Wednesday, October 17, 2018
Business

Two new condo projects for same street in downtown St. Pete

ST. PETERSBURG — It lacks the panache and name recognition of Beach Drive, but 4th Avenue N in downtown St. Petersburg is becoming a condo row in its own right.

Slated to join Bliss and Rowland Place on 4th are two more developments — The Bezu, a 24-unit tower close to Beach Drive, and 747 North, an 18-unit project several blocks to the west.

"The market is very hot these days and there's a lot of demand and not too much product on hand," Michel Regignano, director of development for the newly formed company Arclight, said Monday.

PREVIOUS COVERAGE: Downtown St. Petersburg's condo boom shows no signs of slowing

Arclight is working with hotel and apartment owner Steve Gianfilippo on The Bezu, which would rise 268 feet on a site at 100 4th Ave. NE that Gianfilippo bought last year for $1.4-million. Initial plans called for four, New York-style brownstones, but "the highest and best use" of the property is a tower with more residential units, Regignano said.

The Bezu will have five floors of parking topped by seven floors with two units each; nine floors with a single unit each; and a three-story penthouse with its own infinity pool. There will be another pool for use by all owners. The penthouse has not been priced, but the other units will range from the $600,000's to $2 million and above.

Regignano said The Bezu will have the feel of a "boutique condo'' similar to those he developed in Miami and Washington D.C. before moving to St. Petersburg a year ago.

"I just think the market in St. Pete is very unique," he said. "It has great demographics, it has great artwork, it's sort of a hidden gem." Arclight plans to incorporate works by local artists and is also using local engineers, contractors, architects and Beach Drive based Benoot Realty.

"I'm the only outsider in this whole crew," Regignano said.

Just as The Bezu will overlook a Duke Energy power station, the 747 North project also has an unusual location for a luxury condo — on 4th Avenue N right near an 1-275 exit ramp. But listing agent Kelly Lee McFrederick said that shouldn't deter buyers.

"The parking garage will be higher than the off ramp so even the first units will be higher than the ramp," she said. "There will be some landscaping, it will have high impact windows and the building itself will be all concrete and very impervious to noise. Also, the land elevation is 42 feet above sea level. We are one of the highest and driest places in St. Pete to build."

Each of the 18 units will have three bedrooms, three bathrooms, a laundry area, wine cooler and two deeded parking spaces. Units will range from 1,836 square feet to about 1,950 square feet and be priced from $450,000 to $500,000.

McFrederick said three units already are under contract. Unlike most condo projects, 747 North can proceed with only a few units pre-sold because the developer, Fourth North Holdings, acquired the land fairly inexpensively and owns it outright.

"When the city says, 'Good to go,' we can go at any moment," McFrederick said.

The family behind Fourth North Holdings also developed the Casablanca Towers on 8th Street S and 341 Lofts on 5th Street S, both in St. Petersburg. The newest project, north of Central Avenue, is an area that has seen a recent explosion of residential development though mostly of two-story townhomes.

Contact Susan Taylor Martin at [email protected] Follow @susanskate.

Comments
HSN to cut hundreds of workers as it merges with QVC under new ‘QXH’ business unit

HSN to cut hundreds of workers as it merges with QVC under new ‘QXH’ business unit

ST. PETERSBURG — Hundreds of HSN employees are losing their jobs as their parent company combines the local shopping network with long-time rival QVC under one operation with shared resources.HSN and QVC will maintain their brand identities, but are ...
Updated: 8 hours ago
Man files suit against Diocese of St. Petersburg saying a Tampa priest sexually abused him in the 1980s

Man files suit against Diocese of St. Petersburg saying a Tampa priest sexually abused him in the 1980s

ST. PETERSBURG — A former parishioner of Christ the King Catholic Church in Tampa, now a lawyer and magistrate in the Virginia Supreme Court, has filed suit against the Diocese of St. Petersburg alleging that he was sexually abused as a child by a no...
Updated: 8 hours ago
After hauling away nearly 1,000 tons of dead fish, Pinellas County sees Red Tide scourge easing

After hauling away nearly 1,000 tons of dead fish, Pinellas County sees Red Tide scourge easing

Pinellas County is nearing 1,000 tons of total collected dead fish since Red Tide exploded into the Gulf coast last month. But based on an update to local tourism officials Wednesday, the smelly situation has improved."We are in a good place with win...
Updated: 10 hours ago
Canada now world's largest legal marijuana marketplace

Canada now world's largest legal marijuana marketplace

MONTREAL (AP) — Ian Power was among the first to buy legal recreational marijuana in Canada but he has no plans to smoke it. He plans to frame it.Canada became the largest country with a legal national marijuana marketplace as sales began earl...
Published: 10/17/18
They’ve met 475 Tuesdays in a row to help real estate pros rebound from the housing crash

They’ve met 475 Tuesdays in a row to help real estate pros rebound from the housing crash

TAMPA — A decade ago this fall, the U.S. economy was in crisis. The investment firm Lehman Brothers collapsed in the biggest bankruptcy in U.S. history. Major banks were about to fail. The stock market plunged. And in Florida, "real estate stopped co...
Published: 10/17/18
Dr. BBQ opens to the public today. Here’s a look.

Dr. BBQ opens to the public today. Here’s a look.

ST. PETERSBURGDr. BBQ needed a beer. Mission accomplished: A sip of Green Bench’s Dr. BBQ Pale Lager dispatched, he was ready to start the tour. See that teal tufted couch against that wall? It’s like something from Girl & the Goat in Chicago. The wo...
Published: 10/17/18
Report: Tampa drivers pay different insurance rates based on ZIP code

Report: Tampa drivers pay different insurance rates based on ZIP code

It can be tough to figure out why insurance companies charge some more than others for auto coverage. But a recent analysis by the Consumer Federation of America suggests that a driver’s neighborhood could be a factor. The analysis, released Monday, ...
Published: 10/17/18
As drug prices soar, drugmakers keep setting records for campaign donations

As drug prices soar, drugmakers keep setting records for campaign donations

Before the midterm elections heated up, dozens of drugmakers had already poured about $12 million into the war chests of hundreds of members of Congress.Since the beginning of last year, 34 lawmakers have each received more than $100,000 from pharmac...
Published: 10/17/18
Mum’s the word but Murman’s a player in departure of Glazer Children’s Museum leader

Mum’s the word but Murman’s a player in departure of Glazer Children’s Museum leader

TAMPA — Jennifer Stancil was looking forward to Halloween and the role she would play in a new downtown event celebrating the spooky holiday."WE ARE SO EXCITED to be a partner with the Riverwalk for Halloween," Stancil, president and chief executive ...
Published: 10/17/18
Giant law firm Baker McKenzie picks Tampa for business services center with 300 new jobs

Giant law firm Baker McKenzie picks Tampa for business services center with 300 new jobs

TAMPA — Baker McKenzie, a global law firm with 13,000 employees in more than 40 countries, said Wednesday it would open a new business services center in Tampa with more than 300 new jobs by early 2020.The hub will provide support to the firm and its...
Updated: 11 hours ago