St Petersburg / St Pete Beach / South Pinellas Development News

[Del Mayberry]

http://www.tampabay.com/news/busines...ancing/1254447

This does sound very "SOLID" now. This is the kind of stuff we need to hear when a proposal comes up, instead of if's, maybe's or just pure bullshit. Just wish it was bigger of course. Anyways, congrats to Snell Isle.

[Jasonhouse]

^Oh those have been a sure thing for a while now.

[TampaGuy]

I was looking over DRC docs and it looks like HSN is expanding.
It's the second item in the link: http://www.stpete.org/development/de...ken_Agenda.pdf

Approval of a site plan modification for a phased development to construct an additional 365,824 square feet of office and warehouse space and a 7-story parking deck.

[TampaGuy]

Developers plan condo and townhouse projects for downtown St. Petersburg

ST. PETERSBURG — Developers of boutique condos and million-dollar townhouses are returning to downtown, promising a "rebirth of luxury" after years of housing misery but raising doubts over risk and demand.

One block north of BayWalk, a proposed 11-story condo project called Maranatha by the Bay recently returned to the market after seven years of recession delays.

And across the street from the Vinoy Renaissance Resort, agents last week listed four Renaissance City Homes, modeled after Manhattan brownstones and selling for $2.4 million each.

Though nothing has been built, the listings open the door to potential buyers and show how some developers are gambling big on recovery at last.

Though the recession detonated plenty of similar projects, agents sound upbeat about their prospects. At Maranatha, Keller Williams Realty broker partner Lonnie Orns said he will receive over the next week about half a dozen deposits at $10,000 a piece.

Maranatha traces its roots back to the boom days of 2005, when Frank Menna, an apartment-building flipper in Old Northeast, planned a tower of 19 luxury condos crowned with a $1.5 million penthouse.

Menna razed old buildings, presold five condos and prevailed over neighbors who complained it was too "South Beach." But when the market nosedived, Menna mothballed the project, leaving the corner of First Street and Fourth Avenue N unturned.

Seven years later, Menna is reviving the project, offering 16 condos, a two-story penthouse and a pool, fitness center and rooftop deck facing toward Tampa Bay.

Prices dropped nearly 30 percent since their 2005 listing but are still in the high end, with condos running from $475,000 to $725,000 and the penthouse at $1.5 million.

"If you wanted to buy a nice unit in a new-construction building, there is nothing available," Menna said. "A million people want something downtown and it's not there. The market demanded it."

Maranatha's condos are a steal compared with the opulence of Renaissance, the four-story townhouses planned for Fifth Avenue N and Beach Drive and facing toward North Straub Park.

Each of the 6,000-square-foot homes would offer four bedrooms, five bathrooms and a three-car garage, as well as a wine vault, library, rooftop terrace and personal elevator.

Fronted with brick and trimmed with stone, the brownstone-style townhomes would, as Smith and Associates agent Marian Yon Maguire said, "tie in downtown living with a Northeast feel."

After a week on the market, the project has fielded two dozen calls of interest, Yon Maguire said. She expects to sell one of the homes within the next six months.

Developers nationwide are increasingly kicking into action, with new home construction last month rising to its highest level in four years, Commerce Department data shows.

And with Florida's for-sale supply of condos and townhouses dropping 40 percent over the last year, Florida Realtors data from August shows, some developers are betting they can carve out a lucrative niche to meet demand.

Much of the development muscle is going toward sprawling subdivisions and apartment towers, like a 35-story skyscraper proposed for the downtown Tampa riverfront.

But condos are seeing new life, even outside the urban core. Developers from West Palm Beach recently resurrected the Waterclub on Snell Isle, a $30 million campus of condos and townhomes starting around $400,000.

To tie in buyers to Maranatha and Renaissance, though, developers will need more than a sales pitch and a hope that the market is turning. Condo construction remains a risky business, even before breaking ground.

Joel Cantor, who developed downtown condo tower Signature Place, said the costs of construction like concrete and steel are high, trimming the potential for profit. And lenders are still hesitant to offer enough funding for massive projects for fear of a backfiring default.

"The return is undersized and the risk is oversized," Cantor said. "You'd have to be out of your mind to take that kind of risk without significant equity."

Renaissance will be self-financed to the tune of $7.5 million, according to Palm Harbor-based F&M Development, which has also built townhomes in South Tampa and commercial plazas across north Pinellas County.

But Maranatha will require lender financing, said Menna, who has also developed a retail and residential complex on John's Pass. He said he's confident he can find a bank that will want in on the deal.

Either project's success could change the landscape of downtown and persuade other developers to follow along with their own investments.

Some projects could already be waiting in the wings, including one rumored development that could prove taller than Maranatha, according to Keller Williams Realty agent Estelia Mesimer.

But whether buyers will show interest — in not just paying for a unit, but waiting months to move in — remains the million-dollar question. Some, like Cantor, are unconvinced.

"It's a nice concept, but they're a little ahead of themselves," Cantor said. "We're not there yet. Hopefully, pretty soon."

Times researcher Natalie Watson contributed to this report. Contact Drew Harwell at (727) 893-8252 or dharwell@tampabay.com.

http://www.tampabay.com/news/busines...rsburg/1257224

Renaissance City Homes: 4 units, $2.4 million each, 6000 sqft each

[Jasonhouse]

With regards to the Renaissance City Homes site... Building just 4 units on that site is a real downer, but the $10 million in taxable value ain't half bad.

