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Landowner dangles a carrot with a caveat
By SHARON L. BOND ST. PETERSBURG -- Some of the shops in the 400 block of Beach Drive are for lease again as owners try to generate income while a developer attempts to resuscitate a multimillion-dollar project there. The block was nearly cleared of its retailers this summer in anticipation of the development. Now spaces are advertised as available at below-market rates. "We have some people interested in Jennifer Lynne's and somebody interested in Spanky's," said Courtnay Hamilton of Hamilton Properties Inc., a family concern that owns the 400 block of Beach Drive. He was talking about a dress shop space and a small restaurant. He described the retailers that are interested as gift shop operations. Hamilton said, however, he is hesitant to lease the restaurant space because there still is hope that developer Paul Morris will move forward with plans to build a twin-tower project withresidences. Morris now hopes to build condominiums instead of the originally planned luxury apartments. The buildings themselves would look about the same. "In the meantime, we are putting feelers out" for month-to-month leases, Hamilton said. He tells prospective renters about the Morris project and says that as a result, he has lost about half the number who called after for-lease signs went in the windows. Some are willing to gamble, Hamilton said. Three are set to move in in January. Morris had a deal for a long-term lease for the Hamilton land on which he planned to build two 20-story towers, each holding 100 apartments. Also included in the $70-million project was a 620-space garage, amenities for the apartments such as a health club, and street-level space for shops and restaurants. Morris said Monday he hopes to have the Villas back on track soon. The project's architect pulled plans from initial consideration by the city last month. Calvin B. Samuel attached a power of attorney to his letter informing the city that he was withdrawing the project, and it showed that Morris owed him more than a quarter-million dollars. But both Morris and Samuel said this week that debt was not what stalled the Villas. "The reason it was pulled is not for any monies owed anybody," Morris said. Samuel agreed. Morris' financing was not nailed down, he said, and he and Samuel thought it best to delay the project rather than hope the financing would come through by the time the plans were up for city consideration. Morris said that he has paid Samuel most of what he owes him and that the two still are working together. Samuel agreed. "When we pulled the drawings, at no time was there any animosity between Paul and I." Samuel said that shortly the city will see the Villas proceed full speed ahead and be finished in a year and a half. Lenders lost interest in projects such as the Villas immediately after the Sept. 11 terrorists attacks, Morris said. But they are beginning to come around, he said. One of the reason for renewed interest, Morris said, is his change from luxury apartments to condominiums. "We had to go to condos because of the financing climate. Financing is very difficult," Morris said. He said the basic plan would be the same: twin towers, shops at the street level and a parking garage. Prices have not been fixed on the condominiums, but Morris described "affordable" as $200 to $350 per square foot as opposed to $375 to $500 per square foot for luxury dwellings. Exact prices will depend on floor level, size and whether it has a water view, Morris said.
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From the Times South Pinellas desks |
