Business Observer, 11-15-19

Breathing in the Saltaire

In the wake of its success in delivering the 41-story One St. Petersburg hotel and condominium tower in downtown St. Petersburg nearly two years ago, The Kolter Group has proposed a second residential tower near the city’s vibrant waterfront.

Saltaire, a roughly $250 million project, is being designed by SB Architects to rise 35 floors adjacent to the downtown Hilton Hotel at 330 Beach Drive NE, near First Street South.

100 Las Olas Residence 2804-D night view

BOB VAIL, President

“We wanted to be as close to the city’s waterfront as possible,” says Bob Vail, president of Kolter’s Urban division. “This site certainly fits that. And really, there are not a lot of other opportunities or sites. We very much liked the fact that this site is a couple of blocks away from the congestion of Beach Drive, and also that our amenities deck can be designed for the bay side of the building. We think that will be much more attractive to buyers.”

But unlike when Kolter began developing One, which also contains a Hyatt Place Hotel, the West Palm Beach-based development firm faces significant competition to its 35-story Saltaire project.

In addition to at least one other major condo tower proposed for St. Petersburg’s downtown, a pair of luxury multifamily rental projects also will vie for residents.

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