Tuesday, September 26, 2017

Two new condo projects for same street in downtown St. Pete

Just as The Bezu will overlook a Duke Energy power station, the 747 North project also has an unusual location for a luxury condo — on 4th Avenue N right near an 1-275 exit ramp. But listing agent Kelly Lee McFrederick said that shouldn't deter buyers.

"The parking garage will be higher than the off ramp so even the first units will be higher than the ramp," she said. "There will be some landscaping, it will have high impact windows and the building itself will be all concrete and very impervious to noise. Also, the land elevation is 42 feet above sea level. We are one of the highest and driest places in St. Pete to build."

Each of the 18 units will have three bedrooms, three bathrooms, a laundry area, wine cooler and two deeded parking spaces. Units will range from 1,836 square feet to about 1,950 square feet and be priced from $450,000 to $500,000.

McFrederick said three units already are under contract. Unlike most condo projects, 747 North can proceed with only a few units pre-sold because the developer, Fourth North Holdings, acquired the land fairly inexpensively and owns it outright.

"When the city says, 'Good to go,' we can go at any moment," McFrederick said.

The family behind Fourth North Holdings also developed the Casablanca Towers on 8th Street S and 341 Lofts on 5th Street S, both in St. Petersburg. The newest project, north of Central Avenue, is an area that has seen a recent explosion of residential development though mostly of two-story townhomes.

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