February 8th, 2013 categories: Downtown St Petersburg
Cranes are reappearing in downtown St Petersburg as hundreds of rental apartments are planned for downtown St Pete. After a few years of stopped high-rise condo projects, it’s refreshing to see activity on some of the cleared, empty lots. It’s a sign of spring and birds as we watch the construction.
This crane is at the corner of 6th St S and 4th Ave S where Campbell Landings are going up. Plans are for this to be a 4 story building with 96 units of senior housing. The 1 and 2 bedroom units will be for those 55 and older. You can expect 1 and 2 bedroom units, from 708 sq ft to 915 sq ft. One uncommon amenity planned is a vegetable garden for the residents. Speculation is that units will rent for $280 – $678/month. It’s nearly impossible to find anything new in downtown St Pete for those rental prices!
Construction equipment and a crane are also at work on Bayway Apartments, which are being built across from the Hotel Indigo, in the 200 block of 3rd Avenue N. 324 units are planned, with 8 stories. Plans call for 233 1-bedroom units, 74-2 bedroom units and 17 studio units. They are adjacent to the Huntington Townhomes.
Land clearing and preparation is going on for Urban Edge, a 5 story development with 125 units planned. It’s on the south side of 4th Avenue S between 3rd and 4th Streets S – just west of The Madison. 40 units are planned to be at market rate, from $1,600/mo to $2,000/mo and 8t will be affordable units for seniors.
Planned, but not yet out of the ground are another 300 units at Sol, at 4th St S and 4th Ave S. Plans are to build a 4 story block with 1 to 3 bedroom units, 600-1,200 sq ft, with rents possibly in the $800 – $1,800/month range.
Rentals are scarce right now in downtown St Pete condo buildings – there are only 6 condo rentals currently active in the MLS (in the area from 4th St to the bay, 5th Ave N to 5th Ave S). Some of our clients are buying downtown condos as an investment and renting them out – we often have found tenants even before the property has closed.
Only caution – if too many units come on the rental market at the same time, it could be a temporary glut. The pendulum never stops in the middle.