9-Story Apartments to Break Ground in Downtown St. Pete This Month

9-Story Apartments to Break Ground in Downtown St. Pete This Month

Yesterday, St. Pete Rising broke the news of a proposal for a 22-story luxury apartment tower at the former Onyx nightclub site in Downtown St. Pete. Today, directly west of that block, there is another proposal for a 9-story luxury rental building being developed by The NRP Group.

The NRP Group is no stranger to Downtown St. Pete. They also developed Beacon 430, which is one block south of this project. In September 2015, Beacon 430 sold for $84.5 million โ€”  which works out to around $259,000 per apartment at the 324-unit property.

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High Demand Drives Downtown St. Pete Townhome Development

High Demand Drives Downtown St. Pete Townhome Development

Over a thousand new residential units will be coming to Downtown St. Pete over the next couple of years. With over 15 developments either under construction or proposed, the combined impact of these projects is creating Tampa Bayโ€™s best community to live, work, and play.

Showing confidence in the Downtown St. Pete market, investor Jeff Craft with NV Holdings is embarking on multiple projects in and around St. Peteโ€™s urban core.

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Project: Central & 16th Redevelopment

Project: Central & 16th Redevelopment

On the western edge of Downtown St. Petersburg lies the appropriately named Edge District, a Florida Main Street Community of shopping, dining, and living. If you haven't explored the Edge District you're missing out, they have a ton of restaurants and cool antique shops. This area has been booming and has become a unique destination.

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St.Pete "Pocket Projects"

St.Pete "Pocket Projects"

Pocket parks are small parks that are accessible to the public, but they are usually very tiny in comparison to larger parks (think Central Park). However, despite their size, they can create a network of green space to help enhance neighborhoods and communities. I see smaller real estate developments the same way. These so-called "pocket projects" can enhance urban corridors and revitalize neighborhoods. Because many pocket projects lack the size and scale of larger developments they usually receive less publicity, but I think they are just as important. While there's no definition of what makes a development a "pocket project" I'm going to share a few local developments I would consider pocket projects that you may not have heard about.

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Project: The Hermitage Apartments

via the Tampa Bay Times:

ST. PETERSBURG โ€” Builders will break ground soon on a downtown apartment building the size of a city block, adding to a flood of new rental construction in an area developers are betting is a gold mine of young urbanites.

Allen Morris Residential said Wednesday it would start construction in July on eight stories of apartments planned for 700 First Ave. S, where the Coral Gables development firm just bought 2 acres for $5.25 million in cash.

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The Biggest News of the Day

If there's one thing for certain it's that Downtown St.Petersburg is booming. Almost daily there seems to be news of new construction or new restaurants or someone doing something big. The transformation seen in Downtown St.Pete over the past decade is almost unbelievable and it hasn't stopped. With all the development going on, someone has to argue: What does it take to be considered the biggest news of the day in Downtown St.Petersburg?

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