ST. PETERSBURG — One of several proposed downtown apartment projects is a big step closer to reality. NRP Group, based in Cleveland, has closed on the purchase of an entire city block bounded by Fourth and Fifth streets and Third and Fourth avenues S, where it plans to build a 300-unit, upscale apartment complex.
"We hope to close on our construction loan in January and begin construction the first part of the year," said Kurt Kehoe, NRP vice president of development. He expects it will take about two years to complete the $55 million project that will be named the Sol.
The apartments will be one- to three-bedroom units ranging from 600 to 1,200 square feet. Monthly rents will be from $800 to $1,800. The complex will be four stories wrapped around a parking garage. It will be Mediterranean style with stucco walls and a barrel-tile roof.
The property is currently a parking lot owned by Times Publishing Co. NRP approached the parent of the Tampa Bay Times about buying the land, though it wasn't on the market. It paid Times Publishing $6 million for the land, which has a taxable value of $2.5 million, according to the Pinellas County Property Appraiser's Office.
The two parties have worked out a deal calling for the Times to have control of 300 spaces in the apartment complex's parking garage.
"I think one of the most exciting things is we're able to be a part of the economic growth of downtown St. Petersburg," said Times spokeswoman Jounice Nealy-Brown. "It's nice to be in an area that is seeing signs of vitality and interest in growth."
Three more apartment complexes are in various stages of development nearby. Campbell Landings at Sixth Street and Fourth Avenue S will be four stories with 96 apartments. Bayway Apartments across from Hotel Indigo at 234 Third Ave. N is slated to have 324 units in eight floors. And a Miami developer plans to build a 13-story tower with 300 units south of the downtown Publix.
Katherine Snow Smith can be contacted at [email protected] or (727) 893-8785.