A veteran Tampa developer is planning a gated townhome community a block and a half from bustling Beach Drive in downtown St. Petersburg.
Called Regent Lane, the 20 homes at 141 Fourth Ave. N each will have three bedrooms, three and a half baths, a private elevator, roof deck and two-car garage. Prices for the four-story, 2,335-square-foot homes will be in the $800,000 range.
"I think it offers the epitome of a luxury urban lifestyle and that's all within a gated, secure townhome community with greatly reduced responsibilities of homeownership,'' developer Neil Rauenhorst said Friday. "From each unit you'll be able to walk to Beach Drive with all of the restaurants or to Sundial and the (Locale) market or to the entertainment, cultural venues, hotels, parks and the water.''
Rauenhorst said his NJR Property Investments already has reservations for three townhomes and could start construction this year. The homes could be ready for occupancy within a year, he said.
Regent Lane is the third low-rise residential project announced or under construction in the area. The site where NJR expects to build is across the street from where restaurant and hotel owner Steve Gianfilippo plans a row of five New York-style brownstones priced from $1.3 million to $1.8 million.
Renaissance City Homes, a group of four luxury townhomes, is nearing completion at the corner of Fifth Avenue N and Beach Drive. And for those who prefer high-rise living, the 18-story Bliss is under construction on Fourth Avenue N just off Beach while a 41-story condo tower, One St. Petersburg, is planned a few blocks away.
"I think the market right now is attractive in many aspects,'' Rauenhorst said. "High-rise condominiums are under development, mid-rise and high-rise apartments are under development, townhomes are under development. I think we're looking at a very strong market from all of those segments.''
Some older buildings on the Regent Lane site, which is close to a Duke Energy substation, will be demolished. Rauenhorst said he bought the land Monday but did not disclose the purchase price.
His NJR Investment has developed numerous projects, including the Aqualea Hyatt Regency Clearwater Beach, the Hilton Garden in Temple Terrace and office buildings in the Gateway Business Center in St. Petersburg and the Meridian complex in Tampa's West Shore area.
It also has built Publix supermarkets in Tampa and other parts of Florida.
Contact Susan Taylor Martin at firstname.lastname@example.org or (727) 893-8642. Follow @susanskate