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Building blocks

For much of 2006, developers were announcing new projects for downtown St. Petersburg as the market began to slow . A number of them have stalled, but the allure of downtown living remains. Here's an update on some of the projects:

By PAUL SWIDER
Published December 31, 2006

Bayway Lofts and Condos on Central

Developer Grady Pridgen said he hasn't given up on Bayway Lofts, a development on Third Avenue N between Second and Third streets. But the project, once slated for 500 feet and 42 stories, is not ripe for construction, he said.

Pridgen said he is in talks with investors in the United Kingdom about funding the project.

LaVista

Sheldon Perl said he's still working to bring LaVista to life.

The proposed 25-story mixed-use development slated for the corner of Fifth Street and Third Avenue N was on the market this year, but Perl said it is no longer for sale.

The $40-million project includes 196 condominiums, 6,000 square feet of office space and 307 garage parking spaces.

Signature

Developer Joel Cantor has arguably the most ambitious project in the city with the sail-like 33-story tower designed by architect Ralph Johnson. With contracts on 80 percent of the 246 units of his $120-million project, Cantor said the last of 220 foundation caissons will be in by the end of January and 500 workers will start on the project.

Ovation

Ovation will break ground in February. Fronting Beach Drive at Second Avenue N, the 27-story building targets the exclusive crowd, with prices starting at $1.6-million.

The high-rise has 45 units, of which 16 are sold. Smaller units start at 2,000 square feet, while upper floor condos are 3,600 to 7,200 square feet and cost more than $4-million.

Grand Bohemian

Originally planned as 166 hotel rooms and 82 condos, the 32-story building will have 254 hotel rooms and 52 condos. All of the $500,000-and-up condos will be above the 21st floor.

The $140-million project will break ground in 2007 and be open in two years.

The site at Second Street and First Avenue N will also contain the Bohemian Cafe and Market, the Grand Bohemian Art Gallery, the Bosendorfer Lounge, a tapas lounge, sit-down restaurant, and, on the sixth floor, the Poseidon Spa.

The Sage

As residents are starting to move into Miles Development's modest 1010 Central project, the builder is nearing maximum height on the Sage, a 12-story, 112-unit building at Fourth Street and Fourth Avenue S.

Units in the Sage range from nearly 900 square feet to almost twice that and sell in the $300,000 and $600,000 range. The condos sold well before the market cooled, but sales are picking up, said J. Jason Perry, the company's vice president of development. Residents will start moving in next fall.

Edge

Another dormant monolith getting ready to sprout is the Edge, a 40-story, 189-unit condominium planned for 300 Fourth Ave. S. Developer Frank Maggio said sales will start this year. Like other developers, he has an extension on his city approvals to vest his rights should plans or the market change.

The Arts

A two-tower, 500-unit project planned for the 800 block of Central Avenue originally included large, luxury units at $800,000. Research showed it was not a good fit for the market, so units were redesigned.

The Arts will now have one-bedroom units and studios starting at $224,000. The average price is $600,000. The project still include works of Dale Chihuly, who will have a permanent display in the complex.

Parkshore and 400 Beach Drive

The Parkshore, above, was one of the early projects and not only enjoyed the hot market but is also completed at 300 Beach Drive. Its pair, 400 Beach Drive, below, has reached its zenith of 29 stories and will be completed by the end of 2007, said Jerry Shaw, with developer Opus South Corp. Of its 93 units, 400 Beach Drive has only four left, even at prices of $400,000 to $4-million.

Allard

A proposal to build 70 condos and 5,000 square feet of retail space in a 20-story building at Fourth Street and Fourth Avenue N is on hold, said Erik Allard, vice president of Allard Investment Realty.

Whitney Plaza

While marquee projects attract rumor and speculation, Blake Whitney Thompson is topping off an unheralded but conspicuous building on Fifth Avenue N. Whitney Plaza is 14 stories tall in an area of single-family homes near the Palladium Theater. Thompson's Cypress Group quietly sold 50 of the 56 units while other projects struggled.

Residences at 601 Central

Arriving at the market's turning point, this project is on hold, though developers say it is not dead.

" 'Abandoned' is definitely not the word," said Gerry Pacella of TEF Development, the New Jersey firm that plans to build on the north side of Central.

Pacella, who said financing dried up when the market slowed, is working to find other banks and investors for the project.

The original proposal hasn't changed and includes retail space and 100 residential units in 15 stories. Prices will range from the $200,000s to $600,000.

Paul Swider can be reached at 892-2271 or pswider@sptimes.com or by participating in itsyourtimes.com.

[Last modified December 30, 2006, 21:54:45]