How are they stacking up"

Signature Place, shown in June, will be a 36-story tower at First Avenue S and First Street. Joel Cantor said he has contracts on more than 80 percent of the 246 units, a year or more before completion.

DIRK SHADD | Times

Signature Place, shown in June, will be a 36-story tower at First Avenue S and First Street. Joel Cantor said he has contracts on more than 80 percent of the 246 units, a year or more before completion.

By PAUL SWIDER | Times Staff Writer

ST. PETERSBURG — Despite a downturn in the real estate market, some development projects are still on track for construction and/or completion in 2008. Here's an update on the changing skyline of downtown St. Petersburg.

Edge and Tamarind

The 40-story Edge, a 189-unit luxury condominium planned for 300 Fourth Ave. S, has never gotten to groundbreaking, though the land has been cleared. Developer Frank Maggio said he is exploring options for the property and that something exciting will happen in 2008, but he would not say what. His other erstwhile downtown development, Tamarind, had been on hold in the 900 block of Central Avenue but is now receiving investor attention, Maggio said. Talk of redeveloping neighboring Tropicana Field into a live-work-play complex, should the Rays build a waterfront stadium, is making the Tamarind property an attractive location across First Avenue S.

Bayway Lofts and Condos on Central

Commercial developer Grady Pridgen has two pending downtown projects, Bayway Lofts and Condos on Central. The first, on Third Avenue N between Second and Third streets, was to rise to 42 stories, but Pridgen says that he is evaluating the market and that no immediate plans are on the table to begin construction. For Condos on Central, Pridgen recently sold his property at 16th Street and Central to Ohio-based developer Zaremba Group but is still part of a plan to build 326 city homes and 15,000 square feet of retail along Central. Pridgen says this will be the first “green" multifamily community in the Tampa Bay area. Work may begin early next year.

The Sage

Atlanta-based Miles Development has now completed two downtown projects, with Sage joining the earlier 1010 Central. In October the first residents started to move into Sage's 112 units at Fourth Street and Fourth Avenue S. Prices started about $300,000. The 12-story building still has several units for sale.

Grand Bohemian

With the project originally planned as a tower with 166 hotel rooms and 82 condos, Richard Kessler changed the mix on the 32-story building to 254 hotel rooms and 52 condos, which will be on the upper floors and start at half a million dollars. Kessler was to break ground in 2007 but instead only closed on the property, at Second Street and First Avenue N. The $140-million project is now slated to break ground next spring and open in two years. It will also contain the Bohemian Cafe and Market, the Grand Bohemian Art Gallery, the Bosendorfer Lounge, a tapas lounge, sit-down restaurant, and, on the sixth floor, the Poseidon Spa.

The Arts

A two-tower, 500-unit project planned for the 800 block of Central Avenue originally included large, luxury units at $800,000. Research showed it was not a good fit for the market, so units were redesigned. The Arts will now have one-bedroom units and studios starting at $224,000. The average price is $600,000. The project still include works of Dale Chihuly, who will have a permanent display in the complex. Developer BSR Group has only half the sales it would like before beginning construction but hopes to break ground around the beginning of the second quarter of 2008.

Residences at 601 Central

The project to remake the north side of the 600 block of Central Avenue has been on hold since the market soured. Existing stores were emptied ahead of demolition for a 15-story, 100-condo development, but progress stalled. New Jersey developer Gerald Pacella said he is re-evaluating the best use of the property given the significant downturn in the Florida and regional condo market. “We still have great faith in the continuing emergence of St. Petersburg, albeit at a more rational and less frenzied pace," he said.

Signature Place Tower Lofts Plaza

Developer Joel Cantor is just months away from topping off his 36-story sail-like condo tower at First Avenue S and First Street. Cantor said he has contracts on more than 80 percent of the 246 units of his $120-million project and is continuing to sell units throughout the market downturn. He said the 50,000 square feet of office space on the west side of his lot is all sold. Construction is ahead of schedule and under budget, Cantor said, but still will take more than a year.

Parkshore and

400 Beach Drive

Opus South Corp. last year completed the Parkshore, including its first-floor retail space, which is fully occupied. Now Opus has turned its attention to 400 Beach Drive, a 29-story, 93-unit building that is nearly complete. There are still three units for sale. Opus said residents are closing on contracts and beginning to move in to 400 Beach, where prices started at $700,000. The retail spaces are not yet leased, but celebrity chef Robert Irvine is still working on restaurant concept Ooze and Schmooze at Fifth Avenue N and Beach Drive.

Ovation

The 27-story building fronting Beach Drive at Second Avenue N is coming out of the ground and beginning construction of the tower portion that sits on top of a base podium. More than half its 45 units are sold, even though prices start at $1.6-million. A joint project of JMC, Sembler and Jimmy Aviram, the building should reach full height this spring and be completed a year later. More than half its 45 units are already sold, even though prices start at $1.6-million. A joint project of JMC, Sembler and Jimmy Aviram, the building should reach full height this spring and be completed a year later.

The Sage

Atlanta-based Miles Development has now completed two downtown projects, with Sage joining the earlier 1010 Central. In October the first residents started to move into Sage's 112 units at Fourth Street and Fourth Avenue S. Prices started about $300,000. The 12-story building still has several units for sale.

How are they stacking up" 03/12/08 [Last modified: Thursday, October 28, 2010 9:36am]

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