A new upscale apartment complex is in the works for downtown St. Petersburg.
Cleveland-based NRP Group
plans to develop and build 330 units of luxury multifamily housing at the northwest corner of 4th Street South and 4th Avenue South near St. Pete's medical district on property-- currently the southernmost parking lot of the Tampa Bay Times
Developing an entire city block, the $55 million unnamed project will include a 4-story apartment building on approximately 4.3 acres. The new complex will feature on-site management by NRP, as well as a structured parking garage, cyber cafe, upscale fitness room, clubroom and pool.
“Downtown St. Petersburg
continues to grow, providing jobs and an ever-growing nightlife,” says Kurt Kehoe, VP of NRP Development in Florida. “Because of this, there is a current and future need for upscale rental options in the downtown area.”
With expected completion by 2013 or early 2014, the project could break ground as early as Fall 2012. The new complex will provide one- to three-bedroom units ranging in price from approximately $880 to $1,800 per month, featuring high-end finishes including granite counter tops, custom cabinets and energy efficient appliances.
“We think this project will have an extremely positive influence on downtown St. Pete by continuing to draw higher income earners to the area which will, of course, have a positive effect on downtown businesses including restaurants and bars," Kehoe says.
Writer: Alexis Quinn Chamberlain
Source: Kurt Kehoe, NRP Group