Tampa-based developers, with DDA Development
, are one step closer to a construction start on the 13-story luxury condominium, The Salvador
, after closing on a 1-acre property in downtown St. Petersburg.
Three existing buildings on the property, at the intersection of Second Street and Fifth Avenue South, will be torn down in February in preparation for an anticipated March construction start. Buyers likely can move into their new condominiums by summer or fall of 2016.
Sales prices for one- and two-bedroom condos range from a low of about $350,000 to about $800,000 at the top tier. Two spacious three-bedroom penthouses are expected to sell for about $1.2 million to $1.4 million.
The condo project is bucking a trend toward more downtown apartment construction. But the market is there and so far about 30 percent of 74 luxury units have pre-sold, says David Moyer, director of sales in the development services department of Smith & Associates Real Estate
"Everything is going really well," Moyer says. "It's an exciting start for this market place. We're pretty much on track with what we anticipated."
Among buyers are young professionals but also older couples who are empty-nesters looking to downsize, and anyone who wants to enjoy an urban lifestyle.
is creating an "art-influenced" design. Balfour Beatty Construction
is the contractor for a building that will be green-certified with the latest in energy-efficient technology.
The luxury condos will have private balconies, stainless steel appliances, wine coolers, gas cook tops and European-style cabinets. An 11,000 square foot amenity deck on the third floor will house a spa, heated saltwater pool and fire pit and a fitness and yoga room. A full-time concierge will be on duty in the 2-story lobby with large gathering areas.
The Salvador also is in a prime spot near the campus of the University of South Florida St. Petersburg
, the Mahaffey Theate
r and The Dali Museu
m. Within walking distance there is a Publix grocery store and many of downtown's popular restaurants including Z-Grille
and Red Mesa Cantina