41-story tower to break ground in downtown St. Pete
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02 / 29 / 16

True to its word, Kolter Group is beginning construction on ONE St. Petersburg early

True to its word, Kolter Group is beginning construction on ONE St. Petersburg early.

The South Florida developer said Monday that it will celebrate the groundbreaking of the 41-story condominium tower on Friday. Once completed it will be the tallest building in downtown St. Petersburg.

"We are thrilled to begin building this iconic tower that will redefine St. Petersburg's skyline and help further establish St. Petersburg as an international destination," Kolter Urban President Bob Vail said in a statement.

Mayor Rick Kriseman and city officials will attend the ceremony on Friday. The construction is expected to generate more than $90 million in employment and labor wages, primarily for Tampa Bay area businesses, according to Kolter, and employ between 350 and 500 workers on a daily basis.

The completed project will create 150 full-time employment positions and increase the property tax revenue to the City of St. Petersburg by over $5.5 million annually.

Of the 253 condos, 110 have been presold — representing $110 million in sales volume, said Dave Traynor, development services director at Smith and Associates Real Estate. Traynor is marketing the units for Kolter.

The units begin at $600,000 and have an average sales price of $1 million.

About two-thirds of buyers are local, Traynor said, from within the Tampa Bay region. The other one-third are from the Midwest or Northeast; so far, he said, the tower hasn't attracted any foreign investors.

The project — which consists of 253 condos with an average sales price of $1 million — is 90 days ahead of schedule, as the Tampa Bay Business Journal reported in November. The development will also include a 13-story hotel, to bear a Hyatt Hotels Corp. flag.

The hotel will also break ground Friday, though it's scheduled to wrap up in late 2017, a year before the 2018 delivery of ONE condo units.