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400 Beach luxury condominiums in downtown St Petersburg – breaking news 4-23-09

The developer of 400 Beach, a luxury condominium in downtown St Petersburg Florida, has filed for bankruptcy. Opus South filed for Chapter 11 –  400 Beach is just one of the Opus properties. According to the St Pete Times, the company promised an “orderly wind down” of its portfolio. This is a sad conclusion for Opus, based in Atlanta, whose parent, Opus Corporation,  has been in business for 56 years. Earlier this week I posted a specific market update for 400 Beach for both sales and rentals. Opus is currently accepting “Nonbinding” offers on their remaining 18 condo units.

Opus press release
Robert Trigaux on Opus South Bankruptcy
Opus South Chapter 11 bankruptcy filing spells market exit

4/24/09  Followup article on Opus South and 400 Beach in the St Pete Times

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400 Beach luxury condo in downtown St Petersburg Florida – Market Update 4-20-09

400 Beach, a luxury condo in downtown St Petersburg, Florida, has 93 units on 29 stories. Closings began in December 2007 and the developer still has 18 unsold condo units, just under 20%.

The Multiple Listing Service shows 26 condos currently on the market (28%) which includes only 8 of the developer’s 18 units, so there are potentially 36 condos available, which is 39% of the total. Current prices range from $749,000 to $3,900,000.

So far in 2009 only one condo has closed at 400 Beach, selling for $1,200,000. It had 3,306 sq ft, which is $363/sq ft.

There are currently 5 condos for rent in the MLS, ranging from $3,500/month to $5,000/month.  Two of these units are also offered for sale, probably a “whichever comes first” scenario.  During the last year, the Pinellas Realtor Organization Multiple Listing Service shows 12 condos were leased at 400 Beach, ranging from $3,000/month to $5,000/month. Five of these were rented in 2009 from $3,000/month to $4,000/month.

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400 Beach Seafood & Tap House progress

According to an e-mail received today from Parkshore Grill, the companion restaurant to 400 Beach Seafood & Tap House, the new restaurant in downtown St Petersburg is scheduled to open in June 2009.

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A peek in the window at 400 Beach – St Petersburg Florida

Draftsman at workThe workshop at 400 Beach

An early morning glimpse of work beginning in the space at the northeast corner of 400 Beach in downtown St Petersburg.  It’s almost like Santa’s workshop – there are no signs. A drafting table with plans is set up in the unfinished space and pipes are being laid. It must be the beginning of 400 Beach Seafood and Tap House, the new restaurant being developed by Steve Westphal of Parkshore Grill fame.

Scheduled to open on February 15th, 2009, this seafood companion to Parkshore Grill should be an instant success with the same ownership and management, the same sidewalk dining across from the park and Vinoy yacht basin.

Click on the photo and see a little more.

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400 Beach – located in downtown St. Petersburg, Florida

400 Beach, a luxury condominium completed in December 2007 is located on Beach Drive NE in downtown St. Petersburg. It is on Beach Drive NE and takes up the whole block from 4th Ave N to 5th Ave N. The ground level on Beach Drive and 4th Ave have retail shops and restaurants (so far only one shop is open, but that’s the plan) so the actual entrance to the condominiums and to the garage are to the west of the building, on Bay St.

Across Beach Drive is Vinoy Park, a public park that sometimes has art shows, music concerts or other entertainment. Most of the time it’s a quiet, green park. Vinoy Park is bordered on the east by Bayshore Drive and then a sidewalk that runs along the waterfront. Vinoy Basin is a protected “harbor” that often has moored sailboats. The marina for the Renaissance Vinoy Hotel is on the north side, and on the east side the basin opens into Tampa Bay. The annual Christmas Boat Parade comes into the basin and circles it before heading back out into the bay.

View Larger Map

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Opus South moves north

Opus South Corporation, the developer of both 400 Beach and Parkshore Plaza, is moving its regional (Southeast) headquarters to Atlanta. It will continue to have local offices here in Florida, and according to the Tampa Bay Business Journal, senior vice president Jerry Shaw is quoted as saying that Opus’ development interest in the Tampa Bay area is not decreasing and in fact, they plan to expand.

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Decorator Showhouse at 400 Beach

400 Beach is the site of this year’s fundraising Decorator Showhouse for the Florida Orchestra Guild. The show continues this weekend and you’ll be able to see two waterview condominiums, one on the 21st floor (offered at $1,790,000 unfurnished) and the other on the 26th floor ($2,475,000 unfurnished). The show runs through March 30th.

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400 Beach hosts Decorator Showhouse

Florida Orchestra Guild holds Decorator Showhouse at 400 Beach
400 Beach is the site of this year’s fundraising Decorator Showhouse for the Florida Orchestra Guild. The show continues this weekend and you’ll be able to see two waterview condominiums, one on the 21st floor (offered at $1,790,000 unfurnished) and the other on the 26th floor ($2,475,000 unfurnished). The show runs through March 30th.

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400 Beach – rental update

There are currently five condos for rent at 400 Beach, all on an annual lease, unfurnished. They range in price from $3,500 per month to $5,000 per month. They range in size from 2,450 sq ft to 3,288 sq ft.

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400 Beach – Luxury Downtown Condo – St Petersburg FL

400 Beach is the latest luxury condo to open along Beach Drive in downtown St. Petersburg. Closings began in December 2007 and the first residents moved in. Closings of the developer units are continuing. So far, 30 of the 93 units have closed.

There are currently 15 units on the market, ranging from $749,000 to $5,500,000. Five of the 15 units are developer owned. Four units are offered for annual lease, ranging from $4,000/month to $5,500/month. For those who are curious – the cost per square foot ranged from $344 to $581, with an average of $421/sq ft.

Shops and restaurants will line Beach Drive and 4th Avenue North on the sidewalk level – there are posters in the windows but none have yet opened. Above these are “city” homes. Then the recreation level – the pool deck overlooks the park and waterfront.

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