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Downtown redevelopment gets a major boost as Opus South, already building one Beach Drive tower, will add an $80-million tower nearby.
By SHARON L. BOND, Neighborhood Times Business Editor
© St. Petersburg Times, published February 19, 2003
ST. PETERSBURG -- With this city's rebirth in full swing, a national development company quickly has emerged as the dominant player in the reshaping of the downtown waterfront.
Opus South Corp., which last month announced plans to build a 30-story condominium tower along Beach Drive, said Tuesday it wants to build a second tower a few doors down. The $80-million project also would feature retail space and townhomes.
If Opus completes both towers, it will bring more condos downtown than all of the recent towers combined -- about 270 units.
"Downtown is going through a successful renaissance," St. Petersburg Mayor Rick Baker said. "It is great evidence so many people want to live downtown."
For its second proposed tower, Opus would take over a boarded-up site where another developer envisioned an even more ambitious project. The Villas, a twin-towers project promoted by Paul K. Morris, received city approval but stalled after Morris failed to make land lease payments or get financing for construction.
Now Opus has an agreement to buy the 400 block of Beach Drive NE, owned for decades by the family of Dr. John M. Hamilton. The Hamiltons had leased the block to Morris and say he defaulted.
"They made me an offer," Hamilton said of Opus. "I want to see it move forward. It's been stalled too long."
He would not disclose the price for the 2.18 acres between Fourth and Fifth avenues.
Opus officials aren't sure which condo tower they will build first. Construction won't start before the end of the year. The company wants to sell at least half of the condo units before they build.
The company's interest in St. Petersburg symbolizes the city's downtown transformation.
For decades, the city unsuccessfully threw money and land at national developers as it begged them to help revitalize a sleepy downtown.
In the past five years, though, local developers have built three condominium projects along the waterfront. And BayWalk, a $40-million entertainment/retail complex built by the Sembler Co., has brought shoppers and moviegoers back.
"Opus is such a huge builder. They know what works and what doesn't," Hamilton said. "It will be a really nice improvement. Part of the reason I decided to sell instead of lease is that they are such a reputable company."
Jimmy Aviram, who owns or is a partner in a number of downtown properties such as the Bank of America building and the Beach Park motel, is a partner with Opus in the new 400 block development. Aviram is based in St. Petersburg. Opus has an office in Tampa.
The 400 block tower will have 145 units in 27 to 30 stories. It is moving through the city approval process as a modification of the Morris plan, which was a larger project.
The tower will sit at the northwest corner of the site, blocking less of the view from the Presbyterian Tower, which is behind the project.
Retail space in the lower structures will face Beach Drive and Fourth Avenue NE. Townhomes will face Fifth Avenue NE.
The retail space is scaled down significantly from what was planned for the Villas. William R. West, Opus architect for the new project and the other Opus tower, said the reduced project better fits development plans downtown.
Hamilton said initially his family would not sell the land that had taken him 40 years to accumulate.
His surgery office was in the 400 block of Beach Drive along with his property office and art and clothing shops and restaurants.
The block now is empty, surrounded by a wooden fence decorated by schoolchildren's paintings. Tenants were asked to leave in anticipation of Morris' groundbreaking last year.
Jerry T. Shaw, senior vice president for Opus South, said the company will move fairly quickly to clean up the block.
"I think that probably would be beneficial for all. It's not the most attractive site right now."
Aviram said several years ago he approached the Hamiltons about a project on the 400 block of Beach Drive but decided he could not work with leased land. After the deal with Morris fell through, he went back.
"We met again and started talking again," Aviram said. "I said to Opus, 'Let's go look at this block.' " Aviram said he became acquainted with Opus through his attorney and through restaurateur Dan Harvey Jr. He and Harvey are involved in the other Opus project because they are selling Opus the land for that tower.
Meanwhile, Hamilton was persuaded to sell.
"We've agreed in principle to everything. The lawyers are working out the details," said Hamilton, who plans to live in one of the condominiums. He said several others in his family also might become residents of the new tower.
Prices have not been set on the units, although Shaw said there should be units that are more affordable.
The luxury condominiums that have come on line in downtown St. Petersburg have had prices ranging from $300,000 to $2-million.
Just a month ago, Opus announced its condominium project in the 300 block of Beach Drive NE. The unnamed 30-story building will have about 120 units. Opus, which is 50 years old, has limited experience in residential building.
Its main experience is in office construction, although it has built churches and university buildings. Over the year as the market for offices softened, Opus turned to other types of construction such as retail. Now it is focusing more attention on residential.
-- Staff writer Thomas C. Tobin contributed to this report.