New Development St. Pete Beach

Tampa Bay Business Journal, 11-04-24

Kolter Buys Prime Development Site in St. Pete Beach

Thank you, Tampa Bay Business Journal, for the feature. Click here to read the original article by Henry Queen.

A South Florida condo developer that’s been active in Tampa Bay for a decade has purchased St. Pete Beach property that was once slated for a $100 million mixed-use project.

Kolter Urban, based in Delray Beach, closed on approximately 3.9 acres on Corey Avenue for $9.85 million, according to a Pinellas County deed filed on Monday. An entity linked with Fortress Investment Group was the seller.

Kolter took out a $9.83 million loan from CIBC Bank USA to fund the acquisition, according to property records.

“We look forward to partnering with the city of St. Pete Beach to continue the development of a mixed-use property that reflects the unique beauty of the waterfront and the character of the community,” Brian Van Slyke, regional president of Kolter Urban, said in a statement.

Ram Realty, a South Florida-based developer, exited the deal last year. Ram planned to build Corey Landing, which would have included 243 residential units in a seven-story building with a parking garage, a 5,000-square-foot restaurant, a 0.7-acre public park and 12,000 square feet of retail and commercial space. The project received final approval from city commissioners in March 2022.

North Carolina-based Kimley-Horn and Memphis-based Looney Ricks Kiss Architects were also involved in the project when Ram was pursuing it. After the developer exited, city commissioners expressed interest in buying the property for a city-owned park.

Kolter’s purchase of the property signals that demand to build commercial real estate in Pinellas County has not died in the wake of hurricanes Helene and Milton. Observers of the residential market were also comforted by the sale of a historic home in Pass-a-Grille for $7.5 million after the storms.

Kolter, led by CEO Bobby Julien, is also the developer of Art House in downtown St. Petersburg, One Tampa, Hyde Park House, One St. Petersburg, Saltaire and The Ritz-Carlton Residences, Sarasota Bay.

NEWS TO SHARE
Amenity Center at Cresswind Charlotte

The Charlotte Weekly, 08-24-24

Cresswind Charlotte Sells 750th Home

Read More...

KOlter Hospitality Palm Beach 100

Palm Beach Illustrated, 08-01-2024

The Palm Beach 100

Read More...

Cresswind Charlotte Sells 750th Home Thumbnail

The Charlotte Weekly, 08-24-24

Cresswind Charlotte Sells 750th Home

Read More...

The Palm Beach 100 Thumbnail

Palm Beach Illustrated, 08-01-2024

The Palm Beach 100

Read More...

Condominium Solana Bay Miami

Luxury Guide USA, 07-25-2024

First Look Renderings: Solana Bay

Read More...

Meetings TODAY Florida | April 2024 Issue Thumbnail

Meetings Today Florida, 04-01-2024

Meetings TODAY Florida | April 2024 Issue

Read More...

The Westin Sarasota Thumbnail

US News, 01-01-24

The Westin Sarasota

Read More...

Tampa Bay Business Journal, 04-06-23

$43 million hotel approved in downtown St. Pete

Read More...

South Florida Business Journal, 01-06-23

The Kolter Group Voted Best Places to Work

Read More...

Tampa Bay Business Journal, 10-25-22

18-story luxury condo tower tops out in Sarasota

Read More...

Model homes imminent in West Port Thumbnail

Sun Port Charlotte, 11-29-20

Model homes imminent in West Port

Read More...

Breathing in the Saltaire Thumbnail

Business Observer, 11-15-19

Breathing in the Saltaire

Read More...

Water Club Offers The Best of Everything Thumbnail

Palm Beach Florida Weekly, 10-24-19

Water Club Offers The Best of Everything

Read More...

Select your KOLTER Community
of Interest for more Information