Ground breaks on what will be St. Pete’s tallest building this Friday. Mayor Rick Kriseman and other city officials will be on hand from 10 a.m. until noon to celebrate the planned 41-story ONE St. Petersburg condominium tower.
The condo at 100 First Avenue North will feature 253 luxury condos, a 40,000 square-foot elevated resort deck including a fitness center, swimming pool, whirlpool, spa and private cabanas as well as a 173-room Hyatt Hotel with more than 17,000 square-feet of retail space.
“The decisions we make today will shape Downtown for generations to come. ONE St. Petersburg will be a defining project for the next era of Downtown St. Petersburg, adding to the vibrancy of this great city,” Kriseman said. “ONE St. Petersburg highlights what St. Pete has become – a pinnacle for contemporary downtown living. We are creating an urban core that invites you to live, work, and play all year round.”
The development is expected to pack a $90 million economic development punch.
Developed by the Kolter Group and designed by SB Architects, ONE St. Petersburg will feature contemporary condo living with water views and luxury amenities.
“Since we began sales at ONE in July 2015 every other day someone decided to make ONE their new home,” said Dave Traynor, Director of Development Services at Smith and Associates Real Estate.
Sales of the planned luxury condos have topped $110 million as of the end of February making it the number one selling condo complex in the Tampa Bay area.
Construction on the tower is 90-days ahead of schedule.
“We are thrilled to begin building this iconic tower that will redefine St. Petersburg’s skyline and help further establish St. Petersburg as an international destination,” said Bob Vail, President of Kolter Urban.
The $90 million estimated impact includes up to 500 workers. Within that 150 full time jobs will be created. Property tax revenue to the city is expected to jump $5.5 million annually as a result of ONE St. Petersburg.
“ONE St. Petersburg is one of the biggest projects the city has seen in years and it is going to make a positive impact,” said St. Petersburg City Council vice-chair Darden Rice. “The impact will be felt in the jobs it will create and the tax revenue it will generate. This project will only increase the financial health of our city.”
The 253 condos will range from 1,400 square-foot units to larger 2,500 square-foot homes. Prices for the luxury units start at $600,000.
“Downtown St. Pete is an attractive residential destination. People want to live in a walkable city, close to shops, culture, green spaces, and restaurants, said Bob Glaser, President, and CEO of Smith & Associates. “ONE will complement the booming upscale urban living that is defining this city.”
The Hyatt Hotel portion of the tower is slated to open in 2017 and will include restaurants, bars, meeting and retail space.