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By TIMES STAFF
Published June 20, 2007

NEW PLAN CUTS BACK ON HOTEL ROOMS, CONDOS

After its first attempt was rejected, Fuel Group has resubmitted a new, smaller plan for its project at First Street NE and Fifth Avenue. Neighbors had objected to what they viewed as too dense a development in the Tampa developer's plan to build 260 hotel rooms and 111 condominiums in a 387-foot, 33-story building. The new plan will cut that back dramatically: 285 feet, 22 stories, 154 hotel rooms, 60 condos and a floor-area ratio that is a third smaller. "We hope this will take care of concerns over bulk and height, " said Ron Weaver, the developer's attorney on the project. With this new submission, the old proposal is off the table, and Fuel's appeal of its denial is dropped. A hearing on the new project is Aug. 1, Weaver said.

ST. PETERSBURG

Developer sells 20 Sabal Pointe units

An auction to sell off a condo conversion project saw developer Leroy Goldstein unload 20 units for an average price of $86, 000 for the one-, two-, and three-bedroom units at Enclave at Sabal Pointe on 54th Avenue S. When Goldstein bought the 240-unit complex for $18.65-million last year, the aim was to sell units for $109, 000-$219, 000 after upgrades, but the 20 auctioned June 16 had not yet received the $15, 000-$25, 000 upgrade packages, said Carl Carter with J.P. King, the auction marketing firm that handled the bidding. Carter said there are ongoing negotiations for other sales, but there will be no further auctions at the property. Interested parties should contact Carter at (205) 823-3273 or visit www.jpking.com.

[Last modified June 20, 2007, 01:39:00]