ReBusiness Online, 10-15-19

Kolter Group Buys Development Site in St. Petersburg for 35-Story Residential Tower

By Jeff Shaw | ReBusiness Online

ST. PETERSBURG, FLA. — Real estate developer The Kolter Group has acquired the 1.7-acre parking lot of the Hilton St. Petersburg Bayfront Hotel, with plans to construct a 35-story residential tower on the site.

The property is located just steps from Tampa Bay, the Florida Orchestra’s performance center, the Salvador Dali Museum, Albert Whitted Airport, a minor league baseball stadium and the Port of St. Petersburg.

Kolter Group acquired the site from Ashford Hospitality Trust for $17.5 million. Upon completion of the project, Ashford will maintain ownership rights to 205 covered parking spots in the new garage for use by Hilton guests.

The tower, named Saltaire, will feature 194 condominium units, as well as ground-floor retail space. Five of the seven units on each floor will feature direct water views, with prices ranging from $800,000 for a loft to over $6.4 million for a penthouse. The property will feature a seventh-floor dog park and an amenities deck with water views.

The project is scheduled for completion in first-quarter 2022. A development cost estimate was not disclosed.

This is the second major condominium project in St. Petersburg for Kolter Group. In 2018 the company completed ONE, a 41-story tower that is currently the tallest building in the city.
— Jeff Shaw

SOURCE: ReBusiness Online


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