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Developer one of nation's largest
By BRYAN GILMER, Times Staff Writer
ST. PETERSBURG -- The last person who promised to build a downtown condominium tower had once gone bankrupt and had worked as a set dresser but had not developed any real estate. So people are bound to ask: What's this Opus South Corp. that announced plans Tuesday to build a similar project a block to the south? This developer has a track record. Opus South of Tampa is an operating subsidiary of the Opus Group of Minnetonka, Minn., which has been building tall buildings -- and short ones -- for 50 years. The company is one of the country's largest developers, designers and builders of real estate and estimates it is working on some 12.5-million square feet of new space right now. The closely held concern recently completed the 30-story Minneapolis headquarters for American Express Financial Advisors, for example. However, residential projects are fairly new for the firm, which has done mostly office, retail and industrial over its history. "The commercial market is obviously suffering," which makes it a good time for the company to shift to residential projects, explained Opus South director of architecture William R. West of Tampa. Opus Northwest is a partner in a 27-story condominium project called Grant Park in Minneapolis that recently began construction. More than half the condominiums are sold, and they are targeted at a "mid market" consumer, not a luxury buyer. And Opus South is investing in and constructing a $70-million, nine-story condominium project in Naples headed by its former chief executive, Neil Rauenhorst, who left the firm to form NJR Development. Opus South has built several projects in west central Florida, including the University Center for Business in Tampa and Tropicana Products' headquarters in Bradenton. The company's market research shows that buyers want more downtown condominiums in St. Petersburg, said Jerry T. Shaw, senior vice president for Opus South. The company has no construction financing for its St. Petersburg project but will look for the loan after it presells enough condominiums, he said.
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From the Times South Pinellas desks |
