A small gated community on Snell Isle is in the works. Coffee Pot Estates, at 526 Monterey Blvd. NE, will feature four waterfront custom built homes.
Bonnie Strickland, a Realtor with Re/Max Metro, and her husband, Tom, recently acquired the property.
"I thought this was a once-in-a-lifetime opportunity to have four lots in a row that we could actually do something with," she said. "This market is just screaming full steam ahead."
They have designated LaBram Homes of Tampa as the custom builder. The homes will be priced at $1.5 million to $2.3 millionand range from 3,000 to 6,000 square feet on the deep lots.
Three of the four homesites have been reserved. Like others in real estate, Strickland cited a shortage of new homes in older neighborhoods close to downtown St. Petersburg.
"I'm seeing our downtown blossom and the value go up for homes in walking distance or a bike ride from downtown. I have clients in Tampa and Sarasota who want to move to St. Petersburg," she said.
The property overlooking Coffee Pot Bayou belonged to investor and Snell Isle resident Tony Fernandez, who had it permitted for townhomes before the recession. He held off on building when the economy took a beating and then put the land on the market.
The site was long known as Stovalls' Landing, a 21-unit apartment complex. A British company paid $2.2 million to the Stovall family for the complex in November 1999. Plans to develop the property never materialized, and Fernandez and his wife, Cecilia, bought it for $2 million in February 2002. They tore down the apartments in 2005 and began construction on condos the next year but never got past the foundation. Property records show the Stricklands paid $2.6 million for the land in March.
Times staff writer Mimi Andelman contributed to this report. Katherine Snow Smith can be reached at email@example.com or (727) 893-8785.