Construction has begun on the $80 million Icon Central mixed-used development in downtown St. Petersburg, which will include an upscale 368-unit high-rise apartment complex and upgrade of the 1926 Union Trust Bank building.
Its 15-story luxury apartment complex at 801 Central Ave. will literally stand out amid the area’s existing mid-rises – inside and outside. It will feature amenities such as an outdoor movie lawn, a club lounge with game simulator room, and indoor Zen garden.
“We studied the market and we’ve included these top tier amenities that will appeal to both the baby boomers and the millennials," says Jessica Suarez, VP of development for the Miami-based Related Group, the project developer.
It will incorporate the arts through rotating art exhibits, local artist displays, an art and wine tasting room, plus art in the courtyard surrounding the pool, she adds.
“We’ve taken it to another level,” Suarez says. “The art element in St. Pete is significant.”
A ceremonial groundbreaking ceremony, scheduled at 2 p.m. Wednesday, Jan. 10, is expected to draw local officials and team members.
Work began in December. “We’ve cleared the site and we’re doing foundations,” she says.
The project is the latest in The Related Group’s Icon brand, known for luxury highrise rentals. It includes Icon Harbor Island apartments in Tampa, plus Icon projects in Fort Lauderdale and Atlanta.
Icon Central will include studio, one-, two- and three-bedroom units with monthly rents expected to range from $1600 to $4000; some on the top floors will have water views. Leasing is anticipated in mid-2019.
The high-rise, being built in a contemporary federal architecture style, also will include a spa with steam and sauna, a pool courtyard with a European-style heated pool, and a summer grilling kitchen.
The intimate, outdoor movie lawn will have a large screen on the side of the building, which can be used for movies or projections during outdoor classes.
Related seeks to create a community around activities for its residents. “That [Icon Central] is a community for us. We’re constantly involving them,” she says. “It’s different. You don’t see anything like that in St. Pete.”
The residential complex will be connected to the bank building with a multi-use building with retail, residential and parking space. The first two levels will be primarily cast stone, with tan stucco above. The bank is being renovated with stonework, cornices and other features reflecting the historical era.
“What we envision there is more of a high-end -- boutique stores with lounge and meeting space, or a food hall,” she says.
The interior of the bank, as well as an 1980s addition, have been demolished. “As construction progresses, we will start marketing the retail,” she explains.
The retail space is expected to be completed around mid-2019.
What attracted the developer to St. Petersburg was the continued growth and development, similar to more successful areas in the Miami area that have been revitalized, she says.
Icon Central has been in the works for three years.
The Related Group is active in the Tampa market, where move-ins have begun at Icon Harbor Island, a 340-unit luxury development. Construction is continuing at River Manorwalk, an eight story, 400-unit complex being built on the site of the former Tampa Tribune downtown, with leasing and move-ins planned in mid-2019.
Related also is developing the 396-unit Town Westshore rental community and partnering with Tampa Housing Authority in its West River redevelopment involving 150 acres on the west bank of the Hillsborough River on the edges of downtown.