"The City of Roses'' now has a presence in St. Petersburg.
The 908 Development Group
recently announced its project, The Portland, at 819 Third Ave. N., in downtown St. Petersburg
's Mirror Lake district. The $17 million project is is the first large-scale construction project for the Tampa development group.
Comprised of 68 apartment homes available in one-, two-, or three-bedroom layouts, The Portland is valued at $260,000 per unit, but each unit will be priced based on prospective tenants' income. The project is made possible thanks to a combination of loans from city of St. Petersburg and a bank, as well as a deferred developer fee and tax credits for just over $14 million courtesy of the federal Tax Credit Exchange program.
According to Justin Wilson, a principal at 908 Development, each of his firm's projects mirrors a U.S. major metropolitan area in some way. "Our architect at ROJO
drew inspiration from Portland, Oregon area. Our parking garage has rose details and all of the signage in the inside and outside of the building are a red-rose color. The overall building colors are kind of earth toned. We also have another project in the works called The Lansing. The architectural features derive from those cities."
The 908 Group used a number of advanced, eco-friendly elements in its design, including fly-ash concrete and design that maximizes natural light. They also ensured air ventilation that would maximize energy efficiency. In addition, the building takes advantage of its location by providing its residents with a annual bus passes.
Construction on The Portland is expected to be completed by October 2011.
Writer: Missy Kavanaugh
Source: Justin Wilson, 908 Development Group