Would have rather seen something more like 50-75 more realistically priced units in a 12-16 story building, but what will be built isn't so bad. Then again, if these don't sell, we might wind up seeing something like that anyways.

[Del Mayberry]

Those two would look awesome on Davis Island.

[tamparican]

TBH to purchase a home at $2.4M I personally would expect more from a design standpoint... hopefully the interior makes up for the exterior... Still at least if they are able to sell these 4 units at the asking price of $2.4M/apiece thats a good move fwd! The 11 story tower looks pretty good..

Also there was mention of the Dr. that used to own Wellcare, now finally starting to move on his 450 room hotel property by clearwater bch? Which location is this?

[Jahi98]

Originally Posted by Jasonhouse

With regards to the Renaissance City Homes site... Building just 4 units on that site is a real downer, but the $10 million in taxable value ain't half bad.

Would have rather seen something more like 50-75 more realistically priced units in a 12-16 story building, but what will be built isn't so bad. Then again, if these don't sell, we might wind up seeing something like that anyways.

I agree. A tower that size with units starting in the 500k to 600k range would be better, especially with the possibility of another restaurant on the ground floor. However, it isn't bad.

If I am not mistaken, it looks like some site work has already started at Maranatha.

[Jahi98]

More apartments for downtown St. Pete (this makes 4 or 5 now):

Fourth Avenue South Residences Seek City Approval

http://www.stpete.org/economic_devel... City Approval

The Fourth Avenue South Residences is an apartment complex to be located at the corner of 4th Avenue and 4th Street South, the existing Tampa Bay Times parking lot.

The four story, 323 unit, $47 million project would be comprised of 36 studios, 155 one bedroom units, 125 two bedroom units, and seven three bedroom units. The development has met zoning requirements for the area and is currently pending CRA approval.

[Jasonhouse]

^We knew that was coming. Good sized project, though it's a bit sad to see everyone sticking 4 floors, so they can go as cheap as humanly possible.

Also, anyone know if there is a any GFR?

[I-275westcoastfl]

Speaking of cheap I wonder if they will build with wood frame like I've seen many new apartments around here recently.

[Del Mayberry]

Originally Posted by I-275westcoastfl

Speaking of cheap I wonder if they will build with wood frame like I've seen many new apartments around here recently.

You can count on it. I lived in several apartments in the 90's and you could hear your neighbors conversations just standing outside of your front door.

[I-275westcoastfl]

Maybe its a good thing, easier to demolish lol?

[Jahi98]

Apartment complex advances with purchase of Tampa Bay Times parking lot

By Katherine Snow Smith, Times Staff Writer
In Print: Wednesday, December 19, 2012

http://www.tampabay.com/news/busines...ng-lot/1266650

Will be nice to see a major construction project going on downtown again. Also would be great to see all of the projects mentioned come out of the ground.

[TampaGuy]

This is the first I'm hearing about this, but it seems like St.Pete will be spending $600,000 to upgrade and enhance Mirror Lake park.


http://downtownstpete.ilovetheburg.c...-Facelift/3816

Exciting changes are coming to the downtown Mirror Lake Park. Originally the source of St. Pete’s fresh water supply, this lakeside park is surrounded by some of the city’s most historic structures including one of the first high schools in St. Petersburg, the Carnegie library, shuffleboard courts and the Lyceum.

This spring, the city will invest about $600,000 dollars into the park to make it a more inviting and safer place for local residents to enjoy. According to city architect Raul Quintana, “The intent is that the park become more user friendly and integrated with the development that’s been happening around it. We want to make it a place that people feel safe going to and can start to use.”

According to Mr. Quintana, one of the big additions is going to be new walking path. “Right now, you can’t really walk all the way around the park. Our intent with this project is to provide a more unified trail around the park, by adding a 10 foot walkway around the lake."

In addition, the project aims to accent certain areas of the park and make other areas more useable by adding retaining walls in certain sections to flatten out the steep banks. Lighting around the park will also be improved so as to make it a safer environment for evening strolls. There are even plans to add a few boardwalks to allow park users to walk out over the water or even launch a kayak or paddleboard.

Recently, the area surrounding the park has started to experience a real revival with the restoration of the 600 Block and the popular Friday night events at the Shuffleboard courts being two great examples.

“We’re hoping that the improvements to the lake will help to bring in further amenities, investment and attractions around it,” says Raul. “Mirror Lake Park is at the opposite end of the pier. We can make this an attraction at the opposite end of the pier project. It would be a nice connector to draw people further up into the city.”

We're looking forward to the addition of another fantastic park to the downtown area for residents to enjoy! Look for construction to start in March or April and finish by midsummer.

[Jasonhouse]

^An excellent start towards converting that park into something that's attractive and useful for DT residents and visitors alike.

The closer they can get that park to resembling Lake Eola Park in DT Orlando, the better. (that's one of my favorite urban parks in the entire state)

[I-275westcoastfl]

Good news, a very underutilized park.

[TampaMike]

I've known about it for a while. If plans are still intact, the city wants to have a trail or a "trail" from the Pier, Lens, or ???? to Mirror Lake. With benches, better lighting, wider sidewalks, and some public art. I'm hoping with the advancement of the renovations to the park, it means the city's plan is still in place.

[TampaMike]

http://www.lianejamason.com/featured...st-petersburg/

Link includes a rundown of the projects currently known for downtown. The John Hopkins project is rather new to us.

[Jahi98]

The prospect of a new research center is exciting. As the article says, it would definitely be a game-changer for St. Pete.