A curvy building on 58th Avenue S caught the eye of Miami developers, whose prices may catch the eye of people unable to afford downtown.
By SHARON L. BOND
Published October 17, 2004
ST. PETERSBURG - At the southern end of the city, a condominium conversion project is under way that will yield some of the more affordable units seen lately.
Developers Benjamin Klein and Getzy Fellig and the Cambridge Development Group, all of Miami, are converting the 1960s six-story building at 3315 58th Ave. S, formerly known as the Skyview Point apartments. The new name is the Wave in recognition of the building's curving shape.
"This place had a little bit of architecture to it, the curving architecture," Klein said of the apartment building. "We liked the fact that it is a bit high."
The project will offer 128 refurbished condos from $89,900 to $165,000, Klein said.
That is on the low side compared to much of the condominium development in St. Petersburg. In downtown, particularly, development has been mostly new construction in the luxury market. In those projects, some unit prices were in the millions of dollars.
Fellig said he spent a year looking at property before finding the apartment complex. He and Klein like its proximity to the interstate and say they think the units will appeal to young professionals and people trying to get into the housing market but not able to afford downtown prices.
"I went from Sarasota all the way up through Brandon. I-75 was my vein," Fellig said of the search for a property that would help him and Klein diversify from new construction they are doing in Miami. Fellig said he found something different about south Pinellas, he said.
"It seemed like a nice neighborhood," Fellig said.
St. Petersburg seemed more homey than Tampa, Klein said.
Both said they think the redevelopment of downtown St. Petersburg helps their project, even though it is not near downtown.
"It's not just spoken about. You can see it happening," Klein said of the downtown renaissance. "We really like downtown St. Petersburg."
The units in the Wave are one bedroom/one baths and two bedrooms with 11/2 baths. They range from 700 to 900 square feet. Most of the units have balconies and on some of the higher floors, there is a sliver of water view.
Klein and Fellig are getting seven models ready on the fifth floor of the building to show prospective buyers the different type of arrangements.
Developers paid $3.5-million for the apartment building, which sits on 5.5 acres. It is across 58th Avenue S from Huber Marina, where another company plans to develop an aquaplex that will have 102 townhomes and 71 condominiums.
First Dartmouth Homes is building the residential-marine complex where some homes will have water garages. The townhomes will be in the first phase and range in price from $450,000 on the park side to a beginning price of $750,000 on the water side.
Klein said they did not know about plans for the aquaplex when they bought the apartment house.
"Any time you are doing a development and you hear about another new development going up, it's just good news."
The Wave will have a laundry area for residents as well as fitness center, volleyball court and picnic area. An oval pool already is on the property. New landscaping already has been put in in some places.
It will take about six months to finish the conversion, but Klein said some people should have moved in before then.
