Nineteen buyers have generated about $13 million in sales since August, said David Traynor, vice president of real estate for Smith & Associates. He suggested the top off of the Snell Isle building might be a tip-off of the next wave of condo development in Tampa Bay. Up to 31 condo projects in Pinellas and Hillsborough counties are in some form of discussion or development, Traynor said. The proposed projects range from a few dozen units up to about 400 units.
Kolter Urban, a division of the West Palm Beach real estate development and investment firm, is building Water Club on a 5.25-acre site in the 1300 block of Snell Isle Blvd. NE. The lot was previously occupied by Snell Isle Plaza.
The $30 million project is under budget and on target to finish by July, said Bob Vail, president of Kolter Urban. He agrees that market conditions are swinging back to condo development.
“Our timing is good,” Vail said. “We do think we are ahead of everyone else. We are looking for new opportunities from St. Petersburg/Clearwater south to Naples.
Kolter has five condo projects underway, including Sarasota and North Palm Beach, totaling about 600 units. Another 300 units are working through the entitlement process. The company is focused on the $500,000 to $1.5 million price point instead of the “big blue marlin” of the last building boom, Vail said.
Snell Isle offers two-bedroom 1,711-square-foot units and three-bedroom 1,940-square-foot units (plus 168-square-foot terrace) starting at just under $510,000 up to $850,000. Marina slips are also available at the site.
Water Club Snell Isle
1325 Snell Isle Boulevard NortheastSt. Petersburg, FL 33704
(727) 478-2060
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