The Real Deal Miami

Kolter starts building 41-story condo in St. Pete

The West Palm Beach firm has presold 110 condo units at ONE St. Petersburg

March 05, 2016 11:02AM

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Rendering of ONE St. Petersburg

Rendering of ONE St. Petersburg

West Palm Beach-based Kolter Group broke ground for a 41-story condominium in downtown St. Petersburg.

Mayor Rick Kriseman and other city officials attended a groundbreaking ceremony Friday for the condominium development, called ONE St. Petersburg, which will be the tallest building in the city.

Smith and Associates Real Estate is marketing the 253-unit ONE St. Petersburg development.

Dave Traynor, development services director of Smith and Associates, told the Tampa Bay Business Journal that 110 of the 253 units have been presold and that two-thirds of the buyers are local residents. The condo prices start at $600,000 and average $1 million.

Construction of the Kolter development, which started 90 days ahead of schedule, will encompass a 13-story hotel that will operate under a Hyatt Hotels Corp. brand. Construction is scheduled to conclude in late 2017.

The development will create 150 permanent jobs and generate more than $5.5 million of annual property tax. [Tampa Bay Business Journal] — Mike Seemuth