Scheduled to break ground sooner than expected, one of the biggest development projects in St Petersburg history is underway. ONE St Petersburg is a 253 unit luxury condominium tower, accompanied by a neighboring 174 room hotel. Bob Vail, the President of Kolter Urban, notes that the 41-story tower and 13 story hotel were scheduled to be started in the first quarter of 2016, but the plan is running between 90 and 120 days ahead of schedule. Based in West Palm Beach, Kolter Urban is behind an array of luxury developments in Florida, including the Water Club Snell Isle, Vue Sarasota Bay, and Water Club North Palm Beach.
Despite a lengthy 30-month construction period, sales have skyrocketed, making ONE St Pete the #1 Selling Condominium in Tampa Bay. So far, 88 contracts were confirmed as of November 2015, representing $85 million in sales volume. The condos average at $1 million each, including breathtaking views and extensive amenities. Owners can enjoy cabanas on the resort deck, a state-of-the-art fitness center, a swimming pool, a whirlpool and even a spa.
View from 41st floor penthouse; Priced at 4 million
Furthermore, this large-scale development has the potential to be incredibly beneficial for the thriving downtown St Petersburg economy. A Tampa Bay Business Journal article publicized Kolter’s projections late last year, stating the endeavor will create 150 full-time jobs, $500,000 in hotel bed tax revenue, and a $5.5 million increase in annual property taxes. The construction for ONE St Petersburg is to be complete in the fourth quarter of 2018, while the neighboring Hyatt Hotel expects completion a year before.
ONE St Pete Waterfront Views