A historic groundbreaking took place today in St. Petersburg as the city's tallest building is set to rise.
One St. Petersburg, a luxurious 41-story condo tower, is being constructed at 100 1st Avenue North. The project is groundbreaking in combining 200-plus condos with 174 Hyatt hotel rooms. There will also be 17,000-square feet of retail and dining mixed in with amazing views of St. Petersburg's still-evolving waterfront.
Other amenities include a 40,000-square-foot elevated resort deck. Prices for condos in the building start at about $600,000 for a 1,400-square foot unit.
Even though the groundbreaking is today, construction has already started and is three months ahead of schedule.
The project is expected to have a long-reaching impact on the city's real-estate market.
"The real estate market in St. Pete is very dynamic right now," said Mike Dove, Director of Neighborhood Affairs. "What we’re seeing, is everywhere there are vacant lots, developers are interested in putting new houses. There’s a pent-up demand for new houses."
Also, the project is expected to have a $90-million impact on the area with more than 500 workers at the site on a daily basis.
Once completed in 2017, Dove said he expected the tower to sell out.
"St. Pete’s a hot place to be," Dove said. "The downtown is very active, if you go to Tampa, or any of the other locations, everybody’s talking about downtown St. Pete. It’s a great attractor for us."
Sales of pre-construction condos at One St. Petersburg have already topped $110 million, making the project the top-selling condo right now in the Bay area.