New Condo Tower, Hotel Coming to St. Pete: Report

A West Palm Beach developer plans to break ground early next year in St. Petersburg for a 41-story condominium tower with units selling for about $1 million each, according to a media report.

The Kolter Group will build the 253-unit condo tower and adjacent 173-room hotel on Second Street North, the Tampa Bay Business Journal reported. Pre-sales of condo units are higher than expected, and the project is running ahead of schedule, a Kolter executive told the Business Journal.

The developer projects that the condo tower and 13-story hotel will create up to 150 full-time jobs and a $6 million boost in annual tax revenues for the city, the Business Journal reported. The project also is expected to create up to 500 construction jobs.

Kolter Group is negotiating with the Hyatt Hotels chain to operate the hotel, the executive said.

The condo tower is scheduled for completion in the fourth quarter of 2018, and the buyers have mainly been empty nesters from the Tampa region and those nearing retirement age, the executive said.