ST. PETERSBURG, Fla., Nov. 16, 2015 /PRNewswire/ -- The Kolter Group announced plans today to commence construction of ONE St. Petersburg. This decision to accelerate their construction timetable was prompted by over $85 million in confirmed contracts. At 41 stories, the ONE project will be the tallest building in St. Petersburg. This development's 253 luxury condominium residences are complemented by a Hyatt branded hotel and over 17,000 square feet of retail space.
"We are thrilled with the success of ONE St. Petersburg," said Bob Vail, President of Kolter Urban. "By accelerating the construction start, we create certainty for the project in two key areas; the ability to lock in construction costs and most importantly, we create certainty in the delivery of the project for all of our current and future buyers. There is no doubt that ONE will redefine the city's skyline as well as redefine urban living in St. Petersburg. As we say at Kolter, It's A Go!"
The Kolter Group has already begun infrastructure and foundation work on and around the site. The tower and hotel groundbreaking are scheduled for first quarter of 2016, with delivery of residences in fourth quarter 2018. The size and scope of this development brings numerous immediate and long-term economic benefits to the city and the area.
Key local economic impact statistics include:
- Over $90 million in construction employment and labor wages primarily for Tampa Bay area businesses.
- Daily average number of workers on the project will be 350 with as many as 500.
- Over 1.25 million man hours required to construct the project.
- Materials will generate $3.6 million in sales tax.
- Approximately $2.5 million in building and hotel impact fees.
- 150 full-time employment positions upon project completion.
- Increases in hotel bed impact tax upon stabilization of approximately $500,000 annually.
- Annual property tax increase of over $5.5 million upon completion.
"ONE St. Petersburg will be a defining project for the next era of downtown St. Petersburg. The city has worked closely with Kolter in the design and review process to ensure timeliness of applications and permits," said Rick Kriseman, Mayor of St. Petersburg. "We have set the bar very high in regard to this iconic project and I'm very comfortable that Kolter has met these high standards." He continued, "Not only will ONE St. Petersburg enhance our thriving downtown, but the jobs and taxes it will create will only increase the financial health of our city."
Kolter Project Team Members include:
The Kolter Group is a diversified real estate development and investment firm that has invested in projects with expected value in excess of $2 billion. Headquartered in Palm Beach County, Florida and with a southeast operational footprint, Kolter's market and sector knowledge has positioned the firm to capitalize on emerging trends in real estate. For more information, visit www.TheKolterGroup.com.
KAST Construction Company headquartered in West Palm Beach, Florida has been named the General Contractor for the entire ONE St. Petersburg project. For more information, visit www.KASTBuild.com.
Designed by world-renowned SB Architects, ONE St. Petersburg's contemporary architecture and unique floorplan offering differentiates this project from any other project in the entire Tampa Bay area. For more information, visit www.sb-architects.com.
Recognized as a leader in the design world, award-winning interior design firm, The Decorators Unlimited of Palm Beach Gardens, has been named the interior design firm for ONE. Spearheading the effort for Decorators is owner, Bob Martin, who has been personally involved from the floorplan design stage through interior residential finishes, as well as all common areas including: lobby, club rooms and fitness center. For more information, visit www.DecoratorsUnlimited.com.
The ONE St. Petersburg Sales Gallery is located at 100 First Avenue North (on the Corners of 1st and 1st) in St. Petersburg, FL 33701. For more information, visit ONEStPetersburg.com or call 727-240-3840.
SOURCE Kolter Group