All retail space units sold out at One St. Petersburg
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12 / 20 / 16
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The 41-story ONE St. Petersburg has sold out its ground-floor retail space

Tampa Bay Business Journal
Ashley Gurbal Kritzer

ONE St. Petersburg, the 41-story mixed-use development in the heart of downtown St. Petersburg, has sold its ground-floor retail condominiums to two separate buyers.

The retail space has been sold to an investment advisory firm and a local restaurant partnership. Kolter Group, the developer of ONE, expects to deliver the retail space in the fourth quarter of 2018 concurrent with the first residential units in the building.

The 41-story ONE St. Petersburg has sold out its ground-floor retail space

ONE, which broke ground in March, will include 253 condominium units and a 13-story hotel with 175 rooms on Second Street North, across the street from Jannus Landing. The average unit price in the building is $1 million.

Sabal Trust Co., which currently leases space in Priatek Plaza, has signed a contract for the six units on the south side of the building for an 8,700-square-foot office space. The space is an expansion for Sabal, which will move from Priatek when ONE is complete.

Philippe Berriot and Lisa Wannemacher, the husband-and-wife team behind Cassis American Brasserie, have purchased the remaining five retail units on the north side of the building for an 8,400-square-foot restaurant. Kolter did not disclose what type of restaurant the pair will be bringing to ONE.

Brian Van Slyke, a development executive with Kolter who oversees ONE, said there was "a lot of interest in the marketplace" for the retail condos.

Retail condominiums, particularly in mixed-use buildings, are not common in the Tampa Bay region. But there is interest in the property sector: In 2015, the ground-floor retail space in downtown Tampa's Skypoint sold for a record price per square foot.

Van Slyke declined to disclose the purchase prices for the retail space. Some of the interest came from other end users, he said, and a group of investors from Miami were also interested in purchasing the space.

"We had a couple other offers on the north side retail and felt that Philippe and Lisa — they share our vision for ONE," Van Slyke said. "They have a proven concept and track record of a good, walkable restaurant."

Sabal, Van Slyke said, will be "a good neighbor" to the residents of ONE.

"And it keeps a lot of high-paying jobs in the downtown core," he said.

Beyond the retail condos, ONE includes another 5,000-square-foot restaurant space, on the southwest side of the development within the footprint of the 13-story Hyatt hotel — but separate from the hotel lobby, which will have its own bar. That restaurant space was originally meeting space, but that has since been relocated to the fourth floor of the hotel.

The space will be owned by Kolter Hospitality and leased to a restaurant user, and Van Slyke said there's interest in that area as well.

On the residential side, about 65 percent, or 167 units, have been sold. The remaining condos include both water and city views, Van Slyke said.

In November 2015, Kolter told the Tampa Bay Business Journal that sales were surpassing its expectations and that it would break ground 90 to 120 days ahead of schedule.

"There are some great units available," Van Slyke said. "We are maintaining our projected sales pace, so we’re very pleased with that."