Thank you, Tampa Bay Business Journal, for the feature. Click here to read the original article by Henry Queen.
A South Florida condo developer that’s been active in Tampa Bay for a decade has purchased St. Pete Beach property that was once slated for a $100 million mixed-use project.
Kolter Urban, based in Delray Beach, closed on approximately 3.9 acres on Corey Avenue for $9.85 million, according to a Pinellas County deed filed on Monday. An entity linked with Fortress Investment Group was the seller.
Kolter took out a $9.83 million loan from CIBC Bank USA to fund the acquisition, according to property records.
“We look forward to partnering with the city of St. Pete Beach to continue the development of a mixed-use property that reflects the unique beauty of the waterfront and the character of the community,” Brian Van Slyke, regional president of Kolter Urban, said in a statement.
Ram Realty, a South Florida-based developer, exited the deal last year. Ram planned to build Corey Landing, which would have included 243 residential units in a seven-story building with a parking garage, a 5,000-square-foot restaurant, a 0.7-acre public park and 12,000 square feet of retail and commercial space. The project received final approval from city commissioners in March 2022.
North Carolina-based Kimley-Horn and Memphis-based Looney Ricks Kiss Architects were also involved in the project when Ram was pursuing it. After the developer exited, city commissioners expressed interest in buying the property for a city-owned park.
Kolter’s purchase of the property signals that demand to build commercial real estate in Pinellas County has not died in the wake of hurricanes Helene and Milton. Observers of the residential market were also comforted by the sale of a historic home in Pass-a-Grille for $7.5 million after the storms.
Kolter, led by CEO Bobby Julien, is also the developer of Art House in downtown St. Petersburg, One Tampa, Hyde Park House, One St. Petersburg, Saltaire and The Ritz-Carlton Residences, Sarasota Bay.
