Kolter Urbans’ prowess in the condo development game helped it secure a nine-figure construction loan for its St. Petersburg project.
Bank OZK provided a $182 million loan for the Palm Beach-based firm’s 42-story condo development at 235 First Avenue South, dubbed Art House, the Tampa Bay Business Journal reported. Construction of the 244-unit tower has reached the halfway mark, and it’s slated for completion next year. The loan comes to almost $746,000 per unit.
Nine-figure construction loans are rare in the Tampa Bay region, especially given the tight lending environment that’s hindered development activity across much of the nation since last year. The loan ranks among the largest filed in Pinellas County within the last five years, underscoring Kolter’s track record of successful luxury condo projects.
Art House, designed by SB Architects, will comprise two- and three-bedroom units, spanning from about 1,400 to 2,600 square feet, with prices starting at $1 million. The tower will have 12 penthouses across the top three floors, offering large terraces and views of Tampa Bay and downtown St. Pete. Amenities will include a resort-style pool, fitness center, theater and a club room.
Smith & Associates Real Estate is handling sales, which have totaled more than $250 million so far, the outlet reported. One of the penthouses is under contract for $6.1 million, the outlet said.
Kolter is at the helm of several luxury condo products in the Tampa Bay area, including One Tampa, Hyde Park House, One St. Petersburg and Saltaire. Among its other notable developments are the Ritz-Carlton residences in Sarasota and 100 Las Olas in Fort Lauderdale, the latter of which sold out last year at $178 million.
Condo sales in the Tampa-St. Petersburg-Clearwater metro were down 13 percent year-over-year in March, when there were 1,343 condo sales for a volume of $511 million. The market’s average sale price for a condo in March was a little over $380,000, according to Greater Tampa Realtors.
—Quinn Donoghue
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