pete, including ONE St. Petersburg, which opened in 2019; Saltaire, which opened in 2023; and the upcoming Art House, which is on track to debut in 2025.
On Monday, Kolter paid $9.85 million for a vacant property at the east end of Corey Avenue that was previously slated to be developed into Corey Landing, a 243-unit apartment community with restaurants, shops, a park, and boat docks.
Kolter also picked up two additional properties that were not part of the former Corey Landing proposal—a 0.37-acre property at 75 Corey Avenue, purchased for $3.5 million, and a 0.23-acre property at 85 Corey Circle, purchased for $1.75 million.
Kolter’s recent acquisitions include the former Corey Landing site plus two additional properties | Google Maps
Charlie’s Transmissions currently occupies 75 Corey Avenue and The Blue Parrott restaurant and bar closed in August after 19 years in business at 85 Corey Circle.
The specific details of Kolter’s redevelopment plan are not known at this time, however a representative from the company confirmed to St. Pete Rising that the project will contain condos, not apartments. Commercial space is also expected to be included.
“We look forward to collaborating with the City of St. Pete Beach to develop a mixed-use property that honors the unique beauty of the waterfront and captures the character of the community,” said Brian Van Slyke, Regional President of Kolter Urban, in an email to St. Pete Rising.
The previous plan for the site, Corey Landing, was first proposed by local developer William Karns after he paid $40 million for the site in 2006.
Karns had a vision to revitalize the east end of Corey Avenue by constructing 110 condos, a pier, a high-end restaurant, shops, a public park, and a parking garage.
At the time, the half-a-dozen properties were home to Leverock’s seafood restaurant, the Bay Winds motel, abandoned apartments, and the vacant Bridgeview Restaurant.
Karns later sold the properties to Seminole-based Corey Landings Development and by March 2007, the project had been reconfigured to include 42 condos, an upscale restaurant, a new marina, and a hotel.
Kolter’s three downtown St. Pete condo towers (from left to right) — One St.Petersburg, Saltaire, and Art House | Kolter
Although the project received approval from the city, the plan required the vacation of a small road between the two remaining businesses in the area—The Blue Parrott and Charlie's Transmissions.
Many residents were not in favor of the project, and as a result, the city commission ended up voting down the request to vacate the street, which resulted in the developers abandoning their plans.
Six months later, the City of St. Pete Beach required the owners to demolish all existing structures on the site.
Ultimately, a bankruptcy led NYC-based investment management firm Fortress Investment Group to purchase the property in 2019.
Two years later, and 15 years after the first plan was proposed, Fortress partnered with Ram Realty Advisors and announced a new vision for Corey Landing, featuring 243 apartments, more than 10,000 square feet of retail space, a waterfront restaurant, a park, and boat docks.
The proposal was approved in March 2022, but by June 2023, Ram had abandoned the project.
Ram Realty Advisor’s Corey Landing proposal, which would have featured 243 apartments, more than 10,000 square feet of retail space, a waterfront restaurant, a park, and boat docks | Looney Ricks Kiss Architects
Now with Kolter’s recent purchase of the Corey Landing site, Charlie’s Transmission, and The Blue Parrott, the east end of Corey Avenue may finally see the activation it has been waiting on for decades.
A construction timeline and further details about the project have not yet been announced.
