St. Pete Catalyst, 08/16/19

Luxury Condos, Affordable Apartments Move Forward After City Council Votes

Margie Manning | St. Pete Catalyst

Saltaire is a 192-unit tower will feature approximately 9,681 square feet of retail space with two retail spaces along 1st Street South and four retail units along 2nd Street South.

The St. Petersburg City Council has given the go-ahead to two very different housing developments for the city.

Meeting as the Community Redevelopment Agency, city council members found that Saltaire, a 35-story luxury condominium development, was consistent with plans for downtown development. The CRA also authorized a city loan for The Shores Apartments Ltd., a 51-unit affordable housing development in the South St. Petersburg Community Redevelopment Area.

Neither measure drew any comment from the public and both were approved unanimously.

Downtown High-Rise

Saltaire, at 333 1st St. S., is being developed by The Kolter Group, the developer behind One St. Petersburg. With a projected cost of $136 million, the project will have 192 condo units and 9,681-square-feet of commercial space. It will be built on 1.77 acres that now is the parking lot for the Hilton Hotel. Saltaire and the Hilton will share a parking garage.

Saltaire is a 192-unit tower will feature approximately 9,681 square feet of retail space with two retail spaces along 1st Street South and four retail units along 2nd Street South.

“Currently the existing surface parking lot is an under-utilized piece of land that does not devote any activities to the urban fabric of downtown,” said Corey Malyszka, urban design and development coordinator.

The ground floor of the building will include a residential lobby and retail space, as well as back-of-house areas and the entrance to the parking garage. Parking will be on the second through sixth floors, and the seventh floor will have indoor and outdoor amenity space. There will be some residential units on the lower floors, but most of the condos will be above the seventh floor.

Saltaire Lobby - Rendering

The parking garage will have 596 spaces, shared by residents of Saltaire and guests at the Hilton and with a covered walkway to the Hilton. During construction, Hilton guests will park offsite, with valet service provided and 110 spaces currently reserved at the Mahaffey Theater garage, Malyszka said.

Home Ownership Opportunity

The Shores Apartments is an $11.6 million project being developed by The Richman Group of Florida at the southwest corner of 26th Avenue South and 31st Street South. It will include 51 affordable apartments, 45 of them for households with incomes at or below 60 percent of the average median income for the area, and six of the apartments for households at or below 35 percent of the average median income.

A family of four with a household income of $40,140 would pay no more than $1,044 a month for a three-bedroom apartment under current guidelines.

The one, two and three-bedroom apartments at The Shores will range in size from 650 square feet to 1,150 square feet.

There also will be a clubhouse, cybercafé/coffee bar, swimming pool and other amenities. The building will meet the bronze certification for the National Green Building Standards. Resident programs will include an after-school program for children, adult literacy tutors and a home ownership opportunity program that provides a financial incentive of 5 percent of the rent paid as a gift or grant toward a home purchase.

City council members agreed to loan the developer $567,000 that can be used as a local contribution toward the project and will improve its chances of being awarded state tax credits. The developer will repay $8,197 a year for 20 years, with the remaining balance of $403,560 to be forgiven in year 21. The city’s contribution come from tax increment financing from the South St. Petersburg Redevelopment Trust Fund.

Construction is expected to begin in the third quarter of 2020, with the project completed about a year later, a spokesman for The Richman Group told the council.

SOURCE: St. Pete Catalyst

